Morgan Hill Residential Real Estate 2016 Year-End Review
Morgan Hill Single Family Home Real Estate 2016 Review. Last year’s residential real estate market remained robust for all of 2016 with rising prices and depleted inventory. Many homes sold quickly and with multiple offers. Sellers, who were willing to price their properties at market value, reaped the benefits with over-asking offers and attractive terms. Let’s look at the statistics behind the Morgan Hill Residential Real Estate 2016 Review. These graphs contain data on the sales of Single Family Residences (SFR). All of these graphs were generated from data provided by MLSListings.com, our local Multiple Listings Service provider. If you are wondering about what the future holds for 2017, all indications are that the residential real estate market in Morgan Hill will continue to be a Seller’s Market, with 17 new single family residential homes already listed in the first 15 days of January.
Morgan Hill Number of New SFR Listings 2012 – 2016:
The Morgan Hill real estate market saw 604 single family residences enter the market in 2016 as compared to 618 in 2015. Which is down 14 homes from 2015 or 2% decrease.
Morgan Hill Median Sale Price 2012 – 2016:
The Morgan Hill real estate market, median sale price, continued its 5 year positive trend. The median sale price in 2016 was $858,000 which is up 5% from 2015. The median sale price in 2015 was $817,500, an increase of $40,500 for 2016. Median Sale price in 2012 was $570,000, 2016 it is up by $288,000 or 51%
Morgan Hill Average Price/ Square Foot 2012 – 2016:
And, following in the footsteps of the rise in the median sale price, Morgan Hill saw a large increase in the price per square foot on single family residential sales. In 2016 the price per square foot was $414. In 2015 the price per square foot was $380. Which means over one year the price per square foot increased by 9%. Over the past 5 years the price per square foot has increased from $262/sq. ft. to $414/sq. ft., a 57% increase.
Morgan Hill Average Days on Market 2012 – 2016:
The seller’s market conditions in Morgan Hill carried into the average Days on the Market for single family residential sales. In 2016 the average home sold in 38 days. Over the past 5 years Average Days on the market has decreased by 34 days, a decrease of 47%.
Morgan Hill Number of Sales 2012 – 2016:
The Morgan Hill real estate market saw 469 home sales in 2016. 23 fewer home sales in 2016 compared to 2015. Primary reason for the decrease in Single Family homes sales in Morgan Hill is the decline in homes listed.