South County Sales Week of October 1 - October 7, 2008
Date: Wednesday October 8, 2008Posted in: real estate market, Morgan Hill, South Santa Clara County, San Martin, Gilroy, median price, statistics, residences, pending sales, housing market, list price, average price
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!
Let’s talk statistics
Date: Wednesday May 14, 2008Posted in: price, real estate, home, Morgan Hill, South Santa Clara County, San Martin, Gilroy, MLS, median price, statistics, contract
Here in the south Santa Clara County area consisting of Morgan Hill, Gilroy and San Martin, pending sales have risen as Spring progesses. In January of 2008, we had 56 single family residences (sfr) go under contract. In February, 2008, 68 went under contract. In March, 2008, 80 went under contract and in April, 2008, 123 went under contract which is a signifcant rise.
There are currently 825 sfr active listings in the south county area with 140 sales pending under contract.
For the month of April, 2008, the cumulative days on market (CDOM) is 116 compared to 92 from April of last year.
The average selling price in April for the south county is $607,283 which is a 30% drop from April of last year’s average of $868,560.
The median selling price in April for the south county is $605,777 which is a 25% drop from April of last year’s median of $807,345. I always feel the median price is a more accurate picture of what is happening in the market than the average price because it is easy to skew the average when a very expensive home sells.
These statistics were obtained from pro.mlslistings.com.
Isn’t it ironic?
Date: Monday May 5, 2008Posted in: real estate, multiple offers, Morgan Hill, real estate buyers, buyer's market, San Martin, Gilroy, MLS, median price
Several years ago, home buyers:
- were desperate to buy anything that could hold up a roof
- would offer well over list-price, especially when competing with other offers
- would purchase the home in as-is condition
- would have no contingencies in the contract
Fast-forward to 2008. Buyers are now paralyzed. It’s ironic because:
- there is a record amount of inventory to choose from
- sellers have dropped their list prices, and in many cases by hundreds of thousands of dollars
- interest rates are still low
- sellers are accepting terms that meet the buyer’s needs
Here in south Santa Clara County, average and median prices are below the average and median prices of single family homes during the fourth quarter of 2004. Currently for Multiple Listing Service (MLS) Area 1 (Morgan Hill, San Martin and Gilroy), the average price of a single family home is $723,004 and the median is $660,000. In 2004 Q4, the average was $734,250 and the median was $668,000. Just for reference, the peak average price for MLS Area 1 was $917,811 in the third quarter of 2006. And the peak median price for MLS Area 1 was $805,000 in the second quarter of 2006.
If you are contemplating a real estate purchase, now is a great time to buy in south Santa Clara County!
