If you live in or near Belwood of Los Gatos, you’ve probably noticed a proliferation of “for sale” signs recently – and also a “coming soon” sign here or there! (I saw one of those at Westhill and Blossom Hill Road yesterday).
At the moment there are 3 available homes in Belwood and Belgatos – none in Surmont – (plus one on Harwood and one on Gemini Court as well as one on Regent) and there are three under contract or sale pending.
The homes for sale range in list price from a high of $1,295,000 to a low of $960,000 with an average list price of $1,078,300 and an average price per square foot of $504.50 (average days on market 32). Those which are sale pending vary from $1,199,000 to $900,000 with an average asking price of $1,049,667 and average price per SF of $439.04 (average days on market 23). It’s not rocket science that the more affordably priced homes tend to sell while those with higher asking amounts linger! Buyers want the most value for the money they spend. That can mean a bigger house or it can reflect the quality of remodeling or improvements at the property.
The ratio of listings to sales isn’t bad – 3 available, 3 under contract.
What has sold recently? Just one property has sold and closed in the last month: it was a 4 bed, 2 bath, 1748 SF model that closed escrow at a low, low price of $840,000. (The same floorplan is on the market for $960,000 on another street in the neighborhood – makes it a tough sell!)
With 3 available and 1 closed in the last months, it’s 3 months of inventory. What’s challenging is that the one which closed is so much lower than some of those for sale.
For 2001, there are 5 homes in Surmont, Belgatos and Belwood which sold & closed. The average square footage is 2100, average list price is $984,600 and average sales price is $967,000. Sales prices ranged from the low, low number of $840,000 to a high of $1,090,000.
The market keep changing – we are seeing multiple offers in many areas closer to Palo Alto. It’s not here yet but give it a little time….