The State of the Market in Los Gatos
Properties in Los Gatos continue to appreciate - a 5.6% price gain was seen in March over February of this year. According to Yahoo Real Estate, there are 182 homes for sale through the MLS at a median price of $1,399,990, and 277 homes for sale through classifieds at a median price of $1,750,000. There are only 37 foreclosures at a median price of $260,000 - in the prestigious Los Gatos market, that means they are mobile homes as even condos run about $600k-900K.
What’s great about this is that many homes in the surrounding areas, such as the 95124 area of San Jose and parts of Campbell, are buoyed upwards by the Los Gatos mystique. At the very least, they are not falling as fast as other areas of the South Bay.
What’s so special about Los Gatos? Los Gatos is the last Silicon Valley town you pass through before entering the Santa Cruz mountains, making it closer to the beach and great hiking than other South Bay towns. The school system is excellent, local restaurants are quaint and homey while providing great cuisine, and the downtown area is full of fascinating antique shops and boutiques. Joe Dimaggio and Marilyn Monroe even stayed here once, after their San Francisco wedding!
Another reason that property values are rising in Los Gatos is that no new mega developments are happening here. When massive low cost condos are built in an area, it creates downward pressure on existing homes.
Call us @ 408 399 1495 to talk about Real Estate in your area. Visit us online @ www.mmgproperties.com
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