South Santa Clara County Residential Real Estate Trends August 2012 - October 2013
This update includes the combined market changes for the communities of Gilroy, Morgan Hill and San Martin. It's important to keep in mind this is summary data of all properties and your specific situation may vary significantly.
Homes: For Sale - Sold - In Escrow (Pending)
You'll note in the narrative of the graph, this area is currently considered a Seller's market. Five years ago there were 721 homes for sale here in October 2008 vs. the 187 we saw in October 2013. Quite a difference, but the trend shows continual stabilization and growth.
Home Affordability: Average Price For Sale vs. Sold & Median Sales Price
While comparing the October data between 2008 and 2013, I found the market fluctuations intriguing. Much took place in between those two data points to result in these numbers:
| 10-2013 | 10-2008 | % Change | |
| Avg List | $1,040K | $767K | + 35.6% |
| Avg Sold | $610K | $546K | + 11.7% |
| Median Sold | $555K | $439K | + 26.4% |
How much of that was based on market condition and not property condition? I'll leave that to others to address.
Days on Market & Selling Price vs. List Price
There's little doubt that homes priced well are sold faster. Additional factors play key roles. Consider that five years ago homes stayed active on the market an average of nearly 50% longer. The sold price was generally less than 90% of the original list price. That doesn't sound like a market any of us wants to revisit.
Average Price Per Square Foot - A Rough Yardstick
Always a popular question; the average price per square foot should be used as a "rough yardstick" in analyzing a home price. The more information you have, the better your decision can be.
Numbers / Data Behind the Graphs:
All data is provided with input from MLS Listings and Trendgraphix, Inc. which includes copyrighted data and/or graphs and is provided here with permission.
If you have questions or if I can help you find the answers for your situation, please let me know.
As always, let's foresee the possibilities . . . and get results!
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