Morgan Hill Seller’s Market?
Date: Wednesday March 3, 2010Posted in: real estate, Morgan Hill, seller's market
What a difference a year makes! A year ago many residences sat languishing on the market while buyers were waiting on the sidelines. Fast forward to the present day: large numbers of well-qualified, motivated buyers are combing the sparse south Santa Clara County real estate inventory and now sellers are sitting on the sidelines! With the low real estate inventory in Morgan Hill and the rest of south Santa Clara County, is it a seller’s market? Let’s look at the data:
The first graph shows the number of residences for sale in Morgan Hill. As can be seen clearly, the number in the past few months has been quite low relative to the past two years. This data is backed up by the second graph which shows the months of inventory for active residential listings on the Morgan Hill real estate market. The months of inventory is the number of months it would take to sell all of the inventory currently on the market using current number of sales per month to determine this number.
With these two graphs in mind, sellers should feel confident in listing their homes in this current market. However, as with any market, pricing is the number one factor in whether your home will sell and how quickly it will sell.
The third graph shows the average sale price for single family residences in Morgan Hill over the past two years. Although it does look like prices have inched up over the past few months, sellers should beware asking exhorbitant prices for their homes - if they are serious about selling their home.
Inventory will gradually increase over the next months in Morgan Hill. But for those sellers currently on the market with a well-priced listing — enjoy your opportunity to choose from the multiple offers you are quickly receiving!
buyers homes listings months of inventory Morgan Hill prices pricing real estate residences sales Santa Clara County sellers sellers market
2 Comments
Hi Arn,
Your father was wise! I will have to quote him too. Morgan Hill sellers are currently enjoying multiple offers on many of the desirable, well-priced listings. But as Spring progresses I think we’ll see a more balanced market.
Is it more of a balanced market up on the Peninsula where you are?
Comment by Gretchen Merrick on March 3rd, 2010 @ 6:30 pmLine and paragraph breaks automatic, e-mail address never displayed, HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
Gretchen
I do not think we have a “seller’s market” just yet.
Prices are still flat and buyers are still cautious and looking for very good value.
But as you point out, inventory is down which is always a good thing from a seller’s perspective.
And yes, as a wise old real estate guy (my father
) told me in 1978 when I entered the real estate business:
Comment by Arn Cenedella on March 3rd, 2010 @ 4:42 pm“Marketing is 95% price”.
I believe that is even more true today than 32 years ago.
Arn