South County Real Estate Sales Week of March 2 - 8, 2009
Date: Monday March 9, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales, list price
Real estate sales fell slightly during the first week of March in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy as compared to last week’s robust sales. There were 39 residences that went from active to pending status and last week there were 45. Of all the sales this past week, 35 were single family homes and 4 were townhouses/condominiums. The highest price listing sold last week was a Cordevalle estate located at 1445 Lakeview Court in San Martin, priced at $2,595,000. The lowest priced listing sold last week was 8155 Westwood Drive, #19, a condominium in Gilroy priced at $189,000.
Of these sales, the list price ranges were:
Below $200,000 = 3 sales (8% of total)
$200,000 - $500,000 = 24 sales (61% of total)
$500,000 - $800,000 = 7 sales (18% of total)
$800,000 - $1,200,000 = 3 sales (8% of total)
$1,200,000 - $2,000,000 = 1 sale (2.5% of total)
over $2,000,000 = 1 sale (2.5% of total)
As of March 8, 2009, there are 536 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 291 pending residential listings. Therefore, 35% 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.
Seventeen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. Seventeen properties would comprise 3% of the total active and pending listings and 6% of the pending listings.
Tune in next week for an update on the number of sales in South Santa Clara County!
1 Comment
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Gretchen
Comment by Arn Cenedella on March 9th, 2009 @ 8:18 pmgood info.
your data is similar to what is happening on the SF Peninsula.
the lower end - entry level house - is moving.
the move up market is still very slow.
buyers are taking advantage of low rates and lower prices to get into single family homes in the city they wish to live.
see my post about the San Carlos market at:
www.sfpeninsulareguru.com
Arn