Month-over-Month Changes

In November 2023, the Los Gatos real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a significant decrease in homes sold, with 20 homes sold in November 2023, marking a 47% decrease from 38 sales in October 2023.
  • Median Sale Price: The median sale price decreased by 11%, from $2,712,500 in October 2023 to $2,422,000 in November 2023.
  • Days on Market (DOM): The DOM increased to 13 days in November 2023, up from 9 days in October 2023.
  • Percentage of List Price Received: Sellers received an average of 105% of their asking price in November 2023, slightly up from 103% in October 2023.

Analysis

The month-over-month data indicates a cooling trend in the Los Gatos market, with a notable decrease in the number of homes sold and a reduction in median sale prices. The increase in DOM suggests a slight shift towards a more balanced market. However, the fact that sellers are still receiving above their asking price on average indicates continued strong demand.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Los Gatos market shows the following changes:

  • Homes Sold: Increased by 11%, from 18 homes sold in November 2022 to 20 in November 2023.
  • Median Sale Price: Decreased from $2.68M in November 2022 to $2.42M in November 2023.
  • Days on Market: Remained stable at 13 days.
  • Percentage of List Price Received: Increased from 100% in November 2022 to 105% in November 2023.
  • Months of Inventory: Increased from 1.4 in November 2022 to 1.8 in November 2023.

Analysis

Year-over-year, the Los Gatos market shows an increase in the number of homes sold, indicating a growing market in terms of sales volume. However, the decrease in median sale price and the increase in months of inventory suggest a slight shift towards a buyer’s market. The stable DOM and increased percentage of list price received reflect a still competitive market for sellers.

Price Points and Quadrants

The sales details for November 2023 in Los Gatos were as follows:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,750,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,414.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,880,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,415.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,285,000, Median DOM: 19, Avg. $/Sq.Ft.: $1,015.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,135,000, Median DOM: 51, Avg. $/Sq.Ft.: $844.

Analysis

The quadrant data shows a balanced distribution of sales across all price points. The top and second quadrants, representing higher-priced homes, have lower DOM and higher average prices per square foot, indicating strong demand in these segments. The longer DOM in the bottom quadrant suggests a slower market for lower-priced homes.

Conclusion

The Los Gatos market in November 2023 demonstrated a decrease in homes sold and median sale price compared to the previous month, but an increase in the number of homes sold year-over-year. The market dynamics indicate a shift towards more balanced conditions, with continued strong demand, especially in the higher-priced segments. This analysis provides valuable insights for both buyers and sellers in understanding the current market trends in Los Gatos.

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