What’s happening in the real estate market in the Belwood, Belgatos and Surmont areas of east Los Gatos? Today I did some research on the MLS for 2011 year to date in this part of 95032.
In the image below, after I completed my work I realized that one of the “actives” is actually on the San Jose side of Blossom Hill Road (the low price home at just under $500,000 – it is a short sale by the way). The numbers tell us that in general a 4 bed, 2 bath home in average condition (that is, partially updated but not “fully remodeled”) is worth just about $1,000,000.
I find the “sum” number to be unhelpful but the minimum, maximum and average sales prices (including the cost per square foot) to be extremely useful.
Let’s stop a moment and just look at what’s closed so far in 2011 – 10 homes – about 1 home per month on average (very, very low turnover).
|sold & closed||BELHAVEN DRIVE||$1,199,000||59||6||3||2,448||10,000|
|sold & closed||BELHAVEN DRIVE||$1,175,000||123||4||2||2,500||10,625|
|sold & closed||BELWOOD GATEWAY||$1,050,000||29||6||3||2,448||10,530|
|sold & closed||BELCREST DRIVE||$999,000||7||4||2||2,131||10,000|
|sold & closed||OLD ORCHARD DRIVE||$975,000||10||4||2.5||2,159||11,934|
|sold & closed||BACIGALUPI DRIVE||$960,000||8||4||2||1,748||10,000|
|sold & closed||WESTHILL DRIVE||$949,950||7||4||2.5||2,076||10,998|
|sold & closed||BELBLOSSOM WAY||$900,000||7||4||2||2,259||10,000|
|sold & closed||BELCREST DRIVE||$899,000||17||4||2||1,960||10,769|
|sold & closed||BELBLOSSOM WAY||$875,000||25||4||2||1,748||9,877|
Next – how long does it take to sell these Los Gatos homes?
As you can see, often there are far more homes available (or listed for sale on the MLS) than are selling. This is typical for all of Silicon Valley but of course to differing ratios. It’s a red hot seller’s market when homes are selling as fast as they’re listed. In most markets, though, some percentage of homes never does sell – it’s a bit like the “bell curve” applied to home selling. Some sell fast and for top dollar, some sell in a month or two, and some either sell only after a prolonged marketing time or not at all.
With extremely low inventory and low turnover, it’s almost a crap shoot as to how fast a home in these east Los Gatos areas will sell. If there’s no other competition and the property is (1) fully remodeled and (2) priced aggressively, it will sell fast. If not, it’s anyone’s guess – but definitely worse if more homes are for sale.
Want to sell your Surmont, Belgatos or Belwood home? Please contact me – I live here too and will do my best to get you the best price for your property!