Sales jumped this past 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 as compared to the previous week’s 37.  Of all the sales this past week, 39 were single family homes and 3 were townhouses/condominiums.  The highest priced listing sold last week was 13660 Sycamore Drive in Morgan Hill, a 2001 s.f. home on a 54,450 s.f. lot in a gorgeous rural area priced at $939,000.  This lovely home had been on and off the market for quite a while and had been originally priced at $1.348,000 in 2007.  The lowest priced listing sold last week was a bank-owned home in one of the newer downtown Gilroy condos at 7598 Monterey Street, #260, a 706 s.f. home priced at $99.900.  Sixty-nine percent of the sales this week were priced under $500,000 and 10% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 8 sales (19% of total)

$200,000 - $500,000 = 21 sales (50% of total)

$500,000 - $800,000 = 9 sales (21% of total)

$800,000 - $1,200,000 = 4 sales (10% of total)

As of July 26, 2009, there are 321 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 354 pending residential listings.  Therefore, 52% of the total listings are pending under contract as of this date.  However, many of the pendings are short sales and therefore take a long time to close.  This keeps our pending percentage up artificially high. 

A whopping 30 residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  If homes continued to sell at this rate it would take 10.7 weeks to sell all south county listings.  Therefore, as of this past week, we have 2.7 months supply of inventory. 

Tune in next week for an update on the number of sales in South Santa Clara County!

active gilroy home Homescopes listings Morgan Hill pending listings real estate real estate listings residential listings San Martin Santa Clara County single family sq ft

Residential real estate sales remained steady this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  There were 47 residences that went from active to pending status as compared to last week’s 45.  Of all the sales this past week, 44 were single family homes and 3 were townhouses/condominiums.  The highest priced listing sold last week was 1645 Cochrane Road in Morgan Hill, a 3806 sq.ft. home on a one acre property priced at $1,595,000.  The lowest priced listing sold last week was a bank-owned home at 525 Grant Court in Gilroy priced at $139,000.  Sixty percent of the sales this week were priced under $500,000 and 8% were above $800,000. 

Of these sales, the list price ranges were:

Below $200,000 = 6 sales (13% of total)

$200,000 - $500,000 = 22 sales (47% of total)

$500,000 - $800,000 = 15 sales (32% of total)

$800,000 - $1,200,000 = 3 sales (6% of total)

$1.200,000 - $2,000,000 = 1 sale (2% of total)

As of May 24, 2009, there are 381 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 382 pending residential listings.  Therefore, 50% of the total listings are pending under contract as of this date.  This is a record amount!  However, many of the pendings are short sales and therefore take a long time to close.  This keeps our pending percentage up artificially high. 

Twenty-five residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  If homes continued to sell at this rate it would take 15.24 weeks to sell all south county listings.  Therefore we have 3.8 months supply of inventory. 

Tune in next week for an update on the number of sales in South Santa Clara County!

active listings gilroy morgan hill pending listings real estate real estate listings residential listings santa clara county san martin single family sq ft home

The graph above of Santa Clara County residential real estate transactions visually tells the story of our bumpy ride the past five years.  At the far right of the graph, you’ll see 05/01/09.  Notice how the pink line (pending single family residence listings) and the blue line (active single family listings) are approaching each other.  That’s a good thing!  We are approaching a much more balanced market.

Now notice one year previous, May of 2008.  The blue and the pink line have a huge gap between them.  Listings pending under contract were rarer at that time, but the active listings were plentiful.  Can you say buyer’s market?  Now glance back to the left of the graph for the years 2004, 2005 and roughly the first half of 2006.  This shows that the pending sales were right on par with the active listings.  Very much a seller’s market because there was a small supply of homes available and there was a large demand.

This graph tells the story visually of how market conditions effect can effect pricing, days on market and other real estate metrics.

Sales weren’t quite as robust this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy although 38 sales is not too shabby and several of the sales were in the high price range.  There were 38 residences that went from active to pending status as compared to last week’s 47.  Of all the sales this past week, 36 were single family homes and 2 were townhouses/condominiums.  The highest priced listing sold last week was a new construction listing at 1405 Lakeview Court in CordeValle Estates in San Martin, priced at $1,999,000.  The lowest priced listing sold last week was a bank-owned condo at 1221 Juniper Dr. #E in Gilroy priced at $94,900.  Fifty-eight percent of the sales this week were priced under $500,000. 

Of these sales, the list price ranges were:

Below $200,000 = 4 sales (11% of total)

$200,000 - $500,000 = 18 sales (47% of total)

$500,000 - $800,000 = 9 sales (24% of total)

$800,000 - $1,200,000 = 5 sales (13% of total)

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

As of April 19, 2009, there are 459 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 347 pending residential listings.  Therefore, 43% of the total listings are pending under contract as of this date - an amazing amount.  Many of the pendings are short sales and therefore take a long time to close.  This keeps our pending percentage up artificially high. 

Fifteen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  If homes continued to sell at this rate it would take 30.6 weeks to sell all south county listings.  Therefore we have 7.6 months supply of inventory. 

Tune in next week for an update on the number of sales in South Santa Clara County!

Another healthy round of real estate sales this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  There were 47 residences that went from active to pending status as compared to last week’s 44.  Of all the sales this past week, 43 were single family homes and 4 were townhouses/condominiums.  The highest priced listing sold last week was a new construction listing at 16100 DeWitt Avenue in Morgan Hill, priced at $1,895,000.  The lowest priced listing sold last week was a short sale home at 555 Polk Court in Gilroy priced at $150,000.  Fifty-eight percent of the sales this week were priced under $500,000 as compared to 66% last week and 73% week prior.  This is a good trend to see.

Of these sales, the list price ranges were:

Below $200,000 = 6 sales (13% of total)

$200,000 - $500,000 = 21 sales (45% of total)

$500,000 - $800,000 = 13 sales (27% of total)

$800,000 - $1,200,000 = 5 sales (11% of total)

$1,200,000 - $2,000,000 = 2 sales (4% of total)

As of April 12, 2009, there are 463 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 342 pending residential listings.  Therefore, 42% of the total listings are pending under contract as of this date - an amazing amount.  Many of the pendings are short sales and therefore take a long time to close.  This keeps our pending percentage up artificially high. 

Eighteen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  If homes continued to sell at this rate it would take 25.7 weeks to sell all south county listings.  Therefore we have 6.4 months supply of inventory. 

Tune in next week for an update on the number of sales in South Santa Clara County!

Real estate sales held steady with an impressive number this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  There were 53 residences that went from active to pending status as compared to last week’s 56.  Of all the sales this past week, 47 were single family homes and 6 were townhouses/condominiums.  The highest price listing sold last week was a beautiful listing at 18456 Castle Ridge Drive in Morgan Hill, priced at $1,295,000.  The lowest priced listing sold last week was a short sale condo at 7723 Murray in Gilroy priced at $89,000.  Seventy-three percent of the sales this week were priced under $500,000.

Of these sales, the list price ranges were:

Below $200,000 = 6 sales (11% of total)

$200,000 - $500,000 = 33 sales (62% of total)

$500,000 - $800,000 = 11 sales (21% of total)

$800,000 - $1,200,000 = 2 sales (4% of total)

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

As of March 29, 2009, there are 509 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 323 pending residential listings.  Therefore, 39% of the total listings are pending under contract as of this date - quite a high number.  Many of the pendings are short sales and therefore take a long time to close.  This keeps our pending percentage up artificially high. 

The truly good news is that 27 residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  Twenty-seven properties would comprise 3% of the total active and pending listings and 8% of the pending listings.  This is the largest number of closings in a single week that we have seen in a long time.

Tune in next week for an update on the number of sales in South Santa Clara County!

Wow!  Real estate sales surged this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy!  There were 56 residences that went from active to pending status as compared to last week’s 37.  That is an increase of 34%!  Of all the sales this past week, 54 were single family homes and 2 were townhouses/condominiums.  The highest price listing sold last week was a short sale listing at 18660 Castle Lake Drive in Morgan Hill, priced at $999,999 (originally priced at $1,389,999).  The lowest priced listing sold last week was 1555 Hecker Pass Road #E201 in Gilroy priced at $174,900.  Sixty-nine percent of the sales this week were priced under $500,000.

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (3% of total)

$200,000 - $500,000 = 37 sales (66% of total)

$500,000 - $800,000 = 11 sales (20% of total)

$800,000 - $1,200,000 = 6 sale (11% of total)

As of March 22, 2009, there are 522 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 311 pending residential listings.  Therefore, 37% 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. 

However, only 12 residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  Twelve properties would comprise 1% of the total active and pending listings and 4% of the pending listings.  Hopefully we’ll see a marked increase in these percentages in 30 to 45 days when all of these new pending could potentially close escrow.

Tune in next week for an update on the number of sales in South Santa Clara County!

First-time buyers are being wooed from many different directions these days.  As I discussed in a previous post, the IRS is offering a first-time buyer tax credit to real estate buyers who meet certain stipulations.  In addition to this federal tax credit, Santa Clara County is offering a Mortgage Credit Certificate Program to first-time buyers.  And, as I explain in the federal tax credit post, a first-time buyer is defined as real estate buyers who have not owned a principal residence during the past three years.

A few highlights of the Santa Clara County program:

• It is a dollar for dollar tax credit against the borrower’s federal income tax - currently 15% of the interest paid
• The remaining 85% remains as a standard tax deduction
• The home must be purchased in one of the participating cities in the county - all south county cities are participating
• The home purchased must be owner-occupied
• The buyer’s income cannot exceed $97,800 for 1-2 persons and $112,470 for 3 or more persons
• The MCC Program doesn’t allow co-signers
• Maximum purchase price is limited to $570,000 for resale homes and $630,000 for new construction
• There is a possible recapture tax if the property is sold within the next nine years after purchase
• The County maintains a public list of participating brokers and funding lenders
• Applications for MCC are processed on a first come, first serve basis and there is an application fee of $275

For those interested in taking advantage of the MCC Program, you will want to make sure you are working with a paricipating funding lender.  For recommendations on lenders, call me at 408-892-9015 or email me at GMerrick(at)InteroRealEstate.com.

Real estate sales held steady  this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  There were 37 residences that went from active to pending status and last week there were 39.  Of all the sales this past week, 35 were single family homes and 2 were townhouses/condominiums.  The highest price listing sold last week was a home located at 17027 Heatherwood Way in Morgan Hill, priced at $1,199,950.  The lowest priced listing sold last week was 7468 Church Street, a single family bank-owned home in Gilroy priced at $144,900.  Seventy-five percent of the sales were priced under $500,000.

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (5% of total)

$200,000 - $500,000 = 26 sales (70% of total)

$500,000 - $800,000 = 8 sales (22% of total)

$800,000 - $1,200,000 = 1 sale (3% of total)

As of March 15, 2009, there are 535 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 288 pending residential listings.  Therefore, 35% 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. 

Sixteen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy.  Seventeen properties would comprise 2% of the total active and pending listings and 6% of the pending listings.

Tune in next week for an update on the number of sales in South Santa Clara County!

Most likely you’ve heard about the First-Time Buyer Credit offered through the 2009 Economic Stimulus Package passed by Congress.  But what you may not realize is that even if you owned a home previously, if you haven’t owned your primary residence within the past three years, you are considered a first-time buyer and may apply for the tax credit of $8000.

This tax credit is for $8000 or 10% of the purchase price, which ever is smaller.  In Santa Clara County, chances are that you are not purchasing a residence for less than $80,000 and so will receive the full $8000 credit on your taxes.  The home must be purchased between January 1, 2009 and December 1, 2009, so time is of the essence.  This credit is unlike the 2008 first-time buyer credit in that it does not have to be repaid to the IRS.

Single taxpayers with modified adjusted gross incomes (MAGI) up to $75,000 will receive the full credit.  The credit is reduced proportionally with a MAGI up to $95,000.  Any single taxpayer earning over that will not receive the credit.  Married couples with MAGI up to $150,000 will receive the full credit.  In this case the credit is reduced proportionally with a MAGI up to $170,000.  Married couples earning over $170,000 will not receive the tax credit.

For more information, the National Association of Home Builders provides an informative site:  http://www.federalhousingtaxcredit.com/2009/glance.php

Please consult your tax advisor for more information regarding the tax implications of buying real estate.

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Gretchen Merrick, CRS, GRI Phone:408-892-9015 DRE#:01317499 Intero Real Estate Services gmerrick@interorealestate.com Featured Listings 16868 De Witt Ave Morgan Hill, CA 6 BR | 4.50 BA $0 More Details 1845 Silverwings Ct Morgan Hill, CA 4 BR | 3 BA $1,025,000 More Details 2220 Liberata Dr Morgan Hill, CA 5 BR | 6 BA $2,495,000 More Details

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