STATS - You Know You Love Them

Our good friend Sam, at Chicago Title, keeps us abreast of real estate numbers in Gilroy. She sent me the following info:

• The good news is sales were up in May from April. The not so good news is inventory is continuing to climb.



• In South County, which includes Gilroy and Morgan Hill, we ended May with 34 sales of single family homes and 1 condo/town home sale in Gilroy and 40 single family homes and 10 condos/town homes in Morgan Hill sold.



• May ended with 411 listings of single family homes and 36 Condo/Town homes in Gilroy where Morgan Hill finished the month with 268 Single Family Homes and 32 Condo/Town home listings.



• The Average Days on the Market jumped in Gilroy for single family homes from 94 in April to 105 in May. Condo/town homes are at 72 days on the market for May with only 1 condo/town home sold in May and no condo/town home sales in April.
  


• Morgan Hill’s single family homes days on market decreased from 81 in April to 65 in May and Condo/town homes decreased from 132 days on market in April to 77 in May.



• Overall days on the market have decreased countywide. The closer to Silicon Valley the better the market conditions.
  

Here’s the complete report.

Intensely Local Market Indicators

As I was scanning/reading another real estate blog I came across an article at CNNMoney.com that addressed a big worry for every homeowner right now, “Has the real estate market hit bottom?”

The article states, “Because housing markets are intensely local, it won't do much good to check national figures. Instead, stay alert to leading indicators of recovery in your local market…”
The Indicators are:

1. Inventory is declining – That would mean that there are less houses currently on the market than there were last month, the month before, last year, etc. In Gilroy there aren’t.


2. Houses are selling faster than they used to – That would mean that the average “Days on the Market” number is lower for a category of property than it was last month, the month before, last year, etc. In Gilroy, it’s not.


3. Sellers are acting less desperate – That would mean they lowered the list price, they held open their house both Saturday and Sunday for several months straight, they paid closing costs, they did all inspections, all repairs, and paid HOA for up to a year. In Gilroy, the signs of desperation are growing, not decreasing.
   

I don’t have to tell you what that means, but I will: In Gilroy our market is not through “normalizing.”

Latest Listings in Gilroy, Wednesday Version

I looked with particular interest at the newest listings in Gilroy for the last few days. It just so happends that one of those new listings is by Team Patereau! We listed 1244 Blacksmith Drive. It's a great listing because it shows beautifully, screaming "Professionally Decorated!" and it's priced very aggressively. Those are the kinds of listings we all want nowadays.

Here's the rest of the crowd:

As always, if you or a friend or family member is interested in seeing any of these properties, please call Team Patereau.