Snuggled into the base of the Santa Cruz Mountains, Los Gatos is the gateway to the Santa Clara Valley from the coast - and much of Silicon Valley too (which is not really a valley per se, but more a region, with San Jose at its center). It's an upscale town, with some modest homes, some middle class (but still expensive) houses and a lot of estates dotting the foothills, commanding great views. Los Gatos has a fantastic downtown, great schools and parks, low crime and is generally one of the most highly desired places in which to live in Silicon Valley.It's a buyer's market here, with rising days on the market, rising inventories, and falling numbers of sales. Some homes are selling hundreds of thousands under list price. But others command multiple offers and sell significantly higher than list price.
What gives?
Right now, the market is the hottest for homes priced between $1 million and $2 million. Homes higher than $2.5 million are stalling out, and the median price is falling. In other words, it is an extreme buyer's market in the high-end market.A typical home of 2000 square feet to 2500 square feet on a decent lot in a good neighborhood will command about $1 - $2 million. That's what is selling the best now, and if a home like this sells, chances are good that it will sell very quickly. And possibly with those dreaded multiple offers, if you're a buyer.
Small homes on small lots or in not so great areas and huge estates are not selling so fast or so well.
It appears that we are going into a deeper buyer's market.
If you'd like more detail on the current market for Los Gatos, CA real estate, particularly single family homes, please visit my Live in Los Gatos blog. Or contact me for specifics on your home and neighborhood.
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