Month-over-Month Changes

In April 2024, the Los Gatos real estate market exhibited several significant changes compared to March 2024:

  • Homes Sold: There was a 20% increase in the number of homes sold, with 36 homes sold in April compared to 30 in March.
  • Median Sale Price: The median sale price rose by 3%, from $3,050,000 in March to $3,136,648 in April.
  • Days on Market (DOM): The average DOM decreased from 8 days in March to 7 days in April, indicating a faster market pace.
  • Percentage of List Price Received: Sellers received an average of 108% of their asking price in April, up from 106% in March.

Analysis

The month-over-month data suggests a strengthening market in Los Gatos. The increase in the number of homes sold, coupled with the rise in median sale price, indicates robust buyer demand. The reduction in DOM further underscores a competitive market where properties are selling quickly. Sellers are achieving above their asking prices, reflecting strong market conditions.

Year-over-Year Comparison

Comparing April 2024 to April 2023 reveals several key trends:

  • Homes Sold: Increased by 16%, from 31 in April 2023 to 36 in April 2024.
  • Homes Listed: There was a decrease of 14%, with 49 homes listed in April 2024 compared to 57 in April 2023.
  • Median Sale Price: The median sale price saw a substantial increase, rising from $2.65M in April 2023 to $3.14M in April 2024.
  • Average Dollar per Square Foot: Increased from $1232 in April 2023 to $1404 in April 2024.
  • Median Days on Market: Slightly decreased from 8 days in April 2023 to 7 days in April 2024.
  • Percentage of List Price Received: Increased from 101% in April 2023 to 108% in April 2024.
  • Months of Inventory: Decreased from 2.4 months in April 2023 to 2.0 months in April 2024.

Analysis

Year-over-year data indicates a significant appreciation in home values in Los Gatos. The increase in median sale price and average price per square foot highlights a strong seller’s market. The decrease in homes listed and months of inventory suggests a tightening supply, further driving up prices. The consistent reduction in DOM and higher percentage of list price received indicate high buyer demand and competitive market conditions.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants:

  • Top Quadrant: Homes Sold: 9, Median Sale Price: $4,485,500, Median DOM: 8 days, Average $/Sq.Ft.: $1,281
  • Second Quadrant: Homes Sold: 9, Median Sale Price: $3,360,000, Median DOM: 7 days, Average $/Sq.Ft.: $1,471
  • Third Quadrant: Homes Sold: 9, Median Sale Price: $2,875,000, Median DOM: 7 days, Average $/Sq.Ft.: $1,264
  • Bottom Quadrant: Homes Sold: 9, Median Sale Price: $1,900,000, Median DOM: 7 days, Average $/Sq.Ft.: $1,180

Analysis

The data indicates that all quadrants are active, with the top and second quadrants showing significant activity. Higher-priced homes are moving quickly, suggesting strong market demand across different price points. The uniformity in the median DOM across all quadrants signifies a balanced market where properties, irrespective of their price, are selling within a similar timeframe.

Conclusion

The Los Gatos market in April 2024 showed a significant increase in the number of homes sold compared to the previous month, along with a rise in median sale prices and a reduction in DOM. Year-over-year, the market has seen a substantial appreciation in home values, driven by high buyer demand and a tight inventory. The consistent market activity across different price points and quadrants highlights a robust real estate market. Sellers are benefiting from competitive conditions, with properties selling quickly and at premium prices.

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