Fasten your seat-belt, here's some exiting news about the market!

This market update combines residential real estate information for Gilroy, Morgan Hill, San Martin and immediate surrounding areas.  The data and charts are provided with permission of Trendgraphix, Inc. and MLS Listings.

BUYERS:  If you're in the market to buy, 175 homes were still actively for sale at the end of July and more continue to become available.  In this market, remember to be prepared with your lender preapproval, proof of funds and commitment to buy because you'll likely have competition for most homes.

SELLERS:  If you're thinking about putting your property on the market you'll be pleased to know there are buyers waiting and inventory is still low.  Homes that are priced well, available for viewing by buyers and in good condition tend to sell first so be sure you're ready to move when you decide to sell.

Let's visualize what the market's doing:

Graph shows totals for all residential properties.  Single family homes and townhouse/condos represent 175 of the 201 homes for sale at the end of July 2013.  Other residential properties include mobile homes, rentals, etc.

This graph also shows our very active market.  What's interesting to note, based on this level of activity, statistics indicate there are less than two months of inventory; that is if every home was sold with no new listings - there would be zero homes for sale by the end of month two. 

What does this mean in dollars and cents?

These graphs give you some idea of how the residential market overall is performing at price per unit; in this case the median price and the average price per square foot.  People often ask me what a good frame of reference is in determining value.  That depends on many factors including the micro-market you're talking about. 

What factors, you ask?  Many, such as the size of the home and what features it has as well as when and where it was built must be considered.  A current comparable market analysis (CMA) should analyze homes that are similar so you're comparing apples to apples and no sour grapes are mixed in.  The graphs above don't give you enough data to accurately gauge your decision in every instance because the homes included are not all similar.  (For example, one home currently included has a price per square foot of $1,200 while others are below $250.00).

Of COURSE you're still curious!

This data table shows the data behind the graphs provided above.  While there's evidence our area is moving towards a more stable real estate market - much progress remains.

I'm so glad you're still reading!

If you have questions or would like to discuss your situation, I would be delighted to meet with you!  I offer the CMA I mentioned above at no cost to you.  How can you beat a deal like that?

Please check back in the coming days for reports specific to Gilroy; specific to Morgan Hill and specific to San Martin.

As always, let's foresee the possibilities . . . and get results!