This week the median list price for Los Gatos, CA is $2,098,000 with the market action index hovering around 36. This is about the same as last month’s market action index of 36. Inventory has held steady at or around 127.
Market Action Index
The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Slight Seller’s Advantage
The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to seen prices move lower as a result. If the MAI falls into the Buyer’s zone, it is likely that prices continue their downward trend until we see some turnaround in Market Action.
If you would like a full market analysis for your home or to understand the trends in your buying search, please contact the Myrick Estates Team today!