Shopping for South Santa Clara County Real Estate?
In between rainstorms, you may want to do a little house shopping today. How is the current residential real estate market doing in the towns of Morgan Hill, San Martin and Gilroy? Let’s look at single family residence listings and condo/townhouse listings as of today and compare it to one year ago.
Morgan Hill: January 2010: Active listings – 128, Pending listings – 118, versus January 2009: Active listings – 275, Pending listings – 68
Gilroy: January 2010: Active listings – 113, Pending listings – 196, versus January 2009: Active listings – 385, Pending listings – 152
San Martin: January 2010: Active listings – 23, Pending listings – 18, versus January 2009: Active listings – 44, Pending listings – 11
In the cases of Morgan Hill and Gilroy, inventory is far below half the amount of what it was one year ago. San Martin is right about at half.
An overall graph showing the current inventory of all of the three south county communities over a two-year time frame is shown below. The listing numbers include both single family residences and condominium/townhouses. South Santa Clara County inventory peaked during May of 2008 at 901 total active listings as compared to today with a total of 264 active listings. Wow.
Also in the graph below you can also see the nose-dive of the median price of listings. The graph only depicts single family residence median prices which were $702,450 in January of 2009 and currently are $445,000. Days on Market has remained steady ranging between 98 to 150 days during this two-year period.
As I have mentioned in many of my previous blog posts, the high Pending listings number is indicative of the large number of pending short sale listings in our area. These listings remain at pending status for many months while the short sale lenders determine whether they’ll give short sale approval.