Updated January 2021
Los Gatos home prices remain at near-record levels. The median price declined slightly from 2019, yet is slightly higher than 2017. Prices have nearly doubled since 2011. The annual increase in the median price for Los Gatos homes has averaged 5.0% per year since 2002.
Market demand remains strong. The annual Days on Market (red line) remains at historically low levels. The annual average Sales vs. List Price (blue line) is holding steady at equal. Note that homes selling within the first week or two on market are selling for up to 20% over list (see scatter chart below).
The supply of New Listings (blue line) are consistent with recent years. The number of Sales (red line) is also relatively steady.
Los Gatos homes start at $1.0M. The chart above shows the distribution of home prices for homes sold in 2020. 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.
The average $/SQFT for Los Gatos homes is $969 per SQFT, however it does vary widely. The scatter chart above shows the distribution of $/SQFT by the size of the home. Also gives you an idea of what to expect in home size. Each blue dot represents a Closed Sale in 2020.
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. .
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is using the current list price, which may be after a price reduction.
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.