South County Real Estate Sales Week of March 16 – March 22, 2009

March 23rd, 2009 // Categorized under: Market Trends

Wow!  Real estate sales surged this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy!  There were 56 residences that went from active to pending status as compared to last week’s 37.  That is an increase of 34%!  Of all the sales this past week, 54 were single family homes and 2 were townhouses/condominiums.  The highest price listing sold last week was a short sale listing at 18660 Castle Lake Drive in Morgan Hill, priced at $999,999 (originally priced at $1,389,999).  The lowest priced listing sold last week was 1555 Hecker Pass Road #E201 in Gilroy priced at $174,900.  Sixty-nine percent of the sales this week were priced under $500,000.

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (3% of total)

$200,000 – $500,000 = 37 sales (66% of total)

$500,000 – $800,000 = 11 sales (20% of total)

$800,000 – $1,200,000 = 6 sale (11% of total)

As of March 22, 2009, there are 522 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 311 pending residential listings.  Therefore, 37% 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. 

However, only 12 residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  Twelve properties would comprise 1% of the total active and pending listings and 4% of the pending listings.  Hopefully we’ll see a marked increase in these percentages in 30 to 45 days when all of these new pending could potentially close escrow.

Tune in next week for an update on the number of sales in South Santa Clara County!

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This entry was posted on Monday, March 23rd, 2009 at 1:07 pm and is filed under Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Di Kawell said at March 23rd, 2009 at 11:08 pm

    Hi Gretchen – just checking in to say what a great job you are doing to keep us informed on all the happenings in South Santa Clara County – this must be alot of work for you on top of actually making some of these sales happen, which I know you do! What percentage of the sales, would you say are bank owned or short sales? Would it be under half or do you think more? And are these investors or do you think first time buyers?

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