Market Trends Category
South County Real Estate Sales Week of January 19 – 25, 2009
The number of residential sales held steady this week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 42 residences that went from active to pending status. Fourteen percent of the residential sales were listed below $200,000. Of all the sales last week, 32 were single family homes and 10 were townhouses/condominiums. This week and last week saw a large number of condo sales in our area.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (14% of total)
$200,000 – $500,000 = 22 sales (52% of total)
$500,000 – $800,000 = 8 sales (19% of total)
$800,000 – $1,200,000 = 4 sales (10% of total)
$1,200,000 – $2,000,000 = 2 sales (5% of total)
As of January 25, 2009, there are 576 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 251 pending residential listings. Therefore, 30% 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!
South Santa Clara County Real Estate: 2008 vs. 2007
Let’s look at the three south Santa Clara communities of Morgan Hill, San Martin and Gilroy and their respective real estate activity in 2008 as compared to 2007. We’ll go from north to south beginning with Morgan Hill:
MORGAN HILL REAL ESTATE STATISTICS:
New listings in 2008 = 890, down from 2007 = 957, (average annual new listings from 2000 to 2006 = 857)
Closed sales in 2008 = 290, down from 2007 = 349, (average annual closed sales from 2000 to 2006 = 482)
Average cumulative days on market (CDOM) in 2008 = 123, up from 2007 = 96, (average annual CDOM from 2000 to 2006 = 62)
Average sale price in 2008 = $743,303, down from 2007 = $901,582, (average annual sale price from 2000 to 2006 = $691,866)
Median sale price in 2008 = 682,500, down from 2007 = $842,500, (average median annual sale price from 2000 to 2006 = $637,819)
SAN MARTIN REAL ESTATE STATISTICS:
New listings in 2008 = 105, up from 2007 = 96, (average annual new listings from 2000 to 2006 = 46)
Closed sales in 2008 = 27, up from 2007 = 26, (average annual closed sales from 2000 to 2006 = 21)
Average CDOM in 2008 = 155, up from 2007 = 143, (average annual CDOM from 2000 to 2006 = 194)
Average sale price in 2008 = $1,002,518, down from 2007 = $1,342,275, (average sale price from 2000 to 2006 = $1,302,967)
Median sale price in 2008 = $905,000, down from 2007 = $1,160,031, (average median sale price from 2000 to 2006 = $1,160,214)
GILROY REAL ESTATE STATISTICS:
New listings in 2008 = 1284, up from 2007 = 1222, (average new listings from 2000 to 2006 = 907)
Closed sales in 2008 = 495, up from 2007 = 296, (average closed sales from 2000 to 2006 = 565)
Average CDOM in 2008 = 124, up from 2007 = 107, (average CDOM from 2000 to 2006 = 52)
Average sale price in 2008 = $513,913, down from 2007 = $796,676, (average sale price from 2000 to 2006 = $580,826)
Median sale price in 2008 = $453,000, down from 2007 = $706,250, (average median sale price from 2000 to 2006 = $529,207)
Looking at the years as a whole, the south county area real estate sales prices are roughly on par with the prices from the year 2004.
These statistics are compiled from MLSListings.com, our multiple listing service provider for five counties in the San Francisco and Monterey Bay Areas.
South County Real Estate Sales Week of January 12 – 18, 2009
The number of residential sales increased again this week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy, but 71% of the sales were for real estate priced below $500,000. Last week there were 41 residences that went from active to pending status. Of these, 33 were single family homes and 8 were townhouses/condominiums. This is the largest number of condo sales in one week in our area since I began writing this weekly post.
The large number of residential sales last week isn’t surprising considering that we currently have the trifecta of historically low mortgage interest rates for loans under $625,500, very low real estate prices for south county, and many active real estate listings for buyers to choose from.
Of these sales, the list price ranges were:
Below $200,000 = 2 sales (5% of total)
$200,000 – $500,000 = 29 sales (71% of total)
$500,000 – $800,000 = 9 sales (22% of total)
$800,000 – $1,200,000 = 0 sales
$1,200,000 – $2,000,000 = 1 sale (2% of total)
As of January 18, 2009, there are 595 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 227 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!
South County Real Estate Sales Week of January 5 – 11, 2009
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!
South County Sales Week of December 29, 2008 – January 4, 2009
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!
South County Real Estate Sales Week of December 22 – 28, 2009
Not surprisingly, sales were light during the week of December 22 through 28 in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 16 residences that went from active to pending status – down from 39 sales the previous week. Of these, 13 were single family homes and 3 were townhouses/condominiums.
Of these sales, the list price ranges were:
Below $200,000 = 1 sale (6% of total)
$200,000 – $500,000 = 11 sales (69% of total)
$500,000 – $800,000 = 2 sales (13% of total)
$800,000 – $1,200,000 = 1 sale (6% of total)
$1,200,000 – $2,000,000 = 1 sale (6% of total)
As of December 28, 2008, there are 621 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy, and 228 pending residential listings. Therefore, 27% 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!
South County Sales Week of December 15 – 21, 2008
Lower priced listings sold robustly in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 39 residences that went from active to pending status. Of these, 37 were single family homes and 2 were townhouses/condominiums. The number of active listings in our area was reduced by 30 since last week! Many sellers choose to remove their listings from active status during the winter holiday season.
Of these sales, the list price ranges were:
$200,000 – $500,000 = 28 sales (72% of total)
$500,000 – $800,000 = 6 sales (15% of total)
$800,000 – $1,200,000 = 4 sales (10% of total)
$1,200,000 – $2,000,000 = 0 sales
over $2,000,000 = 1 sale (3% of total)
As of December 21, 2008, there are 638 residential listings active on the market in Morgan Hill, San Martin and Gilroy – a drop of 30 active listing since last week, and 233 pending residential listings. Therefore, 27% 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!
South County Sales Week of December 8 – 14, 2008
Sales just keep plugging along in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 28 residences that went from active to pending status. Of these, 25 were single family homes and 3 were townhouses/condominiums.
Of these sales, the list price ranges were:
Less than $200,000 = 1 sale (3% of total)
$200,000 – $500,000 = 16 sales (57% of total)
$500,000 – $800,000 = 8 sales (29% of total)
$800,000 – $1,200,000 = 3 sales (11% of total)
As of December 14, 2008, there are 668 residential listings active on the market in Morgan Hill, San Martin and Gilroy, and 231 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!
South County Sales Week of December 1 – 7, 2008
Sales were robust last week in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy for this time of year. There were 28 residences that went from active to pending status. Of these, 27 were single family homes and 1 was a condominium. Last week marks the first time we’ve had a sale over $2,000,000 since I started my weekly sales blog post last August. Although sales of homes priced over $2,000,000 used to be fairly common in our area during the peak of the real estate market several years ago, they aren’t nearly so common at this time.
Of these sales, the list price ranges were:
Less than $200,000 = 1 sale (4% of total)
$200,000 – $500,000 = 16 sales (57% of total)
$500,000 – $800,000 = 6 sales (21% of total)
$800,000 – $1,200,000 = 4 sales (14% of total)
$1,200,000 – $2,000,000 = 0 sales
over $2,000,000 = 1 sale (4% of total)
As of December 7, 2008, there are 677 residential listings active on the market in Morgan Hill, San Martin and Gilroy, and 230 pending residential listings. Therefore, 25% 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!
South County Sales Week of November 24 – 30, 2008
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!
Gretchen Merrick
cell (408) 892 9015
