South County Real Estate Sales Week of February 16 - 22, 2009
Date: Monday February 23, 2009Posted in: real estate, short sale, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales, housing market, list price
The number of residential sales was down last week compared to the large numbers we have been seeing so far this year in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 30 residences that went from active to pending status as compared to 47 last week. Of all the sales last week, 27 were single family homes and 3 were townhouses/condominiums. 70% of the sales were priced below $500,000.
Of these sales, the list price ranges were:
Below $200,000 = 1 sale (3.3% of total)
$200,000 - $500,000 = 21 sales (70% of total)
$500,000 - $800,000 = 6 sales (20% of total)
$800,000 - $1,200,000 = 1 sale (3.3% of total)
$1,200,000 - $2,000,000 = 1 sale (2% of total)
As of February 22, 2009, there are 564 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 284 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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