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.
If you have thought about buying a home in Gilroy, it’s time to act! May’s Closed Sales were up 75.8% over 5/08! This is the 5th straight month of increased Closings over the same period last year. Year-to-date Gilroy Closings are up a whopping 128.9% over the first 5 months in ’08!
The supply of homes listed for sale dropped 75.8% in May and was the 5th consecitive month this year where New Listings dropped. So far this year our Gilroy New Listings are down 32.7% from last year.
Similarly, Morgan Hill’s Closed Sales are up 59.4% and the number of New Listings is down 23.5% from 2008.
While the price levels and home loan interest rates are still low NOW is the time to come join us in the “Garlic Capital of the World” and buy your own home.
Have you noticed Morgan Hill’s housing activity? Wow! Recovery is well underway in our quaint town. In May there were 73.6% more Closings than in May ’08. This is the 5th straight month this year where our Closings have increased over last year’s figures. To date, Closings have increased nearly 60% (59.4%)!
On the other hand New Listings of Morgan Hill homes for sale were down for the 5th straight month. The number of May’s New Listings were down 55.4% vs. 5/08 and year-to-date the drop totals 23.5% over the same period last year!
In nearby Gilroy the same housing trends are happening! Gilroy’s number of Closed Sales is up 128% from 2008! 128%! Wow! Our New Listings were lower by 27.9%.
The affects of ‘Supply and Demand‘ are being felt here in Morgan Hill and Gilroy. While the interest rates are still wonderfully low I wouldn’t wait to buy.
