Month-over-Month Changes

In September 2023, the Los Gatos real estate market experienced several changes compared to August 2023:

  • Homes Sold: 23 homes were sold, marking a 23% decrease from 30 sales the previous month.
  • Median Sale Price: Increased by 7% from $2,471,000 in August 2023 to $2,650,000 in September 2023.
  • Days on Market (DOM): Dropped to 9 days from 17 days in August 2023.
  • Percentage of List Price Received: Sellers received 104% of their asking price, up from 102% in August 2023.

Analysis

The month-over-month data indicates a mixed market. While the number of homes sold decreased, the median sale price and the percentage of list price received increased. The drop in DOM suggests that homes are selling faster, indicating a strong seller’s market.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 8%, from 25 to 23.
  • Homes Listed: Increased by 50%, from 34 to 51.
  • Median Sale Price: Increased from $2.6M to $2.65M.
  • Median Days on Market: Decreased from 23 to 9.
  • Percentage of List Price Received: Increased from 99% to 104%.
  • Months of Inventory: Increased from 2.2 to 2.5.

Analysis

Year-over-year, the market shows a decrease in the number of homes sold but an increase in homes listed. The increase in median sale price and the faster sales cycle suggest a seller’s market. However, the increase in months of inventory may indicate a slight shift towards a balanced market.

Price Points and Quadrants

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

  • Top Quadrant: 6 homes sold, Median Sale Price: $4,384,688, Median DOM: 11, Avg. $/Sq.Ft.: $1,269.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,065,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,431.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,492,003, Median DOM: 10, Avg. $/Sq.Ft.: $1,268.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,650,000, Median DOM: 9, Avg. $/Sq.Ft.: $944.

Analysis

All quadrants are active, but the top and second quadrants are seeing the most activity in terms of average price per square foot. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Los Gatos market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. The increase in median sale price year-over-year and the drop in DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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