South County Real Estate Sales Week of January 19 – 25, 2009

The number of residential sales held steady this week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 42 residences that went from active to pending status.  Fourteen percent of the residential sales were listed below $200,000.  Of all the sales last week, 32 were single family homes and 10 were townhouses/condominiums.  This week and last week saw a large number of condo sales in our area.

Of these sales, the list price ranges were:

Below $200,000 = 6 sales (14% of total)

$200,000 – $500,000 = 22 sales (52% of total)

$500,000 – $800,000 = 8 sales (19% of total)

$800,000 – $1,200,000 = 4 sales (10% of total)

$1,200,000 – $2,000,000 = 2 sales (5% of total)

As of January 25, 2009, there are 576 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 251 pending residential listings.  Therefore, 30% 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!