South County Real Estate Sales Week of April 27 - May 3, 2009
Date: Monday May 4, 2009Posted in: real estate, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales
The pace of selling residential real estate remained brisk this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 49 residences that went from active to pending status as compared to last week’s 52. Of all the sales this past week, 44 were single family homes and 5 were townhouses/condominiums. The highest priced listing sold last week was 9568 Estates Drive in Gilroy, a remodeled 3756 sq.ft. home on a 5 acre property priced at $1,189,000. The lowest priced listing sold last week was a short sale home at 8887 Lilly Avenue in Gilroy priced at $139,000. Sixty-nine percent of the sales this week were priced under $500,000 and only 2% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (12% of total)
$200,000 - $500,000 = 28 sales (57% of total)
$500,000 - $800,000 = 14 sales (29% of total)
$800,000 - $1,200,000 = 1 sale (2% of total)
As of May 3, 2009, there are 419 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 373 pending residential listings. Therefore, 47% 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 keeps our pending percentage up artificially high.
Twenty-six 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 16.1 weeks to sell all south county listings. Therefore we have 4 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
acre property gilroy morgan hill price ranges real estate real estate listings residential listings santa clara county san martin single family south santa clara south santa clara county
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