Just How Far Did South County Home Prices Fall?
Date: Tuesday November 18, 2008Posted in: price, real estate, short sale, foreclosures, Santa Clara County, Morgan Hill, South Santa Clara County, Gilroy, MLS, statistics, housing market, pricing, average price, home selling, Morgan Hill Real Estate, Gilroy real estate
I’ve had several clients and friends recently ask me just what, exactly, have home prices been doing in south Santa Clara County since they peaked. And, by the way, just when did they peak? To answer that question, I turned to MLSListings Pro where Realtors go to look at the Multiple Listing Service.
Here’s what I found for Morgan Hill: Morgan Hill’s average home sale price peaked in September, 2006 at $1,091,144. The average sale price for the year of 2006 was $945,240. The average sold home price in 2007 didn’t dip too drastically, but did fall 5% to $901,582. Our most recent data for 2008 through the third quarter shows an average sale price of $767,900.
For Morgan Hill, that is a total drop in average home sale prices from the year of 2006 to the end of the third quarter in 2008 of 19%.
And for Gilroy, the statistics look a little gloomier: Gilroy’s average home sale price peaked in the year 2006 with an overall average sale price for single family homes of $800,620 for that year. The average sale price for a Gilroy home in 2007 barely moved from the previous year and was $796,676. But through the third quarter of this year, the average sale price for 2008 is $565,278.
For Gilroy, that is a total drop in average home sale prices from the year of 2006 to the end of the third quarter in 2008 of 30%.
Gilroy has been particularly hard hit with foreclosures and short sales and those “distressed” listings seem to be what is selling there, so of course, that will drag down the average sale price for the city. If you live in Gilroy and you want to know how much your home may be worth now, don’t just automatically take 30% off what you think your house was worth in 2006. Each house is still valued individually and there are many factors that make up its worth. Call me for a thorough, in-depth market analysis if you are considering selling your home.
South County Sales Week of October 1 - October 7, 2008
Date: Wednesday October 8, 2008Posted in: real estate market, Morgan Hill, South Santa Clara County, San Martin, Gilroy, median price, statistics, residences, pending sales, housing market, list price, average price
We had another jump in sales in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy. There were 43 residences that went from active to pending status. Of these, 40 were single family homes and 3 were condo/townhouses.
Of these sales, the list price ranges were:
$200,000 - $500,000 = 27 sales (63% of total)
$500,000 - $800,000 = 12 sales (28% of total)
$800,000 - $1,200,000 = 3 sales (7% of total)
$1,200,000 - $2,000,000 = 1 sale (2% of total)
Because of the large percentage of homes selling under $500,000 every week, our average and mean sales prices have dropped. For our south Santa Clara County area, the average sale price for a single family residence in September was $549,448 and the median was $470,000. For condo/townhouses, the average sale price in September was $282,937 and the median was $270,000. We haven’t seen prices like this for a very long time!
As of October 7, 2008, there are 724 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 246 pending residential listings. Therefore, 25% of the listings are pending under contract as of this date.
Tune in next week for an update on the number of sales in South Santa Clara County!
South County Sales Week of August 13 - 20, 2008
Date: Wednesday August 20, 2008Posted in: real estate, Morgan Hill, South Santa Clara County, buyer's market, San Martin, Gilroy, statistics, listings, pending sales, housing market, average price
How many south Santa Clara County resdential listings went from active to pending status this past week? In the towns of Morgan Hill, San Martin and Gilroy, there were a total of 41 listings that went under contract last week! That is a very healthy number and shows that buyers are finally getting the message to take advantage of this market.
Of these 41 sales, the list price ranges were as follows:
$200,000 - $500,000 = 27 sales
$500,000 - $800,000 = 9 sales
$800,000 - $1,200,000 = 2 sales
$1,200,000 - $2,000,000 = 3 sales
This is indicative of our lowering median and average prices in the south county due to the low price range of what is selling. It is interesting to note that out of these 41 residential sales last week, only one of the sales was a townhouse/condo.
Tune in next week to see how we fare in sales in the market!
South Santa Clara County Real Estate Statistics
Date: Tuesday July 8, 2008Posted in: real estate market, price, real estate, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, housing market, pricing, average price, housing inventory
Well, there is good news to report here in the South County - finally! In Morgan Hill, San Martin and Gilroy, the number of active listings is down from last month, sales are up and average sale prices have inched up as well. Looks like we’re in the middle of the summer buying season and buyers are seeing deals too good to pass up!
In those three Santa Clara County cities, the current inventory of single family homes was down to 889 at the end of June as compared to 908 at the end of May. Still high, but at least it is going in the correct direction. And the big news is that there were 95 sales in June which is quite a jump from May’s paltry 57! The average sale price in the south county for June was $702,810 versus $674,717 in May. The only number that didn’t go in the direction wished for is cumulative days on market, or CDOM. This rose to 121 days in June from 118 days in May.
From the volume of sales that have occurred already this month, I think July will be a great month as well here in the South County!
