Morgan Hill Sales and Prices Up

The Morgan Hill housing market is beginning to show some promising signs: The Closed Sales-to-New Listings-Ratio (CS:NL) rose nicely to 89.2% in June from 51.5% in May.  June’s ratio nearly doubled 6/08’s of 47.2%.  As you would expect Morgan Hill’s Average Sales Price (ASP) also rose in June, up 10.2% from May. However, the ASP of $614,500 is down 31.5% from last year’s average of $898,200 in June.

The best hint of what’s to come is the nice increases in CS:NL.  As that indicator continues to increase the ASP is bound to go up.

Next door: Gilroy’s activity seems to be headed in the right direction.  While June’s CS:NL ratio dropped slightly from May to June, June’s ratio nearly doubled over last year’s figures.  The Average Gilroy Sales Price was lower in June than May by 3.8% and down 32.5% from a year ago.  Stay tuned however.

As I update these ’09 figures I predict an increase in ASP in both Morgan Hill and Gilroy.

For your own study of the actual Multiple Listing Service figures go onto “Client Portfolio” on the navigation bar.  There you can see a great deal of real-time data.  Enjoy.

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