South County Sales Week of December 1 – 7, 2008

December 8th, 2008 // Categorized under: Market Trends

Sales were robust last week in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy for this time of year.  There were 28 residences that went from active to pending status.  Of these, 27 were single family homes and 1 was a condominium.  Last week marks the first time we’ve had a sale over $2,000,000 since I started my weekly sales blog post last August.  Although sales of homes priced over $2,000,000 used to be fairly common in our area during the peak of the real estate market several years ago, they aren’t nearly so common at this time.

Of these sales, the list price ranges were:

Less than $200,000 = 1 sale (4% of total)

$200,000 – $500,000 = 16 sales (57% of total)

$500,000 – $800,000 = 6 sales (21% of total)

$800,000 – $1,200,000 = 4 sales (14% of total)

$1,200,000 – $2,000,000 = 0 sales

over $2,000,000 = 1 sale (4% of total) 

As of December 7, 2008, there are 677 residential listings active on the market in Morgan Hill, San Martin and Gilroy, and 230 pending residential listings.  Therefore, 25% 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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This entry was posted on Monday, December 8th, 2008 at 1:26 pm and is filed under Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Mike Stewart Downtown Vancouver Realtor said at December 8th, 2008 at 2:10 pm

    Hi Gretchen,

    Those numbers are great! I wish we had those kind of numbers here in Vancouver!

    I have been hearing rumours of a bottoming of the California Real Estate Market.

    Your thoughts?

  2. Gretchen Merrick said at December 8th, 2008 at 4:05 pm

    Thanks Mike. We are definitely seeing a large number of sales in the lower price-ranges; some are receiving multiple offers. However I hear that a new wave of foreclosures will be coming onto the market in California in 2009-2010, and this will most likely keep prices low during those years.

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