Month-over-Month Changes

In February 2024, the Los Gatos real estate market demonstrated significant changes compared to January 2024:

  • Homes Sold: There was a substantial increase in homes sold, with 19 homes sold in February 2024, marking a 111% increase from the 9 sales in January 2024.
  • Median Sale Price: The median sale price saw a notable rise, increasing by 33% from $2,300,000 in January 2024 to $3,050,000 in February 2024.
  • Days on Market (DOM): The DOM experienced a sharp decrease, dropping to 9 days in February 2024 from 31 days in January 2024.
  • Percentage of List Price Received: Sellers received an average of 102% of their asking price in February 2024, a rise from 96% in January 2024.

Analysis

The Los Gatos real estate market witnessed a robust month-over-month growth in February 2024. The significant increase in homes sold and median sale price, coupled with a decrease in DOM and an increase in the percentage of list price received, suggests a burgeoning market with strong demand and competitive selling conditions.

Year-over-Year Comparison

Comparing February 2024 to February 2023, the Los Gatos market saw notable changes:

  • Homes Sold: Increased significantly by 90%, from 10 homes sold in February 2023 to 19 in February 2024.
  • Median Sale Price: Grew from $2.68M in February 2023 to $3.05M in February 2024.
  • Days on Market (DOM): Decreased from 20 days in February 2023 to 9 days in February 2024.
  • Percentage of List Price Received: Remained stable at 102% from February 2023 to February 2024.
  • Months of Inventory: Slightly rose from 2.2 in February 2023 to 2.4 in February 2024.

Analysis

Year-over-year data reveals a market that is increasingly becoming more dynamic and competitive. The significant increase in homes sold and median sale price, alongside a reduction in DOM, indicates a strong seller’s market. The stability in the percentage of list price received further reinforces the market’s competitiveness.

Price Points and Quadrants

The sales details for February 2024 were broken down by quadrants, providing insight into which segments of the market are most active:

  • Top Quadrant: 5 homes sold, Median Sale Price: $5,260,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,233.
  • Second Quadrant: 5 homes sold, Median Sale Price: $3,250,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,126.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,520,000, Median DOM: 15, Avg. $/Sq.Ft.: $1,028.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,425,000, Median DOM: 107, Avg. $/Sq.Ft.: $840.

Analysis

The quadrant data illuminates the diverse dynamics within the Los Gatos market. The top and second quadrants, representing higher-priced homes, show strong activity, suggesting that there is significant demand in the higher-end market segments. Conversely, the bottom quadrant indicates a slower market, evidenced by a longer DOM.

Conclusion

February 2024 showcased a vibrant and competitive real estate market in Los Gatos. The substantial month-over-month and year-over-year growth in homes sold and median sale prices, along with the quick sales turnaround, underline a strong market. The analysis of sales by quadrants further highlights the active segments within the market, offering valuable insights for both buyers and sellers.

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