South County Sales Week of October 8 – October 14, 2008
I don’t know if it was the uncertainty and fear of the economic turmoil last week or the typical Fall slow down in the market, but we had slow sales week in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy. My money is on economic concerns and their paralyzing effects. There were 17 residences that went from active to pending status. Of these, 16 were single family homes and 1 was a condo/townhouse.
Of these sales, the list price ranges were:
$200,000 – $500,000 = 8 sales (47% of total)
$500,000 – $800,000 = 7 sales (41% of total)
$800,000 – $1,200,000 = 2 sales (12% of total)
$1,200,000 – $2,000,000 = 0 sales
As of October 14, 2008, there are 739 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 234 pending residential listings. Therefore, 24% 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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Gretchen Merrick
cell (408) 892 9015
