Month-over-Month Changes

In October 2023, the Los Gatos real estate market experienced significant changes compared to September 2023:

  • Homes Sold: There was a substantial increase in homes sold, with 38 homes sold in October 2023, marking a 58% increase from 24 sales in September 2023.
  • Median Sale Price: The median sale price saw a modest rise, increasing by 2% from $2,650,000 in September 2023 to $2,712,500 in October 2023.
  • Days on Market (DOM): The DOM remained stable at 9 days, the same as in September 2023.
  • Percentage of List Price Received: Sellers received slightly less than the previous month, with an average of 103% of their asking price in October 2023, compared to 104% in September 2023.

Analysis:

The Los Gatos market in October 2023 showed a robust increase in the number of homes sold, indicating a surge in market activity. The stable DOM and high percentage of list price received suggest a continuing seller’s market, with strong demand and competitive pricing.

Year-over-Year Comparison

Comparing October 2023 to October 2022, the following changes were noted:

  • Homes Sold: Increased by 12% from 34 in October 2022 to 38 in October 2023.
  • Median Sale Price: Rose by 8% from $2.51M in October 2022 to $2.71M in October 2023.
  • Days on Market: Decreased significantly from 19 days in October 2022 to 9 days in October 2023.
  • Percentage of List Price Received: Increased from 99% in October 2022 to 103% in October 2023.
  • Months of Inventory: Increased from 1.6 in October 2022 to 1.9 in October 2023.
  • Average Dollar per Sq. Ft.: Increased by 5% from $1,133 in October 2022 to $1,192 in October 2023.

Analysis: Year-over-year, the Los Gatos market has seen a healthy increase in homes sold and median sale prices, along with a faster sales cycle, as indicated by the decreased DOM. The rise in the percentage of list price received and the average dollar per square foot further reinforce the strength of the market.

Price Points and Quadrants

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

  • Top Quadrant: 10 homes sold, Median Sale Price: $3,349,000, Median DOM: 14, Avg. $/Sq.Ft.: $1,056.
  • Second Quadrant: 10 homes sold, Median Sale Price: $2,909,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,098.
  • Third Quadrant: 9 homes sold, Median Sale Price: $2,320,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,292.
  • Bottom Quadrant: 9 homes sold, Median Sale Price: $1,425,000, Median DOM: 13, Avg. $/Sq.Ft.: $936.

Analysis: 

The data indicates that all quadrants are active in the Los Gatos market, with a notable concentration of sales in the top and second quadrants. This suggests that higher-priced homes are in demand, with a relatively quick turnover, especially in the third quadrant.

Conclusion

The Los Gatos market in October 2023 demonstrated a significant increase in homes sold month-over-month and a healthy year-over-year growth in sales and prices. The market dynamics indicate a strong seller’s market, with properties moving quickly and at competitive prices. The quadrant data offers valuable insights, highlighting the demand for higher-priced homes.

Data provided by MLSListings and is deemed reliable but not guaranteed.