South County Sales Week of November 24 - 30, 2008
Date: Monday December 1, 2008Posted in: real estate, statistics, pending sales, housing inventory
Sales slowed down last week in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 23 residences that went from active to pending status. Of these, 21 were single family homes and 2 were condo/townhouses.
Of these sales, the list price ranges were:
$200,000 - $500,000 = 13 sales (57% of total)
$500,000 - $800,000 = 7 sales (30% of total)
$800,000 - $1,200,000 = 3 sales (13% of total)
As of November 30, 2008, there are 676 residential listings active on the market in Morgan Hill, San Martin and Gilroy, and 234 pending residential listings. Therefore, 26% of the total listings are pending under contract as of this date, still a healthy number for this time of year. Many of the pendings are short sales and therefore take a long time to close. This could keep our pending percentage up artificially high.
Tune in next week for an update on the number of sales in South Santa Clara County!
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