South County Real Estate Sales Week of March 23 – 29, 2009
Real estate sales held steady with an impressive number this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 53 residences that went from active to pending status as compared to last week’s 56. Of all the sales this past week, 47 were single family homes and 6 were townhouses/condominiums. The highest price listing sold last week was a beautiful listing at 18456 Castle Ridge Drive in Morgan Hill, priced at $1,295,000. The lowest priced listing sold last week was a short sale condo at 7723 Murray in Gilroy priced at $89,000. Seventy-three percent of the sales this week were priced under $500,000.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (11% of total)
$200,000 – $500,000 = 33 sales (62% of total)
$500,000 – $800,000 = 11 sales (21% of total)
$800,000 – $1,200,000 = 2 sales (4% of total)
$1,200,000+ = 1 sale (2% of total)
As of March 29, 2009, there are 509 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 323 pending residential listings. Therefore, 39% of the total listings are pending under contract as of this date – quite a high number. Many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
The truly good news is that 27 residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. Twenty-seven properties would comprise 3% of the total active and pending listings and 8% of the pending listings. This is the largest number of closings in a single week that we have seen in a long time.
Tune in next week for an update on the number of sales in South Santa Clara County!
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Gretchen Merrick
cell (408) 892 9015
