South County Real Estate Sales Week of May 25 – 31, 2009

Residential real estate sales dropped slightly this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 42 residences that went from active to pending status as compared to last week’s 47.  Of all the sales this past week, 40 were single family homes and 2 were townhouses/condominiums.  The highest priced listing sold last week was 19051 Clayton Avenue in the northern portion of Morgan Hill, a 3090 sq.ft. home on a 22,000 s.f. lot priced at $1,199,000.  The lowest priced listing sold last week was a bank-owned home at 23 Carlyle Court in Gilroy priced at $148,500.  Sixty-six percent of the sales this week were priced under $500,000 and 10% were above $800,000. 

Of these sales, the list price ranges were:

Below $200,000 = 5 sales (11% of total)

$200,000 – $500,000 = 23 sales (55% of total)

$500,000 – $800,000 = 10 sales (24% of total)

$800,000 – $1,200,000 = 4 sales (10% of total)

As of May 31, 2009, there are 355 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 394 pending residential listings.  Therefore, 53% of the total listings are pending under contract as of this date.  Once again, 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-two 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 16.14 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!