South County Real Estate Sales Week of July 27 – August 2, 2009
Sales remained steady in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy during the week of July 27 through August 2. There were 41 residences that went from active to pending status as compared to the previous week’s 42. Of all the sales this past week, 37 were single family homes and 4 were townhouses/condominiums. The highest priced listing sold last week was 18655 Castle Lake Drive in Morgan Hill, a 5,535 s.f. home on a 44,431 s.f. lot priced at $1,350,000. This home had been on the market for 246 days. The lowest priced listing sold last week was a rural home at 6760 Croy Road in Morgan Hill, a 1812 s.f. on about 10 acres priced at $169,900. This home had been on the market for 230 days. Seventy-three percent of the sales this week were priced under $500,000 and 7% were above $800,000.
Of these sales, the list price ranges were:
Less than $200,000 = 2 sales (5% of total)
$200,000 – $500,000 = 28 sales (68% of total)
$500,000 – $800,000 = 8 sales (20% of total)
$800,000 – $1,200,000 = 1 sale (2% of total)
$1,200,000-$2,000,000 = 2 sales (5% of total)
As of August 2, 2009, there are 314 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 356 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.
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 10.5 weeks to sell all south county listings. Therefore, as of this past week, we have 2.6 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
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Gretchen Merrick
cell (408) 892 9015
