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Recently I listed a great home that's in an ideal Los Gatos location - close to award-winning, highly acclaimed Los Gatos Schools: Van Meter Elementary School, Blossom Hill School, and Fisher Middle School. It's also a quick jaunt to the wonderful shops, banks, grocery stores and restaurants at the intersection of Blossom Hill Road and Los Gatos Boulevard.
With approximately 1800 square feet of comfortable ranch-style living on an 8700 square foot cul-de--sac lot, it's a great amount of space inside & out. The updated house features hardwood floors throughout (except in the bathrooms), a flexible floorplan that includes a good-sized step-down living room, large dining room, and extra room to boot, which can be used as a den, library, music room, play room or sitting area. There are huge windows overlooking the park-like setting. It's a wonderful retreat.
Folks who should consider this home include those wanting:
"Walk to Schools" or "Bike To Schools" or "Two minute drive to schools"
As well as those who want to be close to buslines, close enough to shops, banks, grocery stores, and restaurants that they could get there without a car.
Details:
120 Magneson Terrace (off Magneson Loop and Los Gatos Blvd or Shannon Road)
MLS # 814262 or # 80814262*
3 Bedrooms, 2.5 Bathrooms
On MLS June 9th at $1,395,000
New List Price $1,359,000 (changed late 6/23)
New Roof on the home by July 1st!
For more details, please visit www.PopeHandy.com and click on Mary's Featured Properties.
Click this link to see a Virtual Tour of 120 Magneson Terrace, Los Gatos, CA
Best regards,
Mary
* Last Tuesday we got a new numbering system for our MLS with two more digits, so some sites are using the old system and some the new.
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One of the benchmarks realty professionals use in determining the answer to the ever-present question of "how's the market?" is the absorption rate, or months (or days or weeks) of inventory. The question is this: if no new inventory were to come on the market, how long would it take for the current number of listings to be absorbed by buyers?
A look at the single family home situation in the town of Los Gatos reveals an improvement over recent months. Is it possible that we're near the bottom of the market? Maybe.
This graph presents broad strokes in a market comprised of many micro-markets. What is happening in Blossom Manor may not be the same thing happening in the Edelen District or what's going up in the Aztec or Maya areas, in the Sierra Azule section of town or Belwood or Bicknell Road areas. The home offered at $950,000 in the Union School District is not really "the same market" as one worth $2 million with Los Gatos schools - there are nuances that can totally change the picture!
For more information on the overall Los Gatos real estate or the market in other Silicon Valley areas such as Saratoga, Campbell, San Jose, or the many districts within San Jose such as Cambrian Park, Almaden Valley and Willow Glen, please visit my Real Estate Report online. From there you can get market statistics and trends as well as an analysis of your own home or another in the area.
To learn about your own home or area, please contact me. Or if you'd like a complimentary market analysis, request one from me at www.SiliconValleyHomeValue.com or simply call or email me with the details of your home. Please allow 24-48 hours for me to run the numbers for you.
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What is happening with the residential real estate market in Los Gatos? Are prices flat, rising or declining?
Just as there is no one "Silicon Valley Real Estate Market", there's no single "Los Gatos real estate market" either. It varies from one area to the next, one school district to the next, one price point to the next. It can be neighborhood by neighborhood or even street by street.
This week I received a request for an online market valuation of a home purchased in 2006. It appears to have declined in value about 10% since that time (price point is the $2 mil to $2.5 mil range - but it is in an area where not every home on the street is worth that much). Other homes, in other areas, though seem to be rising in vallue, if slightly. The sweet spot of the market seems to be lower priced homes with Los Gatos Schools - that is, homes between $1 million and $2 million. (I heard recently of a townhome in Cupertino or Saratoga, listed under $1 million, that got 26 offers!)
For an overview of the real estate market in Santa Clara County, view my online Real Estate Report. To see activity related to active sales (asking prices only), have a look at my report from Altos Research.
Condos and Townhomes in Los Gatos 95032
Condos and Townhomes in Los Gatos 95030 - not enough data for a report this week
Single Family Homes in Los Gatos 95032
Single Family Homes in Los Gatos 95030
Please contact me for personalized information on your home and neighborhood.
Best regards,
Mary
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How's the Silicon Valley real estate market doing? One way of taking the market's temperature is to check in on the number of short sale listings (most of which will become bank owned properties in time).
In many areas of Santa Clara County, the number of short sale listings is not rising much, if at all. Here's a quick peek at a few of the markets in the Santa Clara County (the San Jose, or Silicon Valley, area):
| Active Listings of Short Sale Single Family Homes, Condos, Townhouses |
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3/26/2008 |
4/22/2008 |
5/18/2008 |
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| Los Gatos |
5 |
9 |
8 |
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| Monte Sereno |
1 |
0 |
0 |
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| Saratoga |
0 |
1 |
1 |
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| Los Gatos Mtns |
3 |
2 |
2 |
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| Cambrian Park |
59 |
54 |
63 |
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| Santa Clara |
56 |
60 |
63 |
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| Campbell |
13 |
19 |
19 |
|
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| Cupertino |
1 |
2 |
1 |
|
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| Los Altos |
0 |
2 |
2 |
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| Sunnyvale |
50 |
59 |
58 |
|
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| Blossom Valley |
196 |
202 |
217 |
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| San Jose (all) |
1534 |
1674 |
1777 |
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As you can see, of the San Jose or Silicon Valley areas being tracked here, Blossom Valley and San Jose as a whole are experiencing rising numbers of short sales, while many of the West Valley communities are fairly flat or rising only slightly.
What seems to be happening is that the entry level markets are taking the biggest hit while the more expensive areas are a little more insulated from the rising numbers of short sale properties for sale in Santa Clara County. This has been the trend over the last 6 or 9 months and it appears to be remaining consistently true.
There's an old real estate adage about Location, Location, Location. Realtors tend to tell buyers to "buy the most home in the best neighborhood you can afford". Sometimes buyers heed this advice, but often they are infatuated with granite, stainless steel, and other finishing touches that may induce them to buy in a less desireable area. It's a hard temptation to resist, but the current market bears out the old wisdom that location is the MOST important thing in home buying.
If you'd like assistance with buying or selling your Silicon Valley home, please contact me now!
Warm regards,
Mary Pope-Handy
Keller Williams Realty
Serving all of Silicon Valley since 1993
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Los Gatos Home Sales Trends
How's the real estate market in the Town of Los Gatos? The Los Gatos housing market varies from one price point and neighborhood to the next, from one type of housing to the next, and even between the town's two zip codes, 95030 and 95032. Here we'll take a view of the overall movement in the market; please understand that it may or may not apply to your Los Gatos home so please call or email me for specific information relating to your property.
Overall, Los Gatos continues to be a buyer's market, though not as deep as in other places in Santa Clara County. Inventory is rising in both single family homes and in condos/townhomes, which is a typical trend for this time of year.
The market has improved somewhat over a month ago in terms of median and average sales price (the graphs below use a 12 month moving average, but the actual numbers do show an uptick). To view the report for Los Gatos using the actual numbers rather than the moving average, please have a look at my new online Real Estate Report. Below are links to specific pages within it that are most relavent to the readers of this blog:
(1) Single Family homes in Los Gatos
(2) Condos and Townhomes in Los Gatos
(3) The Monte Sereno Real Estate Market (SFH, not enough condos for April report)
(4) Single Family Homes in Saratoga
(5) Condos and Townhomes in Saratoga
(6) Single Family Homes in Almaden Valley
(7) Condominiums and Townhouses in Almaden Valley
How about general trends, using moving averages, in the real estate market for the Town of Los Gatos?
The following chart shows median and average price trends plus sales. The chart uses a 12-month moving average to eliminate any seasonal variation.
The next chart is the same as above but uses a 3-month moving average. This smoothes out month-to-month variations yet shows seasonal variations. Here, you can see the uptick in the number of homes sold in Los Gatos.
This chart shows the current inventory of Los Gatos single family homes for sale compared to the number that have sold in the town.
The next series of charts shows the same thing as above but for condominiums and town homes in the Town of Los Gatos.
Please call or email me for specific information on your particular situation
in Los Gatos or anywhere in Silicon Valley.
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It remains a buyer's market in Los Gatos, but not as deep a buyer's market as in many other parts of Silicon Valley.
Below please find links to reports on the local Los Gatos housing market, broken down by zip code and housing type, current as of April 28, 2008. One of the most helpful aspects of the Altos reports is that it breaks the activity down by market quartiles, so that the activity in entry level homes, for instance, is differentiated from the luxury home market. Have a look:
Los Gatos Single Family Homes in 95030
Los Gatos Single Family Homes in 95032
Los Gatos Condos and Townhomes in 95030
Los Gatos Condos and Townhomes in 95032
These are care of Altos Research, which uses list prices (rather than sales prices). In a week or so we'll have the data on solds in Los Gatos from April, care of another subscription I have, the Real Estate Report. Please check back soon to get that information.
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How's the real estate market in Silicon Valley? One way of knowing is to keep a pulse on the number of short sale listings.
Los Gatos, Saratoga, Monte Sereno, Cupertino, and Los Altos all continue to feature very few short sale listings, and these markets remain stronger. They are still "buyer's markets", as is all of Siicon Valley, but prices are rising even as the number of sales is low.
In Silicon Valley's entry level real estate market, though, such as Blossom Valley, east San Jose, south county and south San Jose, is another story. There, it is a deep buyer's market. Prices are dropping. Blossom Valley's home values have been plummeting in recent months.
Where there are a lot of short sales, values decline. Where there aren't many short sales, prices appear to be holding or rising.
But the good news is this for all of Santa Clara County: overall, it does not appear that there is a sharp increase in the number of short sales for now. Have a look at this week's snapshot of Silicon Valley short sales and see. It is fairly flat overall. Perhaps the worst of it is behind us?
| Active Listings of Short Sale Single Family Homes, Condos, Townhouses |
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3/26/08 |
4/8/08 |
4/15/08 |
4/22/08 |
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| Los Gatos |
5 |
8 |
9 |
9 |
|
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| Monte Sereno |
1 |
0 |
0 |
0 |
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| Saratoga |
0 |
0 |
1 |
1 |
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| Los Gatos Mtns |
3 |
2 |
3 |
2 |
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| Cambrian Park |
59 |
73 |
53 |
54 |
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| Santa Clara |
56 |
68 |
59 |
60 |
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| Campbell |
13 |
23 |
28 |
19 |
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| Cupertino |
1 |
3 |
2 |
2 |
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| Los Altos |
0 |
1 |
1 |
2 |
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| Sunnyvale |
50 |
69 |
54 |
59 |
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| Blossom Valley |
196 |
251 |
200 |
202 |
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| San Jose (all) |
1534 |
1882 |
1667 |
1674 |
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Live in Los Gatos:
A blog about Los Gatos real estate, homes, houses, condos, townhomes, housing market, neightborhoods, history, events, businesses, parks, schools, photos, issues, and lifestyle.
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