Morgan Hill Real Estate

View from Claremont Drive. Morgan Hill, Califo...
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Located in southern Santa Clara County, Morgan Hill, California, is south of San Jose in the Silicon Valley high-tech business area of California near to San Francisco. The city is home to about 35,000 and is mostly a bedroom community, though many of its residents work in Silicon Valley companies. The city has a rather wealthy stable of residents, with the average annual household income level around $100,000. Because of this, Morgan Hill real estate is often higher-priced than many surrounding areas. Nonetheless, prices of Morgan Hill homes for sale have fallen significantly in the past couple of years, making the community more affordable to many who thought they could never buy here because of the crash of the real estate sector in the U.S.

In March, Santa Clara County Association of Realtors statistics show that there were 69 new listings of homes for sale in Morgan Hill, bringing total inventory to 203. This figure is up from February’s inventory of 195 but down from March 2009′s inventory of 257. The month accounted for 43 homes sold in Morgan Hill, up from 24 in February and 29 last March. Homes spent an average of 82 days on the market before selling, down year-over-year from 104 and from February’s 118 days.  The median sales price of homes in Morgan Hill during March was $550,000, down from $627,500 the month prior but up from $531,500 one year earlier.

The market for condo sales in Morgan Hill showed similar trajectories of sales and prices. There were 14 new condo listings, making March’s total inventory 37, compared with 69 a year ago. There were just two condos sold in March, maintaining February’s sales levels and besting figures from year ago, when there were no condos sold during the month.  Condos spent an average of 74 days on the market before selling, incomparable with a year ago, since there were no sales in March 2009. The median price of condos purchased in March was $314,975, up from a month prior, when that figure was just $274,500

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