South County Sales Week of December 1 - 7, 2008
Date: Monday December 8, 2008Posted in: real estate, South Santa Clara County, statistics
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!
2 Comments
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.
Comment by Gretchen Merrick on December 8th, 2008 @ 4:05 pmLine and paragraph breaks automatic, e-mail address never displayed, HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
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?
Comment by Mike Stewart Downtown Vancouver Realtor on December 8th, 2008 @ 2:10 pm