August Market Update

Bay Area Mortgage - August Market Update

August Market Update

September 25, 2017
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As a Bay Area mortgage professional, I strive to stay up to date on the most recent real estate market news and trends. I believe this information can be helpful to my clients as they begin searching for their dream home and I work hard to be considered a trusted source for all information related to mortgages.

Over the past year, the median sales price across all homes in the Morgan Hill area rose nearly 7%, up from $800,000 in 2016 to $855,000 in 2017. This median price was calculated from housing data collected between the months of May and August of each year.

The housing data pulled for this time frame also points towards significant changes in median sales prices of one, two and four bedroom homes, while the median sales price of three bedroom homes has barely changed.

For the three months between May and August this year, the median sales price of one bedroom homes was recorded at $519,000. This down an impressive 16.2% from the price of $620,000 that was recorded for the same time last year.

The median sales price of four bedroom homes, on the other hand, did increase on a year to year basis, rising 14.7% from $850,000 in 2016 to $975,000 in 2017. The median sales price of two bedroom homes increased by an even larger 23.8%, rising from $480,000 in 2016 to $594,000 in 2017.

The only homes that didn’t see much difference in median sales prices for the third quarter of the year were three bedroom houses. Median prices in this category only varied by 0.7% on a year to year basis, rising ever so slightly from $760,000 in 2016 to $765,000 in 2017.

Real estate professionals have predicted that the overall median sales price for homes in the Morgan Hill area will continue to rise another few percentage points over the next year.

A recent report by Zillow shows that Morgan Hill falls roughly in the middle of the surrounding area when affordability is considered. Homes in Morgan Hill are recorded as being more expensive, on average, than homes in Aptos, Soquel, Gilroy, Watsonville, and Freedom, but less expensive, on average, than homes in Los Gatos, Cambrian Park, San Martin, and some parts of San Jose.

It is my hope that you find this market information helpful as you begin your hunt for the perfect home. If you are searching for a home in the local area, give me a call today so we can get the ball rolling on your pre-approval!

 

 

 

Source: https://www.trulia.com/real_estate/Morgan_Hill-California/market-trends/

Source: https://www.zillow.com/morgan-hill-ca/home-values/

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