Los Gatos Median Home Prices Increasing

Overall, the recovery of the Bay Area housing market is accelerating.

The housing market's rebound in the Bay Area accelerated in December, when sales increased year-over-year for the 18th consecutive month.

The number of Bay Area foreclosures hit a five-year low, while median sale price rose a whopping 32 percent from December 2011, according to DataQuick's city data for December.

That translated to a 13.1 percent increase in home sales in Santa Clara County, comparing December 2012 to December 2011 and a median home price jump of 23.8 percent in the county during the same time frame.

A total of 1,822 homes were sold in Santa Clara County with a median price of $544,500.

Santa Clara County fared better than most of the Bay Area in terms of number of homes sold. Alameda, Marin, San Mateo and Sonoma counties saw modest gains in sales figures. Only San Francisco County had a larger increase in sales volume, at 29.5 percent. Contra Costa, Napa and Solano counties all experienced declines in the number of homes sold.

Other highlights include:

  • The median price paid for a home in the nine-county Bay Area was $442,750 in December. That was up 1.1 percent from $438,000 in November and up 32.0 percent from $335,500 in December a year ago.
  • The December median home price was the highest since August 2008 when it was $447,000.
  • There were fewer "distressed property sales" (foreclosures and short sales). Foreclosure resales accounted for 11.8 percent of resales in December, the lowest number of short sales in the Bay Area since November 2007 (10.1 percent).

Here's a Bay Area breakdown of home sales and median price: 

All Homes #Sold  #Sold  % Change Median Median % Change
Dec. 2011 Dec. 2012
Dec. 2011 Dec. 2012
Alameda 1,584 1,623 2.5% $328,000 $410,000 25% Contra Costa 1,1534 1,530 -0.3% $259,000 $333,500 28.8% Marin 280 291 3.9%  $517,818 $660,750  27.6% Napa 132 129 -2.3% $317,500 $350,000 10.2% Santa Clara  1,611 1,822 13.1% $440,000 $544,500 23.8% San Francisco 499 646 29.5% $594,500 $720,000 21.1% San Mateo 602 626 4.0% $500,000 $600,000 20% Solano 714 610 -14.6% $182,250 $218,000 19.6% Sonoma  538       
555 3.2% $279,500 $345,000 23.4% Bay Area 7,494 7,832 4.5% $335,500 $442,750 32%

Region wide, home sales increased by 4.5 percent and all counties had double-digit increases in median home prices. The overall Bay Area saw a 32 percent increase in median home prices from December 2011 to December 2012, according to DataQuick

“Prices are in the midst of bouncing off bottom right now, and nobody really knows what the trajectory of this bounce will be beyond this point. So far, supply has been a bottleneck, but as prices go up, more homes will be put up for sale,” said John Walsh, DataQuick president.

Here's a breakdown of Los Gatos home sales and median prices for November 2012:

Zip Code      # of Sales         % Change        Median Price            % Change     Priciest Home Sold  $/Sq. Foot                    % Change                 95030 15 36.4% $1,569,000 -17.1% $2,500,000 $727 44.6% 95032 34 78.9% $995,000 14.3% $2,845,000 $563 -17.3% 95033 5 66.7% $981,500 40.2% $1,335,000 $262 -24.5%

(Note: city and county data lags a month behind the regional figures.)

Santa Clara County home sales and median prices for November 2012:

City Total Homes Sold Nov. 2012 Median Price Nov. 2011 Median Price Percent Change Campbell 53 $675,000 $675,000 26.76% Cupertino 49 $1,141,000 $874,000 30.55% Gilroy 75 $429,500 $374,000 14.84% Los Altos 47 $1,637,750 $1,589,000 3.07% Los Gatos 54 $1,050,000 $1,032,500 1.69% Milpitas 72 $460,000 $385,000 19.48% Mountain View 69 $778,000 $636,500 22.23% Palo Alto 72 $1,062,500 $1,370,000 -22.45% Saratoga 38 $1,300,500 $1,601,000 -18.77%

PATCH WANTS TO KNOW: Are rising home prices affecting you? What do you think this data says about the Los Gatos real estate market? Tell us your thoughts in the comments below.

Ed Dee January 25, 2013 at 03:50 PM
I love charts like this. They give a very general picture that may or may not accurately depict what is going on in the market, plus every property is unique with opportunity to buck the general trend, up or down. I am in the market everyday and can tell you -17% Median price for 95030 and Saratoga at -19% might be the right numbers, but every Los Gatos or Saratoga property I have helped to sell has increased in value impressively since this time last year.
Cassie Maas January 25, 2013 at 09:53 PM
Inventory is very low right now and rates are really low right now. When inventory is low, you have buyers competing for properties which in turn drives up prices. If a home seller receives multiple offers and counters them all, the buyers will increase their offers if the want the home. We are seeing offers for over asking price in desirable neighborhoods because of the competition for the homes that are on the market right now. This competition definitely drives the prices up. If you have been thinking of putting your home on the market, this is the time to do it. Plenty of buyers, little inventory and a well priced home can help you sell your home quickly for a good price. If you are a buyer, you want to make sure your agent knows what to do to give your offer a strategic advantage over the other offers you may be facing. The market has been changing for some time, but it's only now that it is really evident because it is affecting prices in a more visible way!
Irene Aida Garza-Ortiz January 27, 2013 at 08:03 PM
Would love to sell my home....but I need to do so many things to get there. Also not the Best time to sell right now.


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