Updated May 2020
The YTD annual median price declined by 10%, the largest in Silicon Valley. Q1 also declined slightly, but March and April monthly numbers were up. Market demand remains steady with historically low number of days on market and final sales prices exceeding list price. The supply of New Listings declined by 50% in April. I suspect the median price will return as the supply returns in the summer.
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 annual Median Price increased by 5.0% in 2018, the only city posting an increase in 2019. The annual increase in the median price for Los Gatos homes has averaged 5.1% 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) declined slightly to 0.7% below list, the only city to show a below-list percentage.
The supply of New Listings (blue line) declined slightly to a historic low. The number of Closed Sales (red line) also declined to near-historic lows.
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 Closed Sales running lower than the past two years. Note that Closed Sales are typically reported the month following the contractual sale.
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.