Home Buying in Los Gatos>Question Details

katie, Both Buyer and Seller in San Jose, CA

More inventory for the Los Gatos area?Do you think houses are overpriced now?

Asked by katie, San Jose, CA Tue Nov 27, 2007

Hello,
Do you think we'll get more houses for sell in this area?Houses seem to stay longer on the market.Overpriced??
K.

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Answers

6
Hello Katie,
Here is some data to help you see the market trend for Los Gatos:

1. Number of Single Family Homes sold in LG in the last 6 months: 97
2. Average Days on the Market: 60 Days
3. Average Selling price $1,665,000 Vs. Average Listing Price $1.695,000. Thats $30,000 difference between asking and selling, Less than 2% difference.

Now you can decide if houses are over priced.

Hope this helps.
1 vote Thank Flag Link Sun Dec 23, 2007
For those homes that are selling, have your agent show you the list price versus the sold price. Most homes are selling for less than their asking price in the range of 4%-8% from the homes I've been watching.
1 vote Thank Flag Link Sat Dec 1, 2007
Jennifer Kre…, Home Seller in 95124
MVP'08
Hi Katie, Mario has accurately pointed out the trend for the remainder of the year. Next year, beginning in February, the inventory will certainly increase based on historical data. It will be difficult to determine 'overpriced' until the spring swing gets underway. 'Longer on the market' Days on Market (DOM) will then become a factor for sellers and test their willingness to adjust their pricing. I would venture to say Los Gatos, as a unique market space will not experience much deflationary pressure though.

Michael
http://www.MichaelRobertsHomes.com
1 vote Thank Flag Link Tue Nov 27, 2007
Houses today are staying on the market for longer because there is a lot for sale and fewer capable buyers. Thus a "Buyers" market. When there are fewer homes for sale and lots of capable buyers it will become a "Sellers" market. Similar to supply and demand with any product. So what we try to do, is sell in a Sellers market and buy in a Buyers market. Fairly tricky to navigate and nobody can predict the future. And in my opinion, everything is overpriced in California but it's a great place to live :-)
0 votes Thank Flag Link Wed Jan 30, 2008
The stats for Los Gatos (not including Los Gatos Mountains) indicate, on average, there are about 130 houses on the market per month. In December, the listings drop down to about 100 and in May and June were the highest at about 160 when comparing 2006 and 2007. Los Gatos is one of the few areas that to has had pretty "average" monthly stats when comparing 2006 and 2007. They have not seen the price drop and days on the market (DOM) have been on average 20 to 60 days (depending on the season). The one thing that tends to slant the stats in Los Gatos is the average sales price tends to be all over the place as there are some high priced homes sales (>$2M) and there are some lower priced sales in the condo market. Email me at CJ@CJBRealEstate.com if you would like to see the graphs.
0 votes Thank Flag Link Fri Dec 14, 2007
We're definitely at the peak of inventory for the year in Los Gatos and in the rest of the county. The higher end of the market has suffered the least from the sub-prime shake out. The strong areas like Los Gatos, Saratoga, Cupertino, Los Altos and Palo Alto have done very well over the last few months by holding their prices. What softness there is, is fleeting.
0 votes Thank Flag Link Tue Nov 27, 2007
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
MVP'08
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