Month-over-Month Changes

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

  • Homes Sold: There was a 5% increase in homes sold, with 21 homes sold in December compared to 20 in November.
  • Median Sale Price: The median sale price rose by 6%, from $2,422,000 in November to $2,575,000 in December.
  • Days on Market (DOM): The DOM increased significantly, from 13 days in November to 37 days in December.
  • Percentage of List Price Received: Sellers received 98% of their asking price in December, a decrease from 105% in November.

Analysis:

The month-over-month data indicates a mixed market. The increase in homes sold and median sale price suggests a continuing demand. However, the longer DOM and decrease in the percentage of list price received may indicate a slight shift towards a more balanced market, where buyers have more negotiation power.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Los Gatos market showed the following changes:

  • Homes Sold: Increased by 40%, from 15 homes sold in December 2022 to 21 in December 2023.
  • Median Sale Price: Decreased from $2.95M in December 2022 to $2.57M in December 2023.
  • Days on Market: Increased from 51 days in December 2022 to 37 days in December 2023.
  • Percentage of List Price Received: Improved slightly from 96% in December 2022 to 98% in December 2023.

Analysis:

Year-over-year, there’s a significant increase in the number of homes sold, indicating a more active market. However, the decrease in median sale price and the increase in DOM suggest a market adjustment, possibly due to various economic factors. The slight improvement in the percentage of list price received indicates a resilient market.

Price Points and Quadrants

The sales details for December 2023 were broken down by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,825,000, Median DOM: 25, Avg. $/Sq.Ft.: $977.
  • Second Quadrant: 5 homes sold, Median Sale Price: $3,000,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,072.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,100,000, Median DOM: 37, Avg. $/Sq.Ft.: $1,112.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,150,000, Median DOM: 67, Avg. $/Sq.Ft.: $681.

Analysis:

The data shows that all quadrants are active, with the top and second quadrants showing higher median sale prices and lower DOM. This suggests that while there is movement across all price ranges, the higher-priced homes are selling faster, indicating a continued interest in premium properties.

Conclusion

The Los Gatos market in December 2023 demonstrated a dynamic landscape. The increase in homes sold month-over-month and year-over-year suggests a robust market. However, the mixed signals in median sale price and DOM indicate a nuanced market environment. The quadrant data provides valuable insights, highlighting the strength in the higher-end market segments.

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