South County Real Estate Sales Week of March 30 - April 5, 2009
Date: Monday April 6, 2009Posted in: Uncategorized
Real estate sales dipped this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 44 residences that went from active to pending status as compared to last week’s 53. Of all the sales this past week, 42 were single family homes and 2 were townhouses/condominiums. The highest priced listing sold last week was a new construction listing at 1620 Arguello Court in Morgan Hill, priced at $1,175,000. The lowest priced listing sold last week was a bank-owned townhouse at 7753 Chestnut in Gilroy priced at $99,900. Sixty-six percent of the sales this week were priced under $500,000 as compared to 73% last week.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (14% of total)
$200,000 - $500,000 = 23 sales (52% of total)
$500,000 - $800,000 = 10 sales (23% of total)
$800,000 - $1,200,000 = 5 sales (11% of total)
As of April 5, 2009, there are 491 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 327 pending residential listings. Therefore, 40% of the total listings are pending under contract as of this date. We’ve come a long way since the single digit percentage pendings of early 2008! Many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
Twenty-four residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. Twenty-four properties would comprise 3% of the total active and pending listings and 7% of the pending listings.
Tune in next week for an update on the number of sales in South Santa Clara County!
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