Market Trends Category
South Santa Clara County Real Estate Market Review April 2012
April 2012 continued to be a seller’s market in our area with a total of 133 single family homes going into contract. If homes were priced right, they sold quickly and often with multiple offers. Although the average sale price dropped by 5% year-over-year, the median sale price rose by 2% in the same period. The numbers below are based on MLS statistics for MLS Area 1: Morgan Hill, Gilroy and San Martin. If you would like a market report of a specific area within Area 1 or elsewhere, please contact me.
Single Family Residences
Number of Sales: April, 2012: 133 April, 2011: 88 change: +51%
Average Sale price: April, 2012: $487,318 April, 2011: $510,711 change: -5%
Median Sale price: April, 2012: $448,000 April, 2011: $438,000 change: +2%
Price/square foot: April, 2012: $226/s.f. April, 2011: $225/s.f. change: +0.4%
Average Days on Market: April, 2012: 63 April, 2011: 89 change: -29%
Number of Closed Sales: April, 2012: 110 April, 2011: 102 change: +8%
Number of New Active Listings: April, 2012: 45 April, 2011: 168 change: -73%
Current Number of Active Listings: 115
Current Absorption Rate: 4.5 weeks
South County Real Estate 4/15/12 – 4/22/12
South Santa Clara County real estate was hopping last week! There was a lot of activity in Morgan Hill, Gilroy and San Martin. I put some buyer clients into contract on a beautiful home at 17423 Serene Drive in Morgan Hill. There were a total of 45 residences (single family homes and condos) that went into contract here. Thirty-six new listings came onto the market which is nice to see due to our low inventory. Hopefully we’ll see more coming on as the spring moves into high gear. See the table below for the new listings available as of last week.
Last week in Morgan Hill, Gilroy and San Martin:
36 residential properties were put onto the market
45 residential properties went pending under contract
24 residential properties closed escrow
Overall in Morgan Hill, Gilroy and San Martin:
211 residential properties are currently active on the market
385 residential properties are currently pending under contract
If you would like to view any of the properties below or any other properties please call me at (408) 892-9015. I would be happy to make arrangements to show them to you.
NEW LISTINGS MORGAN HILL, GILROY & SAN MARTIN 4/15/12 - 4/22/12
South County Real Estate 4/8/2012 – 4/15/2015
Okay, come on you sellers who are on the fence about selling – now is GREAT time to put your house on the market. Inventory is the lowest it’s been in over seven years. I know that there is talk that home prices are starting to inch up, but in south Santa Clara County this is because inventory is painfully low and buyers are competing and over-bidding each other. Interest rates are extremely low and this won’t last forever. But for now – sounds like a seller’s market to me!
In the past week 24 new residential listings came on the market in Morgan Hill, Gilroy and San Martin, while 28 residential listings went into contract. See the table below for the new listings available as of last week.
Last week in Morgan Hill, Gilroy and San Martin:
28 residential properties went pending under contract
13 residential properties closed escrow
Overall in Morgan Hill, Gilroy and San Martin:
209 residential properties are currently active on the market
387 residential properties are currently pending under contract
If you would like to view any of the properties below or any other properties please call me at (408) 892-9015. I would be happy to make arrangements to show them to you.
NEW LISTINGS MORGAN HILL, GILROY, SAN MARTIN 4/8/12 - 4/15/12
Distressed Real Estate Sales in South Santa Clara County
I got to wondering how the number of financially distressed real estate sales in our south Santa Clara County towns of Morgan Hill, Gilroy and San Martin compares with several years ago. Are they lessening? That was my guess but I had to dig back to some of my old blog posts to find out if my guess was correct. I found an old post from January, 2010: Percentage of Distressed Sales in South County that looked at the real estate sales in our area from January 2009 to January 2010.
Closed single family homes and condos January 2009 – 2010:
Morgan Hill: total sales = 444, distressed sales = 231, percentage distressed = 52%
Gilroy: total sales = 659, distressed sales = 491, percentage distressed = 75%
San Martin: total sales = 36, distressed sales = 23, percentage distressed = 64%
Now to compare this to the past 365 days, April 15, 2011 – April 15, 2012:
Morgan Hill: total sales = 501, distressed sales = 281, percentage distressed = 56%
Gilroy: total sales = 622, distressed sales = 414, percentage distressed = 67%
San Martin: total sales = 38, distressed sales = 25, percentage distressed = 66%
Well, this looks like my guess for the past year was incorrect. Things haven’t changed that much. It’s nice to see the percentage is lower in Gilroy but is actually a little higher in Morgan Hill and San Martin. But I think the real story will be told when I look at these same statistics next year. I think that the distressed market is finally starting to dry up. As a matter of fact, let’s look at what is currently on the market right now:
Morgan Hill: active listings = 116, active distressed = 32, percentage distressed = 28%
Gilroy: active listings = 80, active distressed = 24, percentage distressed = 30%
San Martin: active listings = 15, active distressed = 4, percentage distressed = 27%
If the active single family home and condo listings are any indication, the number of distressed homes on the market are finally starting to thin out. Of those properties that are still in financially distressed situations, hopefully those who wish to stay in their homes are able to modify their loans and those who want to get out from under their mortgages are able to sell short with a lot more ease than just a few years ago….
South County Weekly Real Estate Update 3/17/12
Only 19 new residential listings came on to MLS last week in the south Santa Clara County towns of Morgan Hill, Gilroy and San Martin. See the table below. Inventory is really shrinking and homes are selling with much fewer days on market. Also homes that aren’t quite as desirable and have been sitting on the market for awhile are now finally selling.
Also last week in Morgan Hill, Gilroy and San Martin:
48 residential properties went pending under contract
14 residential properties closed escrow
Overall in Morgan Hill, Gilroy and San Martin:
230 residential properties are currently active on the market
376 residential properties are currently pending under contract
If you would like to view any of the properties below or any other properties please call me at (408) 892-9015. I would be happy to make arrangements to show them to you.
NEW LISTINGS MORGAN HILL, GILROY & SAN MARTIN 3/10/12 - 3/17/12
South County Weekly Real Estate Update 2/17/12
We continue to see a very active real estate market in south Santa Clara County. I believe there has been a lot of pent up demand that is surfacing and sellers feel that they can’t wait any longer for the mythical upswing in values. Although the upswing is coming, it will be a very slow, methodical upswing – no annual double digits like we saw in the early 2000s.
In Morgan Hill, Gilroy and San Martin, we saw 41 new residential listings come onto MLS. Check out the table below to see what new properties came on the market.
Also last week in Morgan Hill, Gilroy and San Martin:
33 residential properties went under contract
17 residential properties closed escrow
Overall, the current standing in south county:
252 residential properties are Active on the market
324 residential properties are Pending under contract
If you would like to view any of the properties below or any other properties please call me at (408) 892-9015. I would be happy to make arrangements to show them to you.
NEW LISTING MORGAN HILL, GILROY & SAN MARTIN 2/10/12-2/17/12
South County Weekly Real Estate Update 2/10/12
Another busy real estate week in south Santa Clara County! The market is really starting to heat up in Morgan Hill, Gilroy and San Martin. And inventory is low. However 40 new residential listings came on the market to keep things moving along. Check out the table below to see what new properties came on the market.
Also this past week, forty-three residential listings went pending under contract and nine listings closed escrow.
If you would like to view any of the properties below or any other properties please call me at (408) 892-9015. I would be happy to make arrangements to show them to you.
NEW LISTINGS IN MORGAN HILL, GILROY & SAN MARTIN 2-3-12 THRU 2-10-12
South County Real Estate 2011 Year In Review
Wow! Another year come and gone. They seem to go faster with every year that passes.
Let’s take a look back at what the single family residence (SFR) real estate market did in the south Santa Clara County towns of Gilroy, Morgan Hill and San Martin. The following graphs include data from all three towns as a whole and only reflects the single family home properties.
First we’ll look at the NUMBER OF NEW SFR LISTINGS IN 2011 and then compare to the same data collected for the past 5 years. The number of new listings coming on the market in December was low, but not surprising for that time of year.
The next pair of graphs show the NUMBER OF CLOSED SFR LISTINGS IN 2011 and then compares it to 2007 – 2011. December 2011 produced a large jump in closed SFR listings in south county, even when compared to the previous five years.
The third pair of graphs show the MEDIAN DAYS ON MARKET FOR SFR LISTINGS DURING 2011 and compares it to 2007 – 2011. The median days to sell SFRs varied between the low 30s to high 70s this past year. This looks good compared to the peaks in 2007 and 2008.
And the last pair of graphs look at the MEDIAN SALE PRICE FOR SFR IN 2011 and compares it to 2007 – 2011. The median SFR sale price held pretty steady in south county for 2011. It has not altered too much during the past few years but is approximately 50% of the peak it reached during the real estate boom.
Click on any of the graphs for a larger view.
Number of New SFR Listings in South Santa Clara County in 2011
Number of New SFR Listings in South Santa Clara County 2007 - 2011
Number of Closed SFR in South Santa Clara County in 2011
Number of Closed SFR Sales in South Santa Clara County 2007 - 2011
Median Days On Market in 2011
Median Days on Market for 2007 - 2011
SFR Median Sale Price in South Santa Clara County 2011
SFR Medican Sale Price in South Santa Clara County 2007 - 2011
South County Real Estate Sales Charts
Looking back over the year of sales of single family residences in south Santa Clara County, what has sold and how does that compare to the number of homes currently for sale? What price ranges sell the most frequently in our real estate market?
First we’ll look at the Morgan Hill single family homes graphs. The first graph shows the number of single family homes for sale versus the number sold. The number for sale includes those homes that are active listings not under contract as well as those that are pending under contract.
Morgan Hill Homes For Sale vs. Sold
SFR Sales by Price Range in Morgan Hill
Gilroy Homes For Sale vs. Sold
SFR Sales in Gilroy by Price Range
San Martin Homes For Sale vs. Sold
SFR Sales in San Martin by Price Range
July Real Estate Statistics for South County
Gilroy, Morgan Hill and San Martin real estate statistics for last month are as follows:
SINGLE FAMILY HOMES:
New listings: Gilroy: 78, Morgan Hill: 55, San Martin: 5
Total listings: Gilroy: 281, Morgan Hill: 236, San Martin: 33
Pending listings: Gilroy: 163, Morgan Hill: 116, San Martin: 16
Closed listings: Gilroy: 38, Morgan Hill: 40, San Martin: 74
Ave. Days on Mkt: Gilroy: 92, Morgan Hill: 74, San Martin: 31
Median Sales $: Gilroy: $423,244, Morgan Hill: $651,813, San Martin: $594,666
CONDOS AND TOWNHOUSES:
New listings: Gilroy: 2, Morgan Hill: 11
Total listings: Gilroy: 8, Morgan Hill: 48
Pending listings: Gilroy: 10, Morgan Hill: 28
Closed listings: Gilroy: 1, Morgan Hill: 4
Ave. Days on Mkt: Gilroy: 39, Morgan Hill: 94
Median Sales $: Gilroy: $209,000, Morgan Hill: $272,500
Currently the percentage of distressed active listings to the total number of active single family home and condo/townhouse listings in all three towns is 41%. Distressed properties are those that are listed as short sales or REOs.
Gretchen Merrick
cell (408) 892 9015
