South County Sales Week of October 1 - October 7, 2008
Date: Wednesday October 8, 2008Posted in: real estate market, Morgan Hill, South Santa Clara County, San Martin, Gilroy, median price, statistics, residences, pending sales, housing market, list price, average price
We had another jump in sales in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy. There were 43 residences that went from active to pending status. Of these, 40 were single family homes and 3 were condo/townhouses.
Of these sales, the list price ranges were:
$200,000 - $500,000 = 27 sales (63% of total)
$500,000 - $800,000 = 12 sales (28% of total)
$800,000 - $1,200,000 = 3 sales (7% of total)
$1,200,000 - $2,000,000 = 1 sale (2% of total)
Because of the large percentage of homes selling under $500,000 every week, our average and mean sales prices have dropped. For our south Santa Clara County area, the average sale price for a single family residence in September was $549,448 and the median was $470,000. For condo/townhouses, the average sale price in September was $282,937 and the median was $270,000. We haven’t seen prices like this for a very long time!
As of October 7, 2008, there are 724 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 246 pending residential listings. Therefore, 25% of the listings are pending under contract as of this date.
Tune in next week for an update on the number of sales in South Santa Clara County!
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