South County Real Estate Sales Week of July 20 - 26, 2009
Date: Monday July 27, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings
Sales jumped this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 42 residences that went from active to pending status as compared to the previous week’s 37. Of all the sales this past week, 39 were single family homes and 3 were townhouses/condominiums. The highest priced listing sold last week was 13660 Sycamore Drive in Morgan Hill, a 2001 s.f. home on a 54,450 s.f. lot in a gorgeous rural area priced at $939,000. This lovely home had been on and off the market for quite a while and had been originally priced at $1.348,000 in 2007. The lowest priced listing sold last week was a bank-owned home in one of the newer downtown Gilroy condos at 7598 Monterey Street, #260, a 706 s.f. home priced at $99.900. Sixty-nine 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:
Less than $200,000 = 8 sales (19% of total)
$200,000 - $500,000 = 21 sales (50% of total)
$500,000 - $800,000 = 9 sales (21% of total)
$800,000 - $1,200,000 = 4 sales (10% of total)
As of July 26, 2009, there are 321 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 354 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.
A whopping 30 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 10.7 weeks to sell all south county listings. Therefore, as of this past week, we have 2.7 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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