Los Gatos Mountains Real Estate Price update – January through April 2013
So far this year, 26 residential properties have sold in the Los Gatos Mountains, at an average price of $858,728, compared to an average asking price of $878,671. Because so many homes are now selling more quickly and for over asking price, the average sales price is only about a 2% discount off the list price.
Compared to the last 4 months of 2012, prices rose 2.8% (23 homes sold between September and year end 2012, at an average price of $835,000). Prices are strongly up from 2012 as a whole, when 104 Single Family Homes sold across the Los Gatos Mountains at an average sales price of $759,740. In 2011, the average home sales price in the Los Gatos Mountains was $650k, based on 91 closed escrows.
On average in this area, $850,000 will get you 3-4 bedrooms and 2-3 baths, averaging 2400 square feet, on about 3 acres Presently there are 40+ homes for sale in the Los Gatos Mountains. However, 5 of those are multi-million dollar estates that have been on the market for quite a long time. For people looking for an average priced home, there are about 9 midrange choices. For those who want to buy at last year’s average price, there are still about half a dozen homes priced under $750,000. Click here if you’d like help finding your dream home in the Los Gatos Mountains!
6 homes sold at prices over $1 million so far this year –taking an average of 2 ½ months to sell. But 3 of these million dollar homes went into escrow as quickly as 5-14 days, indicating an increasingly hot market. The most expensive home closed for $1,758,000: a 4 bedroom, 3 bath, 3600 square foot home on a quiet lane just 3 miles from Highway 17, featuring over 4 acres with an orchard, horse facilities and pool.
The least expensive property sold for $192,500 – a 1 bedroom probate sale / contractor special that was on the market for over a year.
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Source: MLSListings.com – Single Family Residence closed escrows as of 5/1/13, zone 23