Isn’t it ironic?

Date: Monday May 5, 2008
Posted in: real estate, multiple offers, Morgan Hill, real estate buyers, buyer's market, San Martin, Gilroy, MLS, median price

Several years ago, home buyers:

were desperate to buy anything that could hold up a roof
would offer well over list-price, especially when competing with other offers
would purchase the home in as-is condition
would have no contingencies in the contract

Fast-forward to 2008. Buyers are now paralyzed. It’s ironic because:

there is a record amount of inventory to choose from
sellers have dropped their list prices, and in many cases by hundreds of thousands of dollars
interest rates are still low
sellers are accepting terms that meet the buyer’s needs

Here in south Santa Clara County, average and median prices are below the average and median prices of single family homes during the fourth quarter of 2004. Currently for Multiple Listing Service (MLS) Area 1 (Morgan Hill, San Martin and Gilroy), the average price of a single family home is $723,004 and the median is $660,000. In 2004 Q4, the average was $734,250 and the median was $668,000. Just for reference, the peak average price for MLS Area 1 was $917,811 in the third quarter of 2006. And the peak median price for MLS Area 1 was $805,000 in the second quarter of 2006.

If you are contemplating a real estate purchase, now is a great time to buy in south Santa Clara County!

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