Let’s take a look at the real estate stats for Morgan Hill for the first month of 2021!
Morgan Hill continues to be a stand out community for real estate. This month is a great example of how this community is seeing some interestingly different performance numbers when compared to San Jose and even to Santa Clara County in general. In fact, the numbers are a bit surprising, but you will see what I mean as we work though them. Also, keep in mind that I review all of this information live during my monthly “Coffee & Real Estate LIVE Chat” which happens on my Facebook page. It is a great opportunity for you to ask any questions you might have and discuss the topics that interest you the most.
Overall, sellers remain in the drivers seat. Homes are continuing to sell for over asking price, which implies that the typical home is selling with multiple offers. You can jump down to the summary where I run down some of the key tidbits to take away from this months data.
One important thing to keep in mind is that real estate is very local. If you want to make the best and most informed decisions you need information. Not just any information, but specific information that focuses on your property or the kind of property you are interesting in purchasing. In all of the areas we discuss here, there are neighborhoods and areas where the numbers are very different from the city or county that they are located in. So if you would like to get access to the best information possible so that you can make the smart decisions you need to, consider one of these options:
- Get an automated and FREE value estimate. This is a quick and easy way to get an idea of the ballpark value of your home. However, it also means you just get access and don’t have to talk with a real estate agent.
- Sign up for FREE real estate alerts. Also automatic, this system will send you an update when homes are listed or sell in your neighborhood. Another great tool that does not require you to talk to a real estate agent.
- Get a FREE and professional market analysis. This one requires you to get in touch with me, but it is the most accurate option. At no cost to you, I will generate a complete market analysis that evaluates and balances all the factors in the market place that effect the value of your home and give you an estimate of what it would likely sell for based on all of my years of market knowledge.
- Buyers can start their search right now at no charge! I provide all the tools my buyer clients need to find the right home and then to work through the purchase process as easily and painlessly as possible!
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Cons To San Francisco Living Get Omitted
I came across an article a little while back on Redfin where they were discussing the pros and cons of San Francisco living. As someone that is pretty familiar with San Francisco, I was surprised more by what they left out than what the included.
A look back at the Morgan Hill real estate data over the last year.
For our first look at how the local community real estate market is doing, we will review how things have evolved over time. This can help us spot trends that could prepare us for turning points in the market when things start to change.
Morgan Hill year over year real estate data.
There are some good reference points to be found in this information. First, you are seeing this month compared to the same month a year ago. The benefit is that it eliminates seasonal influences and you can get a better idea of the longer term trend. Second, these charts will also let you see how Morgan Hill stacks up against San Jose and Santa Clara County overall.
Summary: What the numbers tell us
There are some key takeaways from the January 2021 real estate data.
Sellers are still in the drivers seat.
At this point, regardless of why these numbers are what they are, it leaves home sellers completely in the drivers seat. Particularly in Morgan Hill where inventories are way down when compared to the county overall and to San Jose where inventory is actually up from the same time last year. Check out those numbers! Inventory was down 21.2% in Morgan Hill and up in San Jose and Santa Clara County by about 14%.
Homes are selling for much more in Morgan Hill
In San Jose and Santa Clara County, sales prices increased by about 13%. However, when we look at Morgan Hill, that number is over 41%! Now part of that is simply that more higher priced homes old during that time frame, but given the inventory numbers we are seeing, prices are also being pushed up due to too much demand for too few homes for sale.
Homes are selling ridiculously fast
Morgan Hill again has seen the biggest drop in this area. Compared to the same time last year, the days it takes to get a home sold is down over 67%! At the same time, San Jose and Santa Clara County in general only saw about a 39% drop.
I went over these numbers in this months Coffee & Real Estate Live Chat. On the 3rd Saturday of each month, I host this event to share the most up to date real estate information and to allow participants to ask any questions they might have.
January 2021 Coffee & Real Estate LIVE Chat.
If you would like to participate in future Coffee & Real Estate events, you can locate them on the Facebook page and get a reminder when the next one comes around! In those events, we review all of this information.