South County Real Estate Sales Week of May 18 - 24, 2009
Date: Tuesday May 26, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, pending sales
Residential real estate sales remained steady 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 45. Of all the sales this past week, 44 were single family homes and 3 were townhouses/condominiums. The highest priced listing sold last week was 1645 Cochrane Road in Morgan Hill, a 3806 sq.ft. home on a one acre property priced at $1,595,000. The lowest priced listing sold last week was a bank-owned home at 525 Grant Court in Gilroy priced at $139,000. Sixty percent of the sales this week were priced under $500,000 and 8% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (13% of total)
$200,000 - $500,000 = 22 sales (47% of total)
$500,000 - $800,000 = 15 sales (32% of total)
$800,000 - $1,200,000 = 3 sales (6% of total)
$1.200,000 - $2,000,000 = 1 sale (2% of total)
As of May 24, 2009, there are 381 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 382 pending residential listings. Therefore, 50% of the total listings are pending under contract as of this date. This is a record amount! However, many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
Twenty-five 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 15.24 weeks to sell all south county listings. Therefore we have 3.8 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
active listings gilroy morgan hill pending listings real estate real estate listings residential listings santa clara county san martin single family sq ft home
Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
