South County Real Estate Sales Week of February 9 - 15, 2009
Date: Monday February 16, 2009Posted in: real estate, short sales, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales, list price, housing inventory
Another very busy week of sales in south Santa Clara County last week. With the new federal stimulus package approved in congress, buyers may be feeling encouraged. Investors should take heart in that the number of property loans they will be allowed to hold will increase from 4 to 10 beginning March 1, 2009. First-time buyers also received good news. The first time buyer credit was increased from $7500 to $8000 and it is to be a true credit and not an interest free loan to be paid back over 15 years.
The number of residential sales increased again in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 47 residences that went from active to pending status as compared to 44 last week. Of all the sales last week, 44 were single family homes and 3 were townhouses/condominiums. 68% of the sales were priced below $500,000.
Of these sales, the list price ranges were:
Below $200,000 = 2 sales (4% of total)
$200,000 - $500,000 = 32 sales (68% of total)
$500,000 - $800,000 = 8 sales (17% of total)
$800,000 - $1,200,000 = 4 sales (9% of total)
$1,200,000 - $2,000,000 = 1 sale (2% of total)
As of February 15, 2009, there are 561 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 281 pending residential listings. Therefore, 33% 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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