Month-over-Month Changes

In March 2024, the Los Gatos real estate market displayed significant changes from February 2024:

  • Homes Sold: Saw a substantial increase of 50%, with 30 homes sold in March compared to 20 in February.
  • Median Sale Price: Slightly increased by 2% from $3,000,000 in February to $3,050,000 in March.
  • Days on Market (DOM): Decreased to 8 days from 9 days in February.
  • Percentage of List Price Received: Improved, with sellers receiving 106% of their asking price, up from 102% in February.

Analysis

The market in Los Gatos showed a marked increase in activity, with more homes sold and a slight rise in median sale prices. The decrease in DOM and an increase in the percentage of list price received indicate a highly competitive market, with properties selling faster and for more than the listed price.

Year-over-Year Comparison

Comparing March 2024 with March 2023, the market presents the following dynamics:

  • Homes Sold: Remained stable at 30 homes sold.
  • Median Sale Price: Increased significantly from $2.48M in March 2023 to $3.05M in March 2024.
  • Days on Market: Decreased from 13 days in March 2023 to 8 days in March 2024.
  • Percentage of List Price Received: Rose from 101% in March 2023 to 106% in March 2024.
  • Months of Inventory: Remained stable at 2.4 months.

Analysis

Year-over-year, Los Gatos shows robust growth in property values and a more rapid sales pace, suggesting a continuing seller’s market. The consistency in inventory levels alongside higher sale prices indicates sustained demand and buyer competition.

Price Points and Quadrants

The breakdown of March 2024 sales across different price quadrants is as follows:

  • Top Quadrant: Median Sale Price: $4,752,500; Median DOM: 23; Avg. $/Sq.Ft.: $1,092.
  • Second Quadrant: Median Sale Price: $3,402,500; Median DOM: 8; Avg. $/Sq.Ft.: $1,376.
  • Third Quadrant: Median Sale Price: $2,800,000; Median DOM: 8; Avg. $/Sq.Ft.: $1,290.
  • Bottom Quadrant: Median Sale Price: $1,800,000; Median DOM: 11; Avg. $/Sq.Ft.: $1,029.

Analysis

The data indicates that higher-priced homes (top and second quadrants) are selling with varying days on market but maintain high price per square foot, reflecting their desirability and limited availability. The bottom quadrants, while having lower price points, show a longer DOM, suggesting that more affordably priced homes are available but may take longer to sell.

Conclusion

The Los Gatos market in March 2024 demonstrated strong market activity, characterized by an increase in homes sold and rising property values compared to the previous year. The market’s performance, with fast-moving sales and over-list price offers, points to a continued competitive landscape. This environment offers promising opportunities for sellers to capitalize on high demand, while buyers must act swiftly to secure properties in this spirited market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.