South County Real Estate Today: Morgan Hill Real Estate 2017 Market Review
Morgan Hill Real Estate Market 2017 Review
Morgan Hill Single Family Home Real Estate 2017 Review. Last year’s residential real estate market remained robust for all of 2017 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 2017 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 2018, all indications are that the residential real estate market in Morgan Hill will continue to be a Seller’s Market, with 23 new single family residential homes already listed in the first 24 days of January.
Morgan Hill Number of New SFR Listings 2013 – 2017
The Morgan Hill real estate market saw 629 single family residences enter the market in 2017 as compared to 604 in 2016. Which is an increase of 25 homes from 2016 or 4% increase.
Morgan Hill SFR Median Sale Price 2013 – 2017
The Morgan Hill real estate market, median sale price, continued its 5 year positive trend. The median sale price in 2017 was $917,500 which is up 7% from 2016. The median sale price in 2016 was $858,000, an increase of $59,500 for 2017. Median Sale price in 2013 was $690,000, 2017 it is up by $227,500 or 33%.
Morgan Hill Number of SFR Sales 2013 – 2017
The Morgan Hill real estate market saw 542 home sales in 2017. 73 more homes sold in 2017 compared to 2016, a 16% increase. Primary reason for the increase in Single Family home sales in Morgan Hill is the robust economy in the South Bay, with high tech expanding to the South Bay.
Morgan Hill SFR Average Price/ Square Foot 2013 – 2017
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 2017 the price per square foot was $432. In 2016 the price per square foot was $414. Which means in one year the price per square foot increased by 4%. Over the past 5 years the price per square foot has increased from $323/sq. ft. to $432/sq. ft., a 34% increase.
Morgan Hill SFR Average Days on Market 2013 – 2017
Sellers benefited from real estate market conditions in Morgan Hill with the average Days on the Market for single family residential sales. In 2017 the average home sold in 30 days. Over the past 5 years Average Days on the market has decreased by 19 days, a decrease of 39%.