Month-over-Month Changes

The Los Gatos real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 26 homes were sold, with no change from the previous month.
  • Median Sale Price: There was an 18% decrease, from $3,099,444 in June to $2,550,000 in July.
  • Days on Market (DOM): The DOM rose to 13 from 11 in June.
  • Percentage of List Price Received: Sellers received 101% of their asking price, an increase from 100% in June.

These changes suggest a market that remains competitive, with properties selling quickly but at lower prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Increased by 63%, from 16 to 26.
  • Homes Listed: Decreased by 44%, from 41 to 23.
  • Median Sale Price: Decreased by 2%, from $2.60M to $2.55M.
  • Average Dollar per Square Foot: Increased by 8%, from $1156 to $1251.
  • Median Days on Market: Decreased by 46%, from 24 to 13.
  • Months of Inventory: Decreased by 45%, from 2.2 to 1.2.
  • Percentage of List Price Received: Decreased by 1%, from 102% to 101%.

These statistics indicate a market with more sales but fewer listings, with slightly lower prices and quicker sales compared to the previous year.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $5,001,500, Median DOM: 31, Avg. $/Sq.Ft.: $1,347.
  • Second Quadrant: 7 homes sold, Median Sale Price: $2,828,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,011.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,192,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,613.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,575,000, Median DOM: 19, Avg. $/Sq.Ft.: $751.

These details provide insights into the segments of the market that are most active, with a focus on the top and second quadrants.

Conclusion

The Los Gatos market in July 2023 showed stability in sales but a decrease in median sale price compared to the previous month. The increase in homes sold compared to the previous year and the decrease in median sale price may indicate a shift in the market towards more affordable properties. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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