South County Sales Week of September 10 - September 16, 2008
Date: Thursday September 18, 2008Posted in: real estate market, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, contract, residences, pending sales, housing market, list price, housing inventory
Sales weren’t quite as robust this past week as they have been during the past several weeks, but still a healthy 36 residential listings went under contract in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy. Thirty-five of these sales were for single family residences and one sale was a condo/townhouse.
Of these sales, the list price ranges were:
$200,000 - $500,000 = 19 sales (53% of total)
$500,000 - $800,000 = 9 sales (25% of total)
$800,000 - $1,200,000 = 8 sales (22% of total)
$1,200,000 - $2,000,000 = 0 sales
As of September 17, 2008, there are 738 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 265 pending residential listings. Therefore, 26% of the listings are pending under contract. Less than last week but still a percentage that is indicative of a healthy real estate market.
Tune in next week for an update on the number of sales in South Santa Clara County!
South County Pending Sales Continue to Rise
Date: Wednesday May 21, 2008Posted in: real estate, South Santa Clara County, San Martin, Gilroy, statistics, contract, residences, listings, pending sales, interest rates
For single family residences, the percentage of pending sales to active listings in the south Santa Clara County region continues to grow - which is great news for serious real estate sellers. In our area of Morgan Hill, San Martin and Gilroy, the proportion of pending listings to overall listings on the market began the year 2008 at 7%, a remarkably low number. But that percentage has continued to increase from 7% in January, to 9% in February, to 10% in March, then to 14% in April and at the beginning of this week, May 19, 2008, we have 15% of our listings pending. The actual numbers are 148 pending sales and 834 active listings for a total number of 982 overall listings on the market.
This rise in the percentage of pending sales reflects the ideal marriage of low prices, low interest rates and motivated sellers. Buyers are finding that it may not make sense to wait any longer….
Let’s talk statistics
Date: Wednesday May 14, 2008Posted in: price, real estate, home, Morgan Hill, South Santa Clara County, San Martin, Gilroy, MLS, median price, statistics, contract
Here in the south Santa Clara County area consisting of Morgan Hill, Gilroy and San Martin, pending sales have risen as Spring progesses. In January of 2008, we had 56 single family residences (sfr) go under contract. In February, 2008, 68 went under contract. In March, 2008, 80 went under contract and in April, 2008, 123 went under contract which is a signifcant rise.
There are currently 825 sfr active listings in the south county area with 140 sales pending under contract.
For the month of April, 2008, the cumulative days on market (CDOM) is 116 compared to 92 from April of last year.
The average selling price in April for the south county is $607,283 which is a 30% drop from April of last year’s average of $868,560.
The median selling price in April for the south county is $605,777 which is a 25% drop from April of last year’s median of $807,345. I always feel the median price is a more accurate picture of what is happening in the market than the average price because it is easy to skew the average when a very expensive home sells.
These statistics were obtained from pro.mlslistings.com.
