South County Real Estate Sales Week of April 20 - 26, 2009
Date: Tuesday April 28, 2009Posted in: real estate, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales, list price, months supply of inventory
This past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy was quite active with a high number of residential sales. There were 52 residences that went from active to pending status as compared to last week’s 38. Of all the sales this past week, 48 were single family homes and 4 were townhouses/condominiums. The highest priced listing sold last week was 9805 Burchell Road in Gilroy, a 10 acre property priced at $1,450,000. The lowest priced listing sold last week was a short sale condo at 1231 Juniper Dr. #C in Gilroy priced at $97,500. Sixty-nine 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 = 30 sales (58% of total)
$500,000 - $800,000 = 14 sales (27% of total)
$800,000 - $1,200,000 = 1 sale (2% of total)
$1,200,000 - $2,000,000 = 1 sales (2% of total)
As of April 26, 2009, there are 450 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 363 pending residential listings. Therefore, 45% 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.
Twenty 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 22.5 weeks to sell all south county listings. Therefore we have 5.6 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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