March has been an interesting month for Morgan Hill in general. This is the first month that we have seen a significant drop in the average price of a home when compared to the same time last year.

The average priced dropped by about 5% in March 2007. In real dollars, that comes to about a $40,000 drop in the price of the average home.

While no homes closed escrow in Holiday Lake Estates in March, 2007, one home did go into escrow and later closed in April. The interesting point to note is that the home sold for $19,000 below asking price! 

  When we do the math, we see that the this represents a 2.5% drop and 97.6% of the sellers asking price. While these types of numbers are to be expected at higher levels, given that the asking price was $789,000, this is a bit unusual. For Holiday Lake Estates, homes at that price point normally go for asking price or more.

  Also, the days on market being reported by the system is a bit misleading. The home on hoot owl is listed as on the market for 43 days, when in reality, the house has been listed and re-listed since June of 2006 where the original asking price was $1,399,888. You can see that the sellers have taken their price down by more than $200,000 since then. A 14% drop is asking price.

The home on Manzanita is accurately shown as having been on the market for 59 days, but we should also note that the sellers have reduced their original asking price by $50,000. A 1% drop in asking price.

 The home on Quail lane also accurately reports its long time on market, but has also dropped its asking price to the tune of $200,000! That is an 8.2% drop in asking price.

In addition, Holiday Lake Estates continues to have a record number of homes listed for sale. During the month of March, there were as many as 12 homes listed at any one time.

Sellers are clearly more willing to lower their asking prices and this may help to draw out buyers. But with the selling season coming, these sellers are probably smart 

As I have mentioned elsewhere, this looks like a turning point in our market. Sellers who had hoped to cash-in before the turn have now clearly missed that opportunity. 

Holiday Lake Estates Market Analysis Single Family Residential   Address City Beds Baths DOM CDOM LOE SqFt $/SqFt Lot(SqFt) List Price Age Sale Price   ACTIVE  3151 Quail Ln   Morgan Hill   5   3½  59   201     3,925   $254.75   22,215   $999,900   30        17795 Manzanita Dr   Morgan Hill   4   3  59   59     3,124   $335.79   26,136   $1,049,000   26        17480 Hoot Owl Wy   Morgan Hill   6+   4+  43   43     5,080   $235.83   17,860   $1,198,000   53         AVERAGE VALUES     54   101     4,043   $275.46   22,070   $1,082,300   36       SOLD  3400 Blue Grass Ct   Morgan Hill   3   2  16   16   32   1,650   $466.67   20,038   $789,000   39   $770,000     AVERAGE VALUES     16   16   32   1,650   $466.67   20,038   $789,000   39   $770,000       AVERAGE VALUES FOR ALL     44   80   32   3,445   $323.26   21,562   $1,008,975   37   $770,000     Quick Statistics ( 4 Listings Total)   Min Max Median List Price $789,000 $1,198,000 $1,024,450 Sale Price $770,000 $770,000 $770,000 ** Information contained on this report is designed for accuracy but is not guaranteed **     3151 QUAIL LN, MORGAN HILL (Morgan Hill) MLS: 710745   DOM: 59  CDOM: 201  Property Overview Area: Morgan Hill / Gilroy / San Martin (Area 1) Bed/Bath: 5/3½ Age: 30 years SqFt: 3,925 Lot: 0.51 ac Pricing/Dates List : $999,900   03/05/2007 Original : $1,089,000   03/05/2007         Remarks On a clear day--you can see forever. Magnificent views of Lake Anderson and surrounding countryside. This unique estate home is loaded with charm and character. Custom built in lovely Holiday Lake Estates--this is a rare find. Property Features Type Detached Single Family Familyroom/Informal Dining Area Separate Family Room Formal Dining Area Separate Dining Room Fireplace Fireplace Pool Options Electric Heated Pool Cooling Central Air Conditioning Heating Central Forced Air Heat View Lake View View of Mountains Garage/Parking 3 or More Car Garage Electric Door or Gate Opener Schools/Districts Elem: --/ Morgan Hill Unified Middle: -- High: --/ Morgan Hill Unified Listing Courtesy of JOHN AGRESTA, Alain Pinel Realtors     17795 MANZANITA DR, MORGAN HILL (Morgan Hill) MLS: 710809   DOM: 59  CDOM: 59  Property Overview Area: Morgan Hill / Gilroy / San Martin (Area 1) Bed/Bath: 4/3 Age: 26 years SqFt: 3,124 Lot: 26,136 sq ft Pricing/Dates List : $1,049,000   03/05/2007 Original : $1,099,000   03/05/2007         Remarks 50K reduction! Lake Anderson view from most rooms.Great end of the cul-de-sac showy view home.Living & family room with vaulted ceilings and flagstone fireplaces.Formal dining rm has bay window Private back deck and hillside yard Property Features Type Detached Single Family Familyroom/Informal Dining Area Separate Family Room Formal Dining Area Separate Dining Room Fireplace Fireplace Pool Options     -- Cooling Central Air Conditioning Heating Central Forced Air Heat View     -- Garage/Parking 2 Car Garage Attached Parking Schools/Districts Elem: --/ Morgan Hill Unified Middle: -- High: --/ Morgan Hill Unified Listing Courtesy of Lorelei L Mangan, Realty World-Realty Solutions     17480 HOOT OWL WY, MORGAN HILL (Morgan Hill) MLS: 714380   DOM: 43  CDOM: 43  Property Overview Area: Morgan Hill / Gilroy / San Martin (Area 1) Bed/Bath: 6+/4+ Age: 53 years SqFt: 5,080 Lot: 17,860 sq ft Pricing/Dates List : $1,198,000   03/21/2007 Original : $1,198,000   03/21/2007         Remarks OPPORTUNITY KNOCKS!SPORTSMEN / CONTRACTOR / INVESTOR-HUGE HM OR UP TO 4 UNITS! LAKESIDE W/VIEWS!- NEARLY 1/2 AC W/MANY ESTATE QUALITY MATERIALS USED!95% DONE NEEDS FINAL TOUCHES-PERFCT 4 EXTENDED FAM OR INCOME PROP W/2 POSS STUDIO UNITS Property Features Type Detached Single Family Familyroom/Informal Dining Area Dining Area in Family Room Formal Dining Area Separate Dining Room Fireplace Fireplace Pool Options Possible Pool Site Cooling No Cooling Heating Wall Furnace Heat View Lake View View of Mountains Garage/Parking 3 or More Car Garage Detached Parking Schools/Districts Elem: --/ Morgan Hill Unified Middle: -- High: --/ Morgan Hill Unified Listing Courtesy of JAKE GIPSON, Intero Real Estate Services ** Information contained on this report is designed for accuracy but is not guaranteed **     3400 BLUE GRASS CT, MORGAN HILL (Morgan Hill) MLS: 711460   DOM: 16  CDOM: 16  Property Overview Area: Morgan Hill / Gilroy / San Martin (Area 1) Bed/Bath: 3/2 Age: 39 years SqFt: 1,650 Lot: 20,038 sq ft Pricing/Dates List : $789,000   03/08/2007 Original : $789,000   03/08/2007 Sale: $770,000   03/24/2007 Remarks Great Price in $$$$ Holiday Lake Estates~Breathtaking Views From Almost Every Window~Nearly 1/2 Acre Flat Lot~Huge Potential as Equity Builder~Check Comps~ In-Law Quarters~All Appliances Included~LOCATION...LOCATION...LOCATION! Property Features Type Detached Single Family Familyroom/Informal Dining Area No Family Room Formal Dining Area No Formal Dining Area Fireplace Fireplace Pool Options Possible Pool Site Cooling No Cooling Heating Electric Heat Baseboard Heat View Neighborhood View View of Mountains Garage/Parking 2 Car Garage Attached Parking Schools/Districts Elem: --/ Morgan Hill Unified Middle: -- High: --/ Morgan Hill Unified ** Information contained on this report is designed for accuracy but is not guaranteed **

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