South Santa Clara County Market Review May 2012

June 8th, 2012 // Categorized under: Market Trends

There is a continuation of the seller’s market here in Morgan Hill, Gilroy and San Martin.  There were 134 single family residences that went into contract and a whopping 116 SFRs closed escrow.  But the remarkable statistic is the change in the average and median sale prices for this past month compared to May, 2011.   See below.  If you would like a market report of a specific area within Area 1 or elsewhere, please contact me.

Single Family Residences

Number of Sales:  May, 2012:  134         May, 2011:  100          change:  +34%

Average Sale price:  May, 2012:  $556,065          May, 2011:  $464,377          change:  +19.7%

Median Sale price:  May, 2012:  $468,000         May, 2011:  $405,000          change:  +15.6%

Price/square foot:  May, 2012:  $229/s.f.          May, 2011:  $229/s.f.          change:  0%

Average Days on Market:  May, 2012:  95          May, 2011:  80          change: + 18.7%

Number of Closed Sales:  May, 2012:  116          May, 2011:  82          change: +41.5 %

Number of New Active Listings:  May, 2012:  144          May, 2011:  159          change:  -10.4%

Current Number of Active Listings:  194

Current Absorption Rate:  6.3 weeks

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