Updated June 2020
Los Gatos is showing an 8% decline in the median price for the first half of 2020, the largest decline in Silicon Valley. Market demand remains relatively strong with historically low days on market and final sales prices averaging equal to list. The supply of new listings declined significantly by 20%, as did the number of Closed Sales, during the first half due to Covid.
Los Gatos is a wonderful community on the slopes of the Santa Cruz mountains. Great schools, a very fun downtown area and easy access to Hwy 17 makes this a very desirable place to live. Click on these links to view more information on the Los Gatos Community and Schools.
Los Gatos homes start at $1.0M. The chart above shows the distribution of home prices for homes sold in 2019.
The YTD annual Median Price decreased by 8% in 2020, after strong increases during the previous three years. The annual increase in the median price for Los Gatos homes has averaged 4.5% per year since 2002.
Market demand remains consistent with recent years. The annual Days on Market (red line) remains at historic lows. The annual average Sales vs. List Price (blue line) remains about equal.
The supply of New Listings (blue line) declined 20% to a historic low. The number of Sales (red line) also declined to near-historic lows. I expect these to rebound during the second half.
Los Gatos homes that sell within the first week or two on market are still selling for over list. After that, homes are typically selling for below list. Note: this shows current list price, after any price reductions.
The average $/SQFT for Los Gatos homes is $904 per SQFT, however it does vary widely. The scatter chart above shows the distribution of $/SQFT by the size of the home. Each blue dot represents a Closed Sale in 2019.
The Quarterly Median Price provides a good view into market trend. Prices do appear to be leveling-off starting in early 2017.
This Monthly Median Price provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The average Days on Market are consistent with prior years.
Interestingly, the average Sales vs. List Price percentage is below list price for most of 2019 after being well over list in 2017-18. .
The Inventory of Active Listings is also fairly consistent with the past four years.
The monthly supply of New Listings for homes in Los Gatos. Note the seasonality with December typically being the low-point during the year.
The number of Sales running lower than the past two years.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.