South County Real Estate Sales Week of June 22 - 28, 2009
Date: Wednesday July 1, 2009Posted in: real estate, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics
Sales perked up this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 39 residences that went from active to pending status as compared to last week’s 33. Of all the sales this past week, 38 were single family homes and 1 was a townhouse/condominium. The highest priced listing sold last week was 2400 McDonald Lane in Morgan Hill, a 7550 s.f. home on 21 acres and priced at $2,950,000 (down from the initial list price of $4,350,000) that had been on the market for 390 days. The lowest priced listing sold last week was a bank-owned single family residence at 534 Hoover Court in Gilroy, 1036 s.f. and priced at $165,000. Fifty-seven percent of the sales this week were priced under $500,000 and10% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 3 sales (8% of total)
$200,000 - $500,000 = 19 sales (49% of total)
$500,000 - $800,000 = 13 sales (33% of total)
$800,000 - $1,200,000 = 3 sales (8% of total)
$1,200,000 - $2,000,000 = 0 sales (0% of total)
$2,000,000+ = 1 sale (2% of total)
As of June 28, 2009, there are 329 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 375 pending residential listings. Therefore, 53% of the total listings are pending under contract as of this date. 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-eight 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 11.75 weeks to sell all south county listings. Therefore, as of this past week, we have 3 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
active bank owned condo gilroy Homescopes housing listings Morgan Hill pending real estate residences San Martin Santa Clara County short sale single family sold townhouse
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