South County Pending Sales Continue to Rise
Date: Wednesday May 21, 2008Posted in: real estate, South Santa Clara County, San Martin, Gilroy, statistics, contract, residences, listings, pending sales, interest rates
For single family residences, the percentage of pending sales to active listings in the south Santa Clara County region continues to grow - which is great news for serious real estate sellers. In our area of Morgan Hill, San Martin and Gilroy, the proportion of pending listings to overall listings on the market began the year 2008 at 7%, a remarkably low number. But that percentage has continued to increase from 7% in January, to 9% in February, to 10% in March, then to 14% in April and at the beginning of this week, May 19, 2008, we have 15% of our listings pending. The actual numbers are 148 pending sales and 834 active listings for a total number of 982 overall listings on the market.
This rise in the percentage of pending sales reflects the ideal marriage of low prices, low interest rates and motivated sellers. Buyers are finding that it may not make sense to wait any longer….
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