Los Gatos home prices continued their surge in April 2014. Fueled by shortage of inventory the Median Home price of Los Gatos homes jumped 0.6% to $1,471,000 higher compared to April 2013.
However, the tell-tell sign of tight inventory was the number of sales in the month of April which was only 45 transactions. Another indicated of the surge in prices is the brisk pace of sales which is reflected in the number of days on the market (DOM) at 21 days. In fact, we lost on a Los Gatos purchase transaction to a $1.69M cash offer on a $1.55M list price which closed in 3 days. Our offer was at Full price and we were offering to close in 7 days.
According to PropertyRadar Statewide the foreclosures sales declined to 20% of all homes sold in April 2014, but in Los Gatos there is no trace of such sales since the steep appreciation of homes have eliminated most underwater mortgages.
|Trends At A Glance||Apr 2014||Previous Month||Year-over Year|
|Median Home Price||+4.6%||$1,480,000||$1,414,980||+0.6%||$1,471,000|
|Average Sales Price||+2.0%||$1,573,590||$1,542,690||-5.6%||$1,667,640|
|No. of Homes Sold||+12.5%||45||40||+2.3%||44|
|Short Sales Sold||N/A||0||0||-100.0%||1|
|Active Short Sales||0.0%||1||1||-50.0%||2|
|Sales Price vs. List Price||+0.2%||101.9%||101.7%||+0.4%||101.5%|
|Average Days on Market||-45.0%||21||37||-36.3%||32|
Bottom line is that with the shortage of inventory and Spring surge in price, it might not be a bad idea to test the market if you have been planning on selling your home.
Contact us for a quick conversation about your plans to take some profits from this Spring Surge in Los Gatos.