Prior to September, prices in Los Gatos/Monte Sereno had been fairly steady, staying within a narrow band and remaining above year-ago prices every month for the past year except one. That changed in September, as the median sales price fell 22% from August and was 17% below a year ago. Inventory fell in September, while pending sales were flat and homes stayed on the market longer.
The median sales price in September was $1,635,000, 22% below August’s $2,098,000 and 17% lower than September 2015’s $1,969,000. The average sale here in September was for 99% of the asking price, the second consecutive month this ratio was below 100%. The ratio was 98% in August and 100.5% a year ago. September’s price per square foot fell $34 from August to $852, which was also $39 lower than a year ago.
INVENTORY AND SALES
Inventory fell here for the fourth straight month, from 116 at the end of August to 95 at the end of September. 128 homes were actively listed a year earlier. Pending sales were unchanged from August’s 25, which was 16 less sales than in September 2015. A 3.8 month supply relative to pending sales was on the market at the end of September, down from 4.6 months at the end of August but higher than September 2015’s 3.1 months. Closed sales increased from 25 in August to 32 in September.
DAYS ON MARKET
Time on the market has increased for the past four months. September’s sales closed in an average of 46 days, up from 41 days in both August of this year and September of last.
Inventory and Pending Sales by Price Range
Under $1.5 Million
The inventory of homes priced under $1.5 million continued to drop in September, from 19 at the end of August to 15 at the end of September. It was the third consecutive month inventory fell in this segment. Pending sales increased by two units from August to six in September. That cut supply relative to pending sales nearly in half, from 4.5 months at the end of August to 2.75 months at the end of September. 16% of inventory and 24% of pending sales were priced under $1.5 million
$1.5 Million to $2,999,999
13 fewer homes priced from $1.5 million to $2,999,999 were actively listed at the end of September (43) than at the end of August (57). Pending sales increased by one to 15 during September. That cut supply from 4.1 months at the end of August to 2.9 months at the end of September. 60% of pending sales during September and 45% of inventory at the end of the month were in this price range.
$3 Million and Above
The $3 million and up segment saw both inventory and sales decline in September. Inventory fell from 40 in August to 37 in September, while pending sales fell by three to a total of four during September. A 9.7 month supply of these homes was available at the end of September, compared to 5.7 months at the end of August. This segment accounted for 39% of inventory and 16% of pending sales.
Check out these other Real Estate Market Conditions Reports for September 2016: