Gilroy – The median price of homes sold in Gilroy has soared
$100,000 since January, to $695,000. But local Realtors say the
market is, if not cooling down, at least leveling off.
Gilroy – The median price of homes sold in Gilroy 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.”
Filice said that in February, there were two homes available in Gilroy between $600,000 and $700,000. Tuesday, there were 17. The median priced jumped 10 percent from February to March, but climbed just 5.3 percent in April.
The market in Morgan Hill has been up and down this year. The median sale price in April was 865,000, almost $100,000 more than in March, but not much more than January’s median price of $848,000.
Homes in Gilroy and Morgan Hill 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.
According to The Real Estate Reports, Gilroy’s home prices are 26.4 percent higher than a year ago. Morgan Hill prices are up 33.3 percent.
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.”
Home prices in 2005
April Gilroy Morgan Hill
Average $786,835 $912,894
Median $695,000 $865,000
March
Average $747,747 $811,223
Median $660,000 $769,000
February
Average $680,997 $837,823
Median $600,000 $740,000
