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!

Residential sales were up 58% from last week in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy.  There were 40 residences that went from active to pending status.  Of these, 33 were single family homes and 7 were condo/townhouses.  This week marks the first week that I’ve had the “below $200,000 price range” as a category for price ranges.

Of these sales, the list price ranges were:

Below $200,000 = 4 sales (10% of total)

$200,000 - $500,000 = 24 sales (60% of total)

$500,000 - $800,000 = 8 sales (20% of total)

$800,000 - $1,200,000 = 3 sales (7.5% of total)

$1,200,000 - $2,000,000 = 1 sale (2.5% of total)

As of October 21, 2008, there are 741 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 243 pending residential listings.  Therefore, 25% of the listings are pending under contract as of this date.  We’ve managed to stay at this ratio of roughly 25% for the past 6 weeks.

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

Last week was another busy week for sales in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy.  Thirty-one residences went from active to pending status.  Of these, 28 were single family homes and 3 were condo/townhouses.

Of these sales, the list price ranges were:

$200,000 - $500,000 = 18 sales (58% of total)

$500,000 - $800,000 = 12 sales (39% of total)

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

$1,200,000 - $2,000,000 = 0 sales

Once again, the listing prices of the properties that sold are heavily weighted below $500,000.  As of September 30, 2008, there are 733 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 240 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!

The south Santa Clara County area of Morgan Hill, San Martin and Gilroy saw 28 active residential listings go to the pending status last week.  This is the lowest number since I’ve been reporting on new pending sales, but still a healthy number for a week in September and much more robust than the numbers of sales we were seeing last winter.  Of these 28 sales, 2 were condo/townhouse properties.

Of these sales, the list price ranges were:

$200,000 - $500,000 = 18 sales (64% of total)

$500,000 - $800,000 = 4 sales (14% of total)

$800,000 - $1,200,000 = 3 sales (11% of total)

$1,200,000 - $2,000,000 = 3 sales (11% of total)

 As of September 23, 2008, there are 741 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 252 pending residential listings.  Therefore, 25% of the listings are pending under contract.   This is an encouraging number, especially when compared to the dismal number of sales last winter when the percentage of pending listings compared to total listings on the market was in the single digits.

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 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!

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Gretchen Merrick Phone:408-892-9015 gmerrick@interorealestate.com Featured Listings 16830 Edwin Jones Court Morgan Hill, CA 4 BR | 3 BA $749,000 More Details 16868 De Witt Ave Morgan Hill, CA 6 BR | 4.50 BA $849,999 More Details

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