South County Sales Week of October 29 - November 4, 2008
Date: Wednesday November 5, 2008Posted in: real estate market, real estate, Santa Clara County, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, residences, pending sales, housing market, list price, housing inventory
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!
South County Sales Week of October 22 - 28, 2008
Date: Friday October 31, 2008Posted in: real estate market, real estate, Santa Clara County, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, residences, pending sales, housing market, list price, housing inventory
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 County’s Least and Most
Date: Monday October 27, 2008Posted in: real estate market, real estate, Santa Clara County, Morgan Hill, South Santa Clara County, San Martin, Gilroy, residences, housing market, list price
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!
South County Sales Week of October 8 - October 14, 2008
Date: Wednesday October 15, 2008Posted in: Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, residences, listings, pending sales, housing market, list price
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!
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!
South County Sales Week of September 10 - September 16, 2008
Date: Thursday September 18, 2008Posted in: real estate market, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, contract, residences, pending sales, housing market, list price, housing inventory
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!
South County Pending Sales Continue to Rise
Date: Wednesday May 21, 2008Posted in: real estate, South Santa Clara County, San Martin, Gilroy, statistics, contract, residences, listings, pending sales, interest rates
For single family residences, the percentage of pending sales to active listings in the south Santa Clara County region continues to grow - which is great news for serious real estate sellers. In our area of Morgan Hill, San Martin and Gilroy, the proportion of pending listings to overall listings on the market began the year 2008 at 7%, a remarkably low number. But that percentage has continued to increase from 7% in January, to 9% in February, to 10% in March, then to 14% in April and at the beginning of this week, May 19, 2008, we have 15% of our listings pending. The actual numbers are 148 pending sales and 834 active listings for a total number of 982 overall listings on the market.
This rise in the percentage of pending sales reflects the ideal marriage of low prices, low interest rates and motivated sellers. Buyers are finding that it may not make sense to wait any longer….
