The median price of homes sold in Morgan Hill in April was
$865,000, almost $100,000 more than in March, but not much more
than January
’s median price of $848,000. In Gilroy, the median has soared
$100,000 since January, to $695,000. But, local Realtors say the
market is, if not cooling down, at least leveling off.
The median price of homes sold in Morgan Hill in April was $865,000, almost $100,000 more than in March, but not much more than January’s median price of $848,000. In Gilroy, the median has soared $100,000 since January, to $695,000.
But, local Realtors say the market is, if not cooling down, at least leveling off.
The explanation is inventory. According to The Real Estate Reports, a Web site that collects data from Realtors statewide, there were 146 Gilroy homes on the market in April, compared to 76 in January. In Morgan Hill, where prices have been relatively stable, 116 homes were put up for sale in April, 96 in January.
Patty Filice, a Realtor with Intero Real Estate Services in Morgan Hill, said Tuesday the bigger inventory is the result of a seasonal trend and homeowners hoping to exploit the recent surge in market value.
“This is a normal spring market for us,” Filice said. “We’re still seeing some multiple offers and overbids, but now buyers have more to choose from. There is a lot more inventory on the market at any given price range than there was a couple of months ago.”
Homes in Morgan Hill and Gilroy continue to be more expensive than county homes overall. According to statistics released this week by DataQuick Information Systems, the median home price in Santa Clara County reached $619,000 in April, up nearly 18 percent from April 2004.
The median is the valuewhere half of homes sold are either above or below that mark.
According to The Real Estate Reports, Morgan Hill prices are 33.3 percent higher than a year ago. Gilroy’s home prices are up 26.4 percent in that span.
Filice, though, expects those numbers to shrink as the year goes on.
“It’s still a great market, but we’re not having the leaps we were having,” she said. “I see a gradual leveling with continued appreciation.”
Gilroy Dispatch reporter Matt King can be reached at mk***@gi************.com or 847-7240.
