South Santa Clara County Market Review June 2012

And the Seller’s Market in Morgan Hill, Gilroy and San Martin continues….  With an amazingly low absorption rate of just under 5 weeks, we are seeing most listings sell very quickly if they are in decent condition and priced right.  June’s average Days on Market fell 45% compared to June last year.  See the stats below.  If you would like a market report of a specific area within South Santa Clara County or elsewhere, please contact me.

Single Family Residences

Number of Sales:  June, 2012:  123         June, 2011:  104          change:  +18%

Average Sale price:  June, 2012:  $544,988        June, 2011:  $543,780          change:  +0.2%

Median Sale price:  June, 2012:  $510,000         June, 2011:  $446,000          change:  +14%

Price/square foot:  June, 2012:  $236/s.f.          June, 2011:  $237/s.f.          change:  0.4%

Average Days on Market:  June, 2012:  56          June, 2011:  81         change: -45%

Number of Closed Sales:  June, 2012:  161          June, 2011:  106          change: +52 %

Number of New Active Listings:  June, 2012:  120          June, 2011:  150          change:  -25%

Current Number of Active Listings:  184

Current Absorption Rate:  4.9 weeks