A premier new Morgan Hill listing came on the market at 1888 Justino Drive. This 3,451 sq. ft. home on spacious 14,374 sq. ft. lot is priced at $965,000. With five large bedrooms and three full bathrooms, this home features a versatile floor plan for many uses. The neighborhood near the eastern foothills of Morgan Hill is quiet and all of the homes sit on lots sized a quarter acre or more. This neighborhood feeds into Nordstrom Elementary School.
Come view this lovely, well-appointed home at today’s open house from 1:30 to 4:30.
A new Morgan Hill real estate listing came on the market on March 25th. 17150 Pine Way, a charming home in a quiet east-side neighborhood, is priced at $499,995. This 1,220 sq.ft. home has 3 bedrooms and 2 full bathrooms and is situated on a 7,040 sq.ft. lot. There is an attached two-car garage. This lovely home has many features that potential buyers will appreciate such as the updated kitchen, custom paint throughout and wood burning stove. The large backyard has a huge deck for entertaining, fish pond and gorgeous plantings.
An open house will be held today, March 30th, from 1:30 to 4:30. So stop by to see this new Morgan Hill real estate listing!
Home buyer success in a seller’s market? Yes! It’s a little ironic that I helped three different families close escrow on homes in our area last month when you consider that inventory is so painfully low. All three families feel very fortunate to have purchased wonderful homes at fair prices and with very low mortgage interest rates. Congratulations to all three!
The first of the buyers to close escrow purchased a fantastic property in Hollister on 5 acres. This property will be perfect for this family and their two horses. This family had been looking for a home since last September and wrote a few offers that didn’t get accepted. But after the new year, they found this wonderful piece of land in an area north of Hollister where they had hoped to end up. I can’t wait to visit them and see their horses settled in their new barn!
View from the property of the eastern foothills. There are gorgeous views from all angles.
The second set of buyers had been looking since the end of summer for a home for their growing family. We spent the first 4 months of their search looking in south San Jose and especially we had been targeting a particular school district where they wanted their son to attend school. Unfortunately, prices kept rising as we were looking and the condition and quality of the homes coming on the market kept deteriorating.
Finally, the buyers decided to look in Gilroy in the Luigi Aprea Elementary School area in the northwest quadrant of the city. When a property came on the market just after the new year, the buyers decided it would make a wonderful home for their family. We wrote the best offer we could and the buyers decided to offer more than the list price because they knew they were competing with other buyers. Eight offers were made on this property, but fortunately my buyers prevailed! They had a good-sized down payment and offered the sellers about 6 weeks occupancy after the close of escrow. They are anxious to make their move during March when the sellers vacate.
And finally the third set of buyers who purchased their very first home. Believe it or not, I have been helping these buyers look for the right home since 2009! And they had been looking previously to that time for several years. (These are very patient people.) They were mostly targeting San Jose, wanted a newer home and hoped for a single story.
After writing several offers on resale homes over the years and not having them accepted, the buyers started considering purchasing new construction. Last August, we hurried to the opening sale date for the single family homes at Maravilla Court in Campbell. All homes released on that day sold before noon, and my clients were one of the fortunate buyers. Over the next months they worked with the builder’s design office to choose their finishes and the home turned out beautifully. I am invited to their housewarming party this weekend and I can’t wait to see their new, wonderful home with them in it!
So I guess there can be home buyer success in a seller’s market and sometimes the key is patience and perseverance. And I like to think that working with a good Realtor helps too!
Gilroy Real Estate 2012 Review. The main theme of the real estate story in Gilroy is low inventory. Buyers were faced with multiple competing offers on new residential listings that were fairly priced. The year started out somewhat balanced between being a “buyer’s market” and being a “seller’s market” but quickly became what it would remain for the rest of year: a strong seller’s market. Coupled with historically low interest rates, buyers were often left out in the cold as prices started to creep back up from where they had fallen the past few years. Let’s look at some of the statistics for my Gilroy Real Estate 2012 Review. The graphs below were generated from the data provided by MLSListings.com, the regional MLS provider. To see how Gilroy compares with the rest of California, click on this link from the California Association of Realtors.
Although the number of closed sales of Gilroy single family homes only increased by 4% to 621 between 2011 and 2012 there was an increase of 24% for the number of sales between 2008 and 2012. And this was harder to achieve with a markedly decreased number of available homes on the market.
The Gilroy Real Estate 2012 Review shows that the price segment where most Gilroy single family residences sold in 2012 was $200,000 – $400,000 with 303 sales, which was 49% of the market. The $400,000 – $600,000 price range saw 193 sales and the $600,000 – $800,000 price range saw 73 sales.
Inventory dropped in Gilroy with 645 new single family home listings coming on the market during 2012. This represents a drop of 21% from the 817 new listings in 2011 and a 50% drop from the 1283 new listings coming on the market in 2008!
2012 brought an overall median sales price of $406,000 for Gilroy single family residences. This is a 4% increase over the 2011 median sales price of $390,000 but a 10% drop from the 2008 median sales price of $450,000.
How did all of this sales activity along with relatively low sales prices, coupled with low inventory and low interest rates affect the number of days that a home stayed on the market before selling? Although many Gilroy homes were selling in the first week or two of being on the market at the end of the year, the average Days on Market (DOM) for 2012 was 62. This is a 33% drop from 2011 with the average DOM of 93 and a 49% drop as compared to 2008 with an average DOM of 121.
All in all, the Gilroy Real Estate 2012 Review shows that the Gilroy market is on an upswing and 2013 looks to be a very active year for real estate. Hopefully Gilroy will see new listings coming on the market throughout the year to satisfy buyer demand. And buyer demand will most likely continue to be high due to low interest rates, positive news in the regional economy and pent-up demand from buyers who have been waiting to see the market start to make a healthy turn for the better. DataQuick Real Estate News sees 2013 continuing to be a strong market in all of the Bay Area.
Morgan Hill Real Estate 2012 Review. Several factors affected Morgan Hill real estate this year: low inventory, low interest rates, rising prices, increasing number of sales, and finally, decreasing number of distressed homes coming on the market (which goes hand-in-hand with the low inventory). Let’s look at the statistics behind the Morgan Hill Real Estate 2012 Review. All of these graphs were generated from the data provided by MLSListings.com, our regional MLS provider. To see how Morgan Hill compares to the rest of California, click on this link from the California Association of Realtors.
This shows an increase in 2012 of 22% in the number of sales of single family residences (SFR) as compared to last year and a 77% increase in comparison to 2008! There were 522 sales in 2012, 426 in 2011 and only 295 in all of 2008 (a brutal year).
Where was the “sweet spot” pricing segment for those sales? This graph shows that there were 90 homes that sold in Morgan Hill priced between $200k – $400k, 201 homes priced between $400k – $600k and 141 homes priced between $600k – $800k. The $400k – $600k price range represents 38% of the market.
Inventory dropped in Morgan Hill with the number of new SFR listing coming on the market in 2012 down to 612. This represents a drop of 8% from last year but a drop of 31% from 2008.
The Morgan Hill Real Estate 2012 Review shows an increase in median sale prices of single family homes as compared to last year. According to data from our MLS, there was 9.5% increase in median sale prices of SFRs from 2011 to 2012 ($520,000 in 2011 to $569,500 in 2012).
And finally, what did all of this sales activity, low interest rates and lower inventory do to the average days on market? The average number of days to sell a single family home in Morgan Hill dropped from 97 in 2011 to 73 in 2012, a 25% drop and, with the average being 126 days in 2008, we saw a drop of 42% from that year.
The Morgan Hill Real Estate 2012 Review shows that the health of the market improved in 2012. All indications show these favorable advances will continue into 2013. There are still some good values for buyers in Morgan Hill and, combined with low interest rates, 2013 should prove to be a great time to purchase a home. My hope is that sellers will also catch on that it is a great time to sell their homes and possibly move-up or downsize to their next home. I’d love to see 2013 prove to be a balanced, healthy real estate market. For further insight into what to expect next year, Intero Real Estate Services CEO has this to say about 2013.
The Morgan Hill, Gilroy and San Martin real estate market continues to have an incredibly low absorption rate which is making it tough for buyers to compete for the few active listings available. Absorption rate is the rate that homes are selling in a specific area. As seen in the statistics below, our South County absorption rate is 5.6 weeks. A balanced absorption rate is around 5 – 7 months! We are currently far from balanced and I’m hoping to see a lot more listings come on the market to feed the buyer demand.
The big news is that prices are up from last year. The month of October isn’t indicative of the entire year, but when comparing October 2012 to October 2011, the average price/square foot for sold single family homes was 14% higher in South County.
If you would like a market report of a specific area within South Santa Clara County or anywhere else, please contact me.
Single Family Residences
Number of Sales: October, 2012: 121 October, 2011: 82 change: +48%
Average Sale price: October, 2012: $555,752 October, 2011: $451,594 change: +23%
Median Sale price: October, 2012: $495,000 October, 2011: $422,969 change: +17%
Price/square foot: October, 2012: $248/s.f. October, 2011: $218/s.f. change: +14%
Average Days on Market: October, 2012: 52 October, 2011: 99 change: -47%
Number of Closed Sales: October, 2012: 105 October, 2011: 78 change: +35 %
Number of New Active Listings: October, 2012: 99 October, 2011: 136 change: -27%
Current Number of Active Listings: 140
Current Absorption Rate: 5.6 weeks
New on the market, 960 White Cloud Drive in the Oak Creek neighborhood of Morgan Hill, will be held open tomorrow afternoon, Sunday, October 21, from 1:00 to 4:00. This well cared for home is listed at $569,000. The 1890 s.f. home has 3 bedrooms, 2 1/2 bathrooms and sits on a 6,225 s.f. lot.
The home has a bright and airy floor plan that lets in lots of natural light. There are high-quality white plantation shutters throughout the home. This home has been wonderfully maintained and is in move-in ready condition.
With the beautifully landscaped backyard as a relaxing spot to putter in the garden, entertain or read a book, the property is ready for its next owner. There is a pretty fishpond with a waterfall, vine-covered pergola for shade, a borders with lovely plantings.
So come visit the open house tomorrow and see if you should call 960 White Cloud Drive your next home!
Just another story about this crazy seller’s market that we’re in. I put a new listing, 3100 Thomas Grade, Morgan Hill, on the market last Monday afternoon and by Friday, we had four good offers on the table. We had it priced right where the comparable sales showed that it should be, $639,000. It’s a 2805 s.f. single story home with beautiful views, 4 bedrooms, 2.5 bathrooms and built in 1976. Much of the home, kitchen and bathrooms, is in original condition . It has a few issues such as termites, blistering galvanized plumbing and an old deck which needs replacing.
After I made sure that each potential buyer had reviewed the inspection reports, the seller chose the highest offer with the best terms. According to the buyer’s agent, the buyers are thrilled and can’t wait to move in!
This is a typical example of what is happening in today’s market for well-priced homes. If you are interested in talking about selling your home, give me a call at (408) 892-9015.
Morgan Hill, Gilroy and San Martin continued to enjoy brisk real estate sales in August. Although the number of sales increased from last year and earlier this year, the average and median sale prices were lower than last year. However the price per square foot increased by 5.6%. The actual number of closed sales dropped quite a bit in August. See the statistics below. If you would like a market report of a specific area within South Santa Clara County or anywhere else, please contact me.
Single Family Residences
Number of Sales: August, 2012: 134 August, 2011: 104 change: +29%
Average Sale price: August, 2012: $527,852 August, 2011: $544,083 change: -3%
Median Sale price: August, 2012: $473,000 August, 2011: $478,500 change: -1%
Price/square foot: August, 2012: $246/s.f. August, 2011: $233/s.f. change: +5.6%
Average Days on Market: August, 2012: 53 August, 2011: 96 change: -45%
Number of Closed Sales: August, 2012: 97 August, 2011: 112 change: -13 %
Number of New Active Listings: August, 2012: 120 August, 2011: 130 change: -7.7%
Current Number of Active Listings: 190
Current Absorption Rate: 6.1 weeks
Intero’s luxury division, Prestigio, has just launched the first issue of its virtual magazine showcasing the San Francisco Bay Area’s high-end luxury real estate offered through Prestigio. Online viewers can browse through gorgeous pictures and find the property information of the unique homes featured as if reading a handheld magazine.
Be sure to check out Pg. 20 which features a spectacular Morgan Hill estate, 2220 Liberata Drive. 2220 Liberata Drive will be held open tomorrow, Sunday, August 26th, from 1:30 to 4:30. Although the property looks great virtually, it looks absolutely stunning in real life!
Click on the magazine cover below to view the premier issue of Intero’s Prestigio Luxury Collection magazine: