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.

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!

South Santa Clara County has some extreme price differentials going on these days.  A few years ago, I never thought we’d see a single family home priced below $200,000 again.  And we still have some high quality estates priced in the several millions range.  Here are South County’s least expensive single family home and most expensive home on the market today.

The least expensive home shown above, 7450 Rogers Lane in Gilroy, is a bank-owned property that has been on the market for over a year.  It is a two bedroom, two bathroom fixer-upper priced at $175,000 and is 1204 sq. ft. on a 3483 sq. ft. lot.  This home sold in March of 2003 for $321,000.

On the opposite end of the price range is 2400 McDonald Lane in Morgan Hill.  This lovely home is priced at $4,350,000 and was built 8 years ago.  It is a 7550 sq. ft. home with 6 bedrooms and 5 1/2 bathrooms sitting on 21 acres in the hills east of town.  There are many amenities that add to the value of this home.

In addition to these two homes, there are another 664 single family residences actively listed in the south County that are priced between these two extremes!

I don’t know if it was the uncertainty and fear of the economic turmoil last week or the typical Fall slow down in the market, but we had slow sales week in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy.  My money is on economic concerns and their paralyzing effects.  There were 17 residences that went from active to pending status.  Of these, 16 were single family homes and 1 was a condo/townhouse.

Of these sales, the list price ranges were:

$200,000 - $500,000 = 8 sales (47% of total)

$500,000 - $800,000 = 7 sales (41% of total)

$800,000 - $1,200,000 = 2 sales (12% of total)

$1,200,000 - $2,000,000 = 0 sales

As of October 14, 2008, there are 739 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 234 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!

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!

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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