South Santa Clara County Real Estate: 2008 vs. 2007

Let’s look at the three south Santa Clara communities of Morgan Hill, San Martin and Gilroy and their respective real estate activity in 2008 as compared to 2007.  We’ll go from north to south beginning with Morgan Hill:

MORGAN HILL REAL ESTATE STATISTICS:

New listings in 2008 = 890, down from 2007 = 957, (average annual new listings from 2000 to 2006 = 857)

Closed sales in 2008 = 290, down from 2007 = 349, (average annual closed sales from 2000 to 2006 = 482)

Average cumulative days on market (CDOM) in 2008 = 123, up from 2007 = 96, (average annual CDOM from 2000 to 2006 = 62)

Average sale price in 2008 = $743,303, down from 2007 = $901,582, (average annual sale price from 2000 to 2006 = $691,866)

Median sale price in 2008 = 682,500, down from 2007 = $842,500, (average median annual sale price from 2000 to 2006 = $637,819)

SAN MARTIN REAL ESTATE STATISTICS:

New listings in 2008 = 105, up from 2007 = 96, (average annual new listings from 2000 to 2006 = 46)

Closed sales in 2008 = 27, up from 2007 = 26, (average annual closed sales from 2000 to 2006 = 21)

Average CDOM in 2008 = 155, up from 2007 = 143, (average annual CDOM from 2000 to 2006 = 194)

Average sale price in 2008 = $1,002,518, down from 2007 = $1,342,275, (average sale price from 2000 to 2006 = $1,302,967)

Median sale price in 2008 = $905,000, down from 2007 = $1,160,031, (average median sale price from 2000 to 2006 = $1,160,214)

GILROY REAL ESTATE STATISTICS:

New listings in 2008 = 1284, up from 2007 = 1222, (average new listings from 2000 to 2006 = 907)

Closed sales in 2008 = 495, up from 2007 = 296, (average closed sales from 2000 to 2006 = 565)

Average CDOM in 2008 = 124, up from 2007 = 107, (average CDOM from 2000 to 2006 = 52)

Average sale price in 2008 = $513,913, down from 2007 = $796,676, (average sale price from 2000 to 2006 = $580,826)

Median sale price in 2008 = $453,000, down from 2007 = $706,250, (average median sale price from 2000 to 2006 = $529,207)

Looking at the years as a whole, the south county area real estate sales prices are roughly on par with the prices from the year 2004.

These statistics are compiled from MLSListings.com, our multiple listing service provider for five counties in the San Francisco and Monterey Bay Areas.