Home sales in our corner of east Los Gatos have been fairly brisk overall. Homes under $2 million and on quiet, interior roads pretty much fly off the market. Properties on streets with a lot of traffic or properties offered at more than $2 million are much, much harder to sell here. Here’s a look at the 2013 year to date home sales in our area so far. The one on Alerche was my listing. (Please click on the image below to see larger version.)
Interested in knowing what your home’s probable market value is with today’s market? Please give me a call or write me an email and I’ll be very happy to preview your home and provide you that information with no obligation: 408 204-7673 mary (at) popehandy.com. I’m a 20 year real estate veteran in Los Gatos, a top producer, and a Belwood resident since 1999.
Houses in the Belwood, Belgatos, Surmont and nearby areas priced under $1,500,000 are selling at a very healthy rate, many with multiple offers and significant overbids. In the last year or so, there have been 18 sales of single family homes in this area (see map at right). Of those, 16 were on the open market of of those 16, 13 sold for more than list price.
Two properties sold “off market”, or not on the multiple listing service with a real estate professional involved. One of them was a sale from a landlord to tenants already in the property. The other was an off market short sale.
As of this writing, there are 2 pending sales in the neighborhood, both between $1.2 million and $1.5 million.
Additionally, there are 3 properties available for purchase. They range in price from $2.4 million and $2.8 million, and all have been on the market for more than a month.
Below, please have a look at what has sold – street names rather than precise addresses are used to provide privacy to the owners.
Interested in selling your east Los Gatos home? Please call or email me for a confidential, no obligation consultation today.
Mary Pope-Handy email@example.com 408 204-7673
Los Gatos housing inventory may well be at an all time low. For other blogs, I crunch the real estate numbers regularly and can tell you that in the last 15 years (for which I can get MLS statistics) there’ve never been so few available homes to buy. I’ve been selling real estate for 20 years now and don’t remember it ever being so dire. In fact, the worst year ever still had twice as many houses for sale as what we’ve got now.
The available inventory in Los Gatos, and Santa Clara County generally, is inching up. The numbers have risen about 25% from a couple of months ago, but are off between 30% and 65% from the year before, depending on how you slice and dice the numbers. In our lovely corner of east Los Gatos, right now there are only 2 homes for sale, one on Blossom Hill and one on a side street at the corner of Blossom Hill. Last year there were 13 sales in the neighborhood, and in 2011 there were 17. We could use more inventory!
If you are thinking of selling in 2013, now is a great time. There’s little competition and a very strong level of buyer demand. Please call me for a free, no obligation, no pressure consultation. Please email me at mary (at) popehandy.com or call me at 408 204-7673.
Los Gatos Real Estate Market Trends and Statistics
Although spring weather has not yet arrived in Los Gatos, the door to door solicitors are out in force, annoying and concerning residents. Over the last 3 or 4 weeks, it seems that getting an unexpected knock at the front door is almost a daily occurrence. Surprisingly, many of these happen after dark, as late as 8pm in some cases. Some want to ask to bid window replacement or other home improvement projects. Some want to sell magazines. And others are looking for charitable donations or political action.
What can be done?
It’s not a new problem, but lately it does seem worse. A “no solicitors” sign by the front door may help. The town of Los Gatos requires all door to door salespeople to have a permit, so you may ask to see it. Many won’t have obtained the peddler’s permit because it costs about $100.
The Nextdoor online group for Surmont, Belgatos and Belwood has been actively discussing this problem. If you live in the area west of Blossom Hill Road in the general Belgatos area and aren’t already a member, sign up to join now and keep current on what’s happening at www.belwood-belgatos.nextdoor.com
How’s the real estate market for the Belwood of Los Gatos, Belgatos and Surmont neighborhoods of Los Gatos? Today I present some detailed views of the state of the real estate market in 2012, viewed from several angles. This is a lengthy article, but one I hope my neighbors and would-be neighbors will find very helpful.
Inventory was low across all of Los Gatos and Silicon Valley, and turnover in this corner of east Los Gatos 9part of the 95032 zip code) is never high, so it’s not surprising to learn that a mere 13 houses sold over the last year. Most home owners would like to know whether values are rising or falling, how tough it is to sell a house, and whether or not homes are selling over the asking price. We’ll have a look at these questions, and more, using graphs I created from our local real estate multiple listings provider, MLSListings.com.
There were 13 closed sales in Belwood, Belgatos and Surmont plus 4 houses that did not sell in 2012
There were 13 sales of houses in 2013 – not too many for a neighborhood with more than 300 houses! There were four others which did not sell, however. One is currently for sale, and 3 more are cancelled, expired, or withdrawn. In every market, no matter how “hot”, some homes do not sell. This is important to remember. Too many home owners get euphoric about the sales prices and multiple offers which they hear about. What’s usually not considered is the “market rejection” that other properties get. It is a sobering balance to the multiple offer frenzy stories which one hears.
This first graph displays the closed numbers of sales by price point. This is helpful not just for sellers, but home buyers interested in purchasing here. Last week I got an email from a resident of Santa Clara County indicating a desire to see properties here with 2200 square feet or more available at under $1,000,000. Is that possible? Let’s see.
Belwood, Surmont & Surmont area 2012 closed sales numbers by price point
In the graph above, we find that three properties sold here between $800,000 and $1 million. We do not yet know from the data anything more about the houses, whether they were small, big, regular sales or distressed properties. A quick look at the MLS just now shows that all of the sold houses were regular sales except one, a short sale on Belwood Gateway which was in that lowest pricing tier (and which took about 2/3 of a year to sell).
Days on market or average days to sell in Belwood, Belgatos and Surmont area
Next, the average days to sell (meaning to have an accepted purchase offer or contract) for the houses on the market that did sell – not all of those offered in 2012 were purchased! (In every market, there are homes that do not sell. Most of the time it is because they are overpriced.)
From the time the house is showing on the MLS as active or available, how long until there was a ratified contract? In most cases, not long at all. For the lowest price group, the average days to sell is badly skewed by the short sale on Belwood Gateway – that one took 213 days to sell due to transactions falling through and the difficulties of getting a distressed property closed. When I eliminate the short sale from the mix, the average days on market for the other 12 properties was a very fast 17. The longest was 66 and the shortest was 2. The graph below shows the days on market of all sold houses by price point. Although it appears that the least expensive homes are the hardest to sell, that’s not really the case. The short sale tilts the average.
Belwood, Belgatos and Surmont areas of Los Gatos - 2012 days to sell average by price point
Average list prices of Surmont, Belgatos and Belwood homes that sold in 2012
What about home values and pricing? Below, please find the average list price of properties by month. For most of 2012, the majority of houses for sale ranged between one million and $1.4 million. There are higher and lower priced properties, of course, but this range gives home buyers a general sense of area values for typical homes. Newer one, view lots, extra large homes or custom built properties will cost more. Houses on Blossom Hill Road, older homes, properties needing extensive renovation etc. will sell for less. Have a look: (more…)
How’s the real estate market in the Belwood, Belgatos and Surmont areas? Below, please find a list of properties which are currently available or sold (there are NO pendings at the moment) in these parts of Los Gatos this year.
Homes for sale:
As you can see below, most properties are priced at over $1 million unless located on (busy) Blossom Hill Road.
Since January 1st, only 3 homes in the area have sold for under $1 million, and one of them was a short sale that was directly across from the cabana. Please note that overall, homes in the Surmont, Belgatos and Belwood neighborhoods are selling over list price – in fact, by $13,437 or almost 1% over list price. Although the one short sale took over 200 days from listing to closing, most homes in the area sold far faster – 9 of the 12 sold within 2 weeks! That is a nice, strong sellers’ market.
Even so, it’s imperative not to overprice. Just because it’s a sellers’ market does not mean that buyers will pay just any price for a home. They are wary after the market’s downturn!
Want to discuss your home’s value? Please call or email me today and we can meet, go through your house together, and discuss probable market value and pricing strategies.
I have been communicating with a family relocating to Silicon Valley from Austin who think that the Belwood, Belgatos or Surmont area might be a good fit for them. They are open to other nearby areas, too, but the most important thing is that they want to be within the boundaries for Noddin Elementary School.
Do you have or know of a rental like this that might be available in June?
Size : 3 Bedrooms (or more)
Area : Within Noddin Boundaries
Alarmed & two storey preferable but not a deal breaker.
Reach me at 408 204-7673 or mary (at) popehandy.com.