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!

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!

Quite a jump in sales last week in the south Santa Clara County area of Morgan Hill, San Martin and Gilroy - especially considering that it is mid November!  There were 38 residences that went from active to pending status.  Of these, 36 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 = 26 sales (68% of total)

$500,000 - $800,000 = 8 sales (21% of total)

$800,000 - $1,200,000 = 2 sales (5% of total)

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

As of November 18, 2008, there are 719 residential listings active on the market in the Morgan Hill, San Martin, Gilroy area, and 228 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!

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!

RealtyTrac, an online foreclosure marketplace, contains nationwide foreclosure information and is a good source for finding out what is happening with distressed properties locally.  RealtyTrac shows that Gilroy currently has 446 bank-owned properties and 295 pre-foreclosure properties (one where the owner has received a Notice of Default.)  As a comparison, Morgan Hill has 154 properties that are bank-owned and 163 pre-foreclosure properties.  So, all-in-all, Gilroy has 424 more properties that are in some stage of foreclosure than does Morgan Hill.  These include commercial properties, but the vast majority are residential.  Even San Martin has their fair share of bank-owned homes.  According to RealtyTrac, there are 154 bank-owned properties in that small community.

                                                  

However, both Gilroy and Morgan Hill are seeing a majority of the sales that are occurring are “financially distressed” sales, meaning either bank-owned or short sales.  See my blog post from September 8th for the description of short sales and bank-owned properties:  http://southcountyrealestatetoday.com/2008/09/08/a-brief-primer-on-distressed-properties/

The Multiple Listing Service shows that in the past month, there were 77 residential listings in Gilroy that went under contract.  Of those that did, 58 were either bank-owned or short sales.  In other words, just over 75% of the recently sold homes in Gilroy were financially distressed.

And in Morgan Hill, there were 40 residential listings that went into contract in the past month.  Of those, 27 were either bank-owned or short sales.  That would be just over 67% of the recently sold homes in Morgan Hill that were financially distressed.  Still a very high number.

And, finally, San Martin has had two sales in the past month - both were short sales.

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!

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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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