South County Real Estate Sales Week of July 6 - 12, 2009
Date: Monday July 13, 2009Posted in: real estate, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, listings, pending sales, months supply of inventory
Sales increased slightly this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 36 residences that went from active to pending status as compared to last week’s 33. Of all the sales this past week, 32 were single family homes and 4 were townhouses/condominiums. The highest priced listing sold last week was 15440 Carey Lane in San Martin, a 7525 s.f. home on an approximately 3 acre lot and priced at $1,699,000. This home is a short sale. The lowest priced listing sold last week was a short sale condominium at 7705 Murray Avenue in Gilroy, 908 s.f. home priced at $85,000. Fifty percent of the sales this week were priced under $500,000 and 6% were above $800,000.
Of these sales, the list price ranges were:
Less than $200,000 = 5 sales (14% of total)
$200,000 - $500,000 = 13 sales (36% of total)
$500,000 - $800,000 = 16 sales (44% of total)
$800,000 - $1,200,000 = 1 sale (3% of total)
$1,200,000 - $2,000,000 = 1 sale (3% of total)
This is the first week in quite a while that the number of active listings rose and the number of pending sales dropped. As of July 12, 2009, there are 333 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 357 pending residential listings. Therefore, 52% 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-three 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 14.5 weeks to sell all south county listings. Therefore, as of this past week, we have 3.6 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
active gilroy home Homescopes listings Morgan Hill pending listings real estate real estate listings residential listings San Martin Santa Clara County single family sq ft
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