By As a resident of South County (Morgan Hill, San Martin, and Gilroy, California) since 1974, I have witnessed first hand the growth and development that we have become proud to be a part of. In 1974, the populations of Morgan Hill and Gilroy combined did not exceed 15,000 residents. Today controlled growth initiatives have seen both communities gently and tastefully expand to approximately 34,000 in Morgan Hill and 42,000 in Gilroy. Pastoral surroundings compliment our great schools, numerous parks, and exceptional recreation facilities making Morgan Hill and Gilroy family “havens”. Statistics embellish the family “canvas”:
- 33% of all residents in Morgan Hill and 36% of all residents in Gilroy are under the ages of 19
- 80% of Morgan Hill and 81% of Gilroy domiciles are categorized as “family households”
- The average age of South County residents is only 31
As of July 21, 2009 MLS reports 304 active listings in South County (Area 1) of which 137 are listed under the very affordable price point of $700,000. Buyers must be alerted to the most current trends because the market has heated up suggesting the plausibility that we have reached the bottom of this very deep recessionary period.
Some Intero statistics of interest include:
- Listings this month compared to this month last year are up 33%
- Sales are up 21%
- July 2009 enjoys a 50% increase in closed escrows over this time last year. Active listings have declined and pending sales have increased over the last 60 days illustrating more market activity.
- Lending guidelines are beginning for the first time in eighteen months to relax a little allowing more borrowers to qualify for loans under 6% APR. FHA conforming loans allow buyers to purchase their homes with as little as 3.5% down.
What does all of this mean? In my thirty-year real estate career I cannot remember a better buying opportunity in South County than right now.
