South County Real Estate Today, Gretchen Merrick, real estate, Realtor, median price, average price, days on market, Santa Clara County, South County, Morgan Hill, San Jose, Gilroy, San Martin, Bay Area, property, properties, home, house, buy, sell, Grethen Merrick

South County Sales Week of December 29, 2008 - January 4, 2009

Date: Monday January 5, 2009
Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, listings, housing inventory

Sales ticked up last week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 24 residences that went from active to pending status.  Of these, 22 were single family homes and 2 were townhouses/condominiums. 

Of these sales, the list price ranges were:

Below $200,000 = 3 sales (12.5% of total)

$200,000 - $500,000 = 16 sales (67% of total)

$500,000 - $800,000 = 3 sales (12.5% of total)

$800,000 - $1,200,000 = 1 sale (4% of total)

$1,200,000 - $2,000,000 = 1 sale (4% of total)

As of January 4, 2009, there are 580 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy, which is 41 less than last week and 88 less than 3 weeks ago.  There are currently 222 pending residential listings.  Therefore, 28% of the total listings are pending under contract as of this date.  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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Hi Gretchen,
I think it’s interesting how we both come at statistics from different directions. That’s why I like to do my own regularly to some extent, so I can keep tabs on the market in the way my brain works. I am also seeing that although we have been seeing pending sales close to 25% on a consistent basis for months, we are only seeing closed sales under 10% on a consistent basis for months. Is that mostly short sales or are we getting a huge amounts of transactions not completing for other reasons (i.e. financing). Interesting. Also, thanks for letting me use your investment study. I gave you credit on my blog today and plugged my own listing at the same time. Thanks! Harriet Pecot

Comment by Harriet Pecot on January 7th, 2009 @ 7:59 am

I would imagine that in the low price ranges, the large number of pending sales are taking a long time to close due to short sales and, to a smaller extent, REOs. Many buyers hang in there on short sales for a month or two, but if the bank takes longer than that to respond, buyers often get impatient and make an offer on another home.

I’ve also, unfortunately, seen financing fall apart at the last minute and this would be another reason for the lower actual closing amounts as compared to pending amounts.

Thanks for your input, Harriet, and I’m glad you liked my investment analysis!

Comment by Gretchen Merrick on January 7th, 2009 @ 11:07 am

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