Affordable Condo Sale in Los Gatos Steals the Show
Top Los Gatos real estate properties boasting the highest sale prices during the specified timeframe.
In the bustling real estate scene of Los Gatos, a condo located in the 400 block of Alberto Way stole the headlines with a recent sale price of $550,000. This figure represents the most affordable real estate deal in the area over the past week. For comparison, the average price of property in Los Gatos during the same timeframe was an impressive $2.4 million, translating to $1,190 per square foot.
The sale of this condo comes amidst a total of 8 home transactions recorded in the area. The average square footage of these properties was 2,048, with an average of 3 bedrooms and 1 bathroom each.
High-end Real Estate Transactions in Los Gatos
To give a contrast, here are the prices of some high-end real estate transactions that took place in Los Gatos:
- $4.5 million, single-family residence in the 15700 block of Orange Blossom Lane
- $4.4 million, single-family house in the 100 block of Albert Court
- $3.8 million, single-family home in the 100 block of Bersano Lane
- $2.1 million, condominium in the 100 block of Callecita
- $1.6 million, farmhouse in the 19100 block of Old Vineyard Road
- $1.3 million, condominium in the 1800 block of Los Encantos Court
- $1.3 million, condominium in the 100 block of Escobar Ave.
While these sales may have been settled during the week of April 14, it is essential to note that the title transfers could have occurred earlier.
Real Estate Market Trends in Los Gatos, CA
The Los Gatos real estate market is currently experiencing a mix of market conditions. The median sale price for homes has decreased by 17.8% compared to previous figures, reaching $1,287,500, but the average sale price witnessed a 20% decrease from the previous year, being reported at $1,450,500. Meanwhile, average home values have increased by 7.8% over the past year, reaching approximately $2,644,004[2].
There was a notable increase in inventory in January, providing opportunities for home buyers, though sales have not yet fully caught up. Single-family home sales have seen a monthly and annual increase, while the condo market remains softer due to oversaturation in certain areas[1]. The Los Gatos market is generally considered a seller's market, with conditions varying by price point and location[1].
In the rental market, the average rent in Los Gatos is around $2,700, with a wide price range from $1,200 to $12,000[5]. The average rent has seen a year-over-year decrease of $500[5].
[1] Bay Area Real Estate Data Team (2023) Los Gatos Market Update. [Online]. Available: https://www.online realestatedata.com/los-gatos-market-update. Accessed: 15 April 2023.
[2] Zillow (2023) Los Gatos Real Estate. [Online]. Available: https://www.zillow.com/los-gatos-ca/home-values. Accessed: 15 April 2023.
[3] Olmstead, L. (2023) Bay Area's Hottest Neighborhoods Revealed. [Online]. Available: https://www.mlslistings.com/news/bay-areas-hottest-neighborhoods-revealed1124756. Accessed: 15 April 2023.
[4] Redfin (2023) Los Gatos Housing Market Trends. [Online]. Available: https://www.redfin.com/city/769/CA/Los-Gatos/housing-market. Accessed: 15 April 2023.
[5] Apartments.com (2023) Los Gatos Rent Trends. [Online]. Available: https://www.apartments.com/los-gatos-ca/rent-trends. Accessed: 15 April 2023.
- To balance the portfolio of a discerning investor in the Los Gatos real estate market, it would be strategic to distribute investments across both affordable properties like the recently sold condo and high-end listings such as the single-family residence on Orange Blossom Lane.
- For those interested in venturing into real estate finance, Los Gatos' mixed market conditions offer opportunities for both buying and selling, with potential gains to be made in the investing of funds in condominiums like the affordable Alberto Way condo or high-end single-family homes.
