|May 2014 Morgan Hill – Temecula Real Estate Market Update Including Graphs and Analysis
Morgan Hill continued to forge its own path this past month with the numbers going in the opposite direction of what we saw in most of Temecula. While many areas saw the average sales price decline in April, Morgan Hill saw the average sales price jump by an impressive 12% over the previous month to $559,000. Unlike months past, the new homes were not the main reason for the jump, but two higher priced resale homes. The lowest sale for the month was $425,000 and the highest was $705,000.
Most areas saw an increase in both listings and sales activity in April. In Morgan Hill active listings actually declined slightly to 25 and sales were unchanged at 7 closings. The relatively few number of closings within the community each month is one of the reasons the numbers seems so volatile compared to other areas.
The days on market fell slightly in April to 62 days, which is one area where Morgan Hill is very close to the overall Temecula average of 60.
As listings to sales were relatively unchanged month over month we didn’t see much of a change in the amount of overall inventory available. For April we were at a 3.6 month supply which is just slightly higher than the overall Temecula average.
For the second straight month there were no distressed property sales within Morgan Hill. Distressed sales have fallen across the board which is a key indicator that our market continues to improve.
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