South County Sales Week of November 17 -23, 2008

Today marks a change in my weekly sales report for the south Santa Clara County area.  From now on, I will be publishing this update on Mondays.  I switched from my typical Wednesday updates for various and sundry reasons.  Hope you’re all okay with that!

Sales last week were still robust in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy – and by far the most sales were priced below $500,000.  There were 39 residences that went from active to pending status.  Of these, 34 were single family homes and 5 were condo/townhouses. 

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (5% of total)

$200,000 – $500,000 = 32 sales (82% of total)

$500,000 – $800,000 = 3 sales (8% of total)

$800,000 – $1,200,000 = 2 sales (5% of total)

$1,200,000 – $2,000,000 = no sales

As of November 23, 2008, there are 704 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 235 pending residential listings.  Therefore, 25% of the listings are pending under contract as of this date.  Active listings are down most likely due to the upcoming holidays.

Tune in next week for an update on the number of sales in South Santa Clara County!