Well, here is the good news and, ‘not-really-that-bad’ news regarding single family residence (SFR) values in Morgan Hill, CA:
Good: The average number of days homes were on the market dropped from 66 days during 1Q07 down to 43 days for 1Q14. There was also a drop from 1Q13’s 52 days to this year’s 43 days. They’re selling faster.
Not really that bad: The average closed sales price for Morgan Hill, CA’s SFR dropped from $931,413 during 1Q07 to $629,030 in 1Q13. That $302,383 drop in average sales price reflects the market’s peak in ’07 down to the recovering level in ’13.
However, the good news is that Morgan Hill, CA homes’ values rose by $137,641 or, 17.7% in the last year. That is the 3rd straight year where we’ve seen sustained appreciation.
The interesting comparison is the average sales price/list price ratio. There has been little change: in 1Q07 it was 97.6%, first quarter, ’13 averaged 98.6% and this year’s first 3 months saw an average of 96.6% . So, I’m not sure if that is good or ‘not really that bad’ news. Homes are virtually selling at their asking price, due to the low inventory of homes for sale.
We have seen similar values in Gilroy and Hollister, CA. I’ll post those comparisons soon.
So, what do you think values in the South County are going to do?
(data source: MLSListings)