How’s The Real Estate Market?

One of the most (if not the most) asked question of a real estate agent is regarding how the market is doing.  The answer depends largely on the intent behind the question.  If you are simply making conversation, you may get more of an answer than you counted on.
Many people in the real estate industry rely on trends to gauge how the market has been performing.  Since trend data looks at what has happened over time, they may also serve as an indication of where the market may go – but no one knows the outcome for certain, until it has happened.
The picture accompanying this article shows a snapshot of the South County residential sales market during January 2014 in terms of how many homes were sold, how many were in escrow and how many were actively for sale; the total dollar value by community is also shown.  The information included in the snapshot was obtained from our local MLS (Multiple Listing Service) and does not include rental properties, private sales or activities conducted outside the MLS.
We’ve all heard the national and state news address the housing market, but they do little to explain what we’re experiencing in Gilroy, Morgan Hill and San Martin.  In evaluating the real estate market, one must take into consideration not only the community, but also the neighborhood of interest.    For example, the Eagle Ridge real estate market differs from CordeValle housing.  Similarly, Holiday Lake Estates real estate is substantially different than Castlewood Park.
South County real estate sells year round; there’s always a market.  It becomes a seller’s market when there are very few homes available for sale, and a buyer’s market when there is a surplus of homes and very few buyers.  Local statistics document we were predominately in a seller’s market during 2013 and suggest we will continue in that direction until more sellers make the decision to sell.
Ask your real estate agent how the market is doing when evaluating whether you should sell or buy.  They will guide you to understanding how your situation fits into the “big picture” of our real estate market.
As always, let’s foresee the possibilities . . . and get results!