So, we searched Los Gatos and Monte Sereno sales from June 1st to June 30th 2013. During this period there were only 57 listings on in Los Gatos and Monte Sereno. The price range for these 57 properties were from $799,000 to $6,475,000. As expected there were not a lot of inventory for homes that sold for exactly $1 million dollars. So, we adjusted the criteria and used a range of $1-$1.2M for this search which resulted in total of 5 properties sold.
List Price Range : $991,00 to $1,199,000
Sold Price Range: $1,041,000 to $1,175,000 to
1)Days on the market: These 5 homes in Los Gatos sold in 32 days. Shortest one was 14 days and the longest one was 107 days.
2) List Price Per Sqft: Granted this is a small sample size, but the price per square feet for these 5 sales were $642.06 which is not cheap, but comparing it to Shanhai, it might still be a bargain.
3) Average Size: The average of home size for these sales was 1,770 square feet among these home sold in June 2013.
4) Average Sale Price: The Average Sale price of these 5 homes was $1,119,700.
5) Sale Price Per Sqft: These Los Gatos homes sold for $647.64 per sqft which is a good indication of a sellers market since the they are getting more than 100% of their list price.remarkable since
So the answer to the question as to what you could buy for $1M in Los Gatos in June 2013; is not a mansion. It’s a small 1,770 sqft home.