South County Real Estate Sales Week of April 6 – 12, 2009
Another healthy round of real estate sales this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 47 residences that went from active to pending status as compared to last week’s 44. Of all the sales this past week, 43 were single family homes and 4 were townhouses/condominiums. The highest priced listing sold last week was a new construction listing at 16100 DeWitt Avenue in Morgan Hill, priced at $1,895,000. The lowest priced listing sold last week was a short sale home at 555 Polk Court in Gilroy priced at $150,000. Fifty-eight percent of the sales this week were priced under $500,000 as compared to 66% last week and 73% week prior. This is a good trend to see.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (13% of total)
$200,000 – $500,000 = 21 sales (45% of total)
$500,000 – $800,000 = 13 sales (27% of total)
$800,000 – $1,200,000 = 5 sales (11% of total)
$1,200,000 – $2,000,000 = 2 sales (4% of total)
As of April 12, 2009, there are 463 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 342 pending residential listings. Therefore, 42% of the total listings are pending under contract as of this date – an amazing amount. Many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
Eighteen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. If homes continued to sell at this rate it would take 25.7 weeks to sell all south county listings. Therefore we have 6.4 months supply of inventory.
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
