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.

condominium townhouses county inventory gilroy lenders median price median prices morgan hill real estate residential real estate santa clara county san martin single family residence south santa clara

Wow!  Real estate sales surged this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy!  There were 56 residences that went from active to pending status as compared to last week’s 37.  That is an increase of 34%!  Of all the sales this past week, 54 were single family homes and 2 were townhouses/condominiums.  The highest price listing sold last week was a short sale listing at 18660 Castle Lake Drive in Morgan Hill, priced at $999,999 (originally priced at $1,389,999).  The lowest priced listing sold last week was 1555 Hecker Pass Road #E201 in Gilroy priced at $174,900.  Sixty-nine percent of the sales this week were priced under $500,000.

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (3% of total)

$200,000 - $500,000 = 37 sales (66% of total)

$500,000 - $800,000 = 11 sales (20% of total)

$800,000 - $1,200,000 = 6 sale (11% of total)

As of March 22, 2009, there are 522 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 311 pending residential listings.  Therefore, 37% of the total listings are pending under contract as of this date.  Many of the pendings are short sales and therefore take a long time to close.  This could keep our pending percentage up artificially high. 

However, only 12 residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  Twelve properties would comprise 1% of the total active and pending listings and 4% of the pending listings.  Hopefully we’ll see a marked increase in these percentages in 30 to 45 days when all of these new pending could potentially close escrow.

Tune in next week for an update on the number of sales in South Santa Clara County!

Another very busy week of sales in south Santa Clara County last week.  With the new federal stimulus package approved in congress, buyers may be feeling encouraged.  Investors should take heart in that the number of property loans they will be allowed to hold will increase from 4 to 10 beginning March 1, 2009.  First-time buyers also received good news.  The first time buyer credit was increased from $7500 to $8000 and it is to be a true credit and not an interest free loan to be paid back over 15 years. 

The number of residential sales increased again in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  There were 47 residences that went from active to pending status as compared to 44 last week.  Of all the sales last week, 44 were single family homes and 3 were townhouses/condominiums.  68% of the sales were priced below $500,000.

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (4% of total)

$200,000 - $500,000 = 32 sales (68% of total)

$500,000 - $800,000 = 8 sales (17% of total)

$800,000 - $1,200,000 = 4 sales (9% of total)

$1,200,000 - $2,000,000 = 1 sale (2% of total)

As of February 15, 2009, there are 561 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 281 pending residential listings.  Therefore, 33% of the total listings are pending under contract as of this date.  Many of the pendings are short sales and therefore take a long time to close.  This could keep our pending percentage up artificially high. 

Tune in next week for an update on the number of sales in South Santa Clara County!

Buyers came back in full force for the new year in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 33 residences that went from active to pending status.  Of these, 30 were single family homes and 3 were townhouses/condominiums. 

Of these sales, the list price ranges were:

Below $200,000 = 3 sales (9% of total)

$200,000 - $500,000 = 20 sales (61% of total)

$500,000 - $800,000 = 7 sales (21% of total)

$800,000 - $1,200,000 = 2 sales (6% of total)

$1,200,000 - $2,000,000 = 1 sale (3% of total)

As of January 11, 2009, there are 590 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 223 pending residential listings.  Therefore, 27% of the total listings are pending under contract as of this date.  Many of the pendings are short sales and therefore take a long time to close.  This could keep our pending percentage up artificially high. 

Tune in next week for an update on the number of sales in South Santa Clara County!

Sales ticked up last week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 24 residences that went from active to pending status.  Of these, 22 were single family homes and 2 were townhouses/condominiums. 

Of these sales, the list price ranges were:

Below $200,000 = 3 sales (12.5% of total)

$200,000 - $500,000 = 16 sales (67% of total)

$500,000 - $800,000 = 3 sales (12.5% of total)

$800,000 - $1,200,000 = 1 sale (4% of total)

$1,200,000 - $2,000,000 = 1 sale (4% of total)

As of January 4, 2009, there are 580 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy, which is 41 less than last week and 88 less than 3 weeks ago.  There are currently 222 pending residential listings.  Therefore, 28% of the total listings are pending under contract as of this date.  Many of the pendings are short sales and therefore take a long time to close.  This could keep our pending percentage up artificially high. 

Tune in next week for an update on the number of sales in South Santa Clara County!

Sales slowed down last week in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  There were 23 residences that went from active to pending status.  Of these, 21 were single family homes and 2 were condo/townhouses. 

Of these sales, the list price ranges were:

$200,000 - $500,000 = 13 sales (57% of total)

$500,000 - $800,000 = 7 sales (30% of total)

$800,000 - $1,200,000 = 3 sales (13% of total)

As of November 30, 2008, there are 676 residential listings active on the market in Morgan Hill, San Martin and Gilroy, and 234 pending residential listings.  Therefore, 26% of the total listings are pending under contract as of this date, still a healthy number for this time of year.  Many of the pendings are short sales and therefore take a long time to close.  This could keep our pending percentage up artificially high. 

Tune in next week for an update on the number of sales in South Santa Clara County!

As I mentioned in my last post, I showed a lot of bank-owned residences in Los Banos on Friday.  One thing that struck me was that for the most part (with a few exceptions), the properties were in good condition.  Out of the ten that we saw, at least half of them had been freshly painted and new carpet was installed.

This goes against what most people think of when they consider the condition of REOs and short sales.  But the condition of these homes is sometimes ”turn-key”, meaning that you could move into the home and not have to do anything.

In the south Santa Clara County cities of Morgan Hill, San Martin and Gilroy, there are currently 346 distressed residential properties that are either REOs (bank-owned) or short sales.  See my previous post that defines the meaning of these types of sales.  These homes range in price from $1,999,999 for a short sale at 12895 Ales Place in San Martin,

to $104,900 for a bank-owned townhouse at 7759 Murray Avenue in Gilroy:

Both of these properties appear ready to move into.

If you like the prices of the distressed properties that are on the market now but are reluctant to even look at them because you are concerned that all distressed properties are going to be terribly damaged, please reconsider.  As your agent, I can weed out the properties that are in poor condition and only show you the properties that require very little work to make them habitable.

Sales were basically on par with the week before in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy.  There were 29 residences that went from active to pending status.  Of these, 28 were single family homes and 1 was a townhouse. 

Of these sales, the list price ranges were:

$200,000 - $500,000 = 20 sales (69% of total)

$500,000 - $800,000 = 6 sales (21% of total)

$800,000 - $1,200,000 = 2 sales (7% of total)

$1,200,000 - $2,000,000 = 1 sale (3% of total)

As of November 11, 2008, there are 730 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 216 pending residential listings.  Therefore, 23% of the listings are pending under contract as of this date.  This percentage is down slightly from the past few months.

Tune in next week for an update on the number of sales in South Santa Clara County!

Sales weren’t quite as robust this past week in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy.  There were 30 residences that went from active to pending status.  Of these, 28 were single family homes and 2 were condo/townhouses. 

Of these sales, the list price ranges were:

Below $200,000 = 1 sale (3% of total)

$200,000 - $500,000 = 21 sales (70% of total)

$500,000 - $800,000 = 5 sales (17% of total)

$800,000 - $1,200,000 = 2 sales (7% of total)

$1,200,000 - $2,000,000 = 1 sale (3% of total)

As of November 4, 2008, there are 732 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 231 pending residential listings.  Therefore, 24% 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!

Another busy week last week 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, 41 were single family homes and 2 were condo/townhouses.  This past week there were more sales in the higher price ranges than compared to some of the previous weeks.  For comparison, look at my previous weekly posts on Wednesdays.

Of these sales, the list price ranges were:

Below $200,000 = 1 sale (2% of total)

$200,000 - $500,000 = 22 sales (51% of total)

$500,000 - $800,000 = 12 sales (28% of total)

$800,000 - $1,200,000 = 5 sales (12% of total)

$1,200,000 - $2,000,000 = 3 sales (7% of total)

As of October 28, 2008, there are 730 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 252 pending residential listings.  Therefore, 26% 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!

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Gretchen Merrick, CRS, GRI Phone:408-892-9015 DRE#:01317499 Intero Real Estate Services gmerrick@interorealestate.com Featured Listings 16868 De Witt Ave Morgan Hill, CA 6 BR | 4.50 BA $0 More Details 1845 Silverwings Ct Morgan Hill, CA 4 BR | 3 BA $1,025,000 More Details 2220 Liberata Dr Morgan Hill, CA 5 BR | 6 BA $2,495,000 More Details

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