As with most areas in the Central Coast, sales have been picking up at a surprising pace. The supply of unsold homes dipped substantially to only 1.53 months. If you looked only at sales under $600K, it would be 1 to 1.25 months supply. Over $600K would be 4-5 months.
Interest rates continue at excellent levels giving those who want to buy, an opportunity to take advantage of the present circumstances. However, strong volatility is now present. Recent reports show 15 year loans as low as 3.75%. If you have been thinking of a move yourself, it would be a very smart thing to get started right now, especially if you are 55+ and ready to downsize because you get to take your old tax base with you if in the same county. Get your house on the market subject to finding a replacement and start looking. It could happen quickly and to your advantage! Check your personal economy and see if now is not a good time for you.
The unsold inventory in Morgan Hill as of April 30, is a measly 87 homes, not nearly enough to satisfy demand. They range from $209,900 to $7,200,000 The median price is $789,950. The median number of days on the market was 72. Clearly we need more inventory to sell. Are you or someone you know ready to sell? Give me a call for a free, no-obligation market analysis.
As of April 30, there were 116 pending sales in various stages of escrow, down from 128 last month. They range from $267,200 to $1,575,00. The median is $549,000. The median number of days on the market is 20 down from 29. That's an incredible rate of sales.
In the three months ended April 30, there were 82 closed escrows, same as last report and continuing a very strong showing. The lowest was $235,000 to a high of $2,550,000. The median was $460,000. The median number of days on the market is 58, quite a low number of days to sale.
With sales activity drastically switching gears in Silicon Valley and on the San Francisco Peninsula, there could be some good news for sellers on the horizon. One very positive thing we are seeing now is that many ultra-priced homes on the Peninsula and other areas are selling relatively briskly. That means that the monied folk have increased confidence in the future, or so it would seem. Plus, cash is king in many cases.
Seek the services of a professional who can help you sort out things to make the right decision. With over 30 years of experience, I can do that for you. Just call or e-mail me anytime. I'll be happy to send my resume and a list of testimonials
ZIP Code: 95037 Approximate Location Boundaries: Includes much area surrounding the city limits.
Location Characteristics: Morgan Hill is the first city south of San Jose along the major freeway, US 101. It has, over the last 25 years or so, become quite the charmer. Extensive downtown redevelopment has created a very quaint atmosphere for the residents and visitors alike. Banks, stores of many descriptions and restaurants dot the landscape making it most attractive and major stores can be found on the periphery. A beautiful town center opened about 10 years ago that provides a variety of facilities for classes, seminars and cultural activities.
You can find anything from mobile homes to townhomes to tract homes (large and small) to senior areas to luxury homes, many on an acre or more. Are you ambitious? There are even some lots to build on. There is a significant equestrian population and the ranches to go with it on the periphery of town. A highly regarded unified school district, including 2 high schools, provides many opportunities. A branch campus of the Gabilan Community College is planned for some time in the future.
The price range in Morgan Hill (zip code 95037) for single family residences is very broad running from the $300s to multimillion dollar estates. There are some a little less but they would be quite remote, in bad condition or very small. Mobile homes (4 parks total, 2 Sr.) run from about $75,000 to $150,000 or so.
Morgan Hill also houses the office with which I am affiliated. It's a great office with over 60 agents who have a pretty good lock on the market in South County and other areas. It provides an excellent jumping off point for me to the many areas that I serve.
About Jack Markle:
As a licensed broker since 1980, I have applied my skills, knowledge and professionalism to assist many people in the buying and selling process. A real estate loan agent for some years prior to that gives me an unusual perspective on that process. With a broker's license, it means that I can hang my shingle anywhere and ply the trade. Instead, I prefer to continue, after 15+ years, under the auspices of Coldwell Banker where I find a unique environment in which to practice. We have a marvelous marketing department that provides simply outstanding backroom support. Our on-staff legal department is second to none. Although they cannot offer our clientele legal assistance, they do help us and assure us of the latest knowledge in real estate legal matters. So, it's a great combination of talents. With my lifelong residence in the greater Bay Area, I offer one-stop service over a significant area. So, if you choose to move locally, I am here to help at both ends.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
