Our little village of Los Gatos continues to rise in popularity as buyers clamor in multiple offer bidding wars during April to purchase a coveted Los Gatos home. Below are the charts for April’s home sales (single family home) showing the median sale price contrasted with the inventory of homes available to purchase. Prices went up for all areas of Los Gatos including Monte Sereno and the mountain area.
The mountain area median home price was hovering a little over $1 million in 2020 this same time last year. With the pandemic’s workplace changes that no longer requires the 5-day a week commute to the office, buyers started to head to the quiet, mountain lifestyle. A year later, prices have increased 50% (!), bringing the mountain’s median home price to ~$1.5 million! Wow!
If the current trend of multiple-offers-significantly-over-list-price continues, I expect we’ll see Los Gatos home prices to be even higher for May. Stay tuned!