Diane Kawell, an award-winning Realtor in the Tacoma/Seattle area of Washington, mentioned in a comment on my previous post that 44% of all residential real estate sales in her area were distressed sales, i.e. sold listings that are short sales or bank-owned REOs.  This made me curious about what the numbers are in our south Santa Clara County area.

I looked at each community of Morgan Hill, Gilroy and San Martin separately for single family home and condo/townhouse listings sold on the MLS within the past 365 days.  Here is what I found:

Morgan Hill:  total sales = 444,  distressed sales = 231,  percentage distressed = 52%

Gilroy:  total sales =  659,  distressed sales = 491,  percentage distressed = 75%

San Martin:  total sales = 36,  distressed sales = 23,  percentage distressed = 64%

I was somewhat surprised at the large percentage numbers.  Buyers are buying “the deals” and the price discounts on distressed properties are very attractive.  I suppose that I should have been expecting these large percentages.  When I look back at the real estate properties that I sold within the past 365 days, 55% of those properties were either short sales or REOs.

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In between rainstorms, you may want to do a little house shopping today.  How is the current residential real estate market doing in the towns of Morgan Hill, San Martin and Gilroy?  Let’s look at single family residence listings and condo/townhouse listings as of today and compare it to one year ago.

Morgan Hill:  January 2010:  Active listings - 128, Pending listings - 118, versus January 2009:  Active listings - 275, Pending listings - 68

Gilroy:  January 2010:  Active listings - 113, Pending listings - 196, versus January 2009:  Active listings - 385, Pending listings - 152

San Martin:  January 2010:  Active listings - 23, Pending listings - 18, versus January 2009:  Active listings - 44, Pending listings - 11

In the cases of Morgan Hill and Gilroy, inventory is far below half the amount of what it was one year ago.  San Martin is right about at half.

An overall graph showing the current inventory of all of the three south county communities over a two-year time frame is shown below.  The listing numbers include both single family residences and condominium/townhouses.  South Santa Clara County inventory peaked during May of 2008 at 901 total active listings as compared to today with a total of 264 active listings.  Wow.

Also in the graph below you can also see the nose-dive of the median price of listings.  The graph only depicts single family residence median prices which were $702,450 in January of 2009 and currently are $445,000.  Days on Market has remained steady ranging between 98 to 150 days during this two-year period.

As I have mentioned in many of my previous blog posts, the high Pending listings number is indicative of the large number of pending short sale listings in our area.  These listings remain at pending status for many months while the short sale lenders determine whether they’ll give short sale approval.

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Two high-priced properties went under contract in South County last week.  16367 Reynolds Drive in Morgan Hill, priced at $2,995,000, is a spectaular single-story home located on a prestigious street in the Paradise Valley area of Morgan Hill.

This 5125 square foot home is located on 1.8 beautifully landscaped acres and has 4 bedrooms and 4 bathrooms.  A gorgeous kitchen is situated in the midst of all the activity.  The family room boasts open hand-hewed ceiling beams.  The huge master suite features a fireplace and retreat.  The library, wine room and pool table room with wet bar create several spaces for entertaining and relaxing.  The backyard also features areas for entertaining including an expansive outdoor dining pavilion with wood fireplace, pizza oven and kitchen.  There are formal gardens, along with a custom pool and spa.  The real slate roof is another high-end feature on this one-of-a-kind wonderful custom home.

15175 Sycamore Drive, Morgan Hill priced at $2,750,000, also sold last week.  An equally spectacular property, this home is 6921 square feet located on 5 level acres and is in the Paradise Valley area of Morgan Hill as well.

This Tuscan inspired villa features all the amenities to be expected in this type of custom estate.  The main home is 6300 square feet and includes 4 bedr00ms, 2 offices, 5 full baths, and 2 powder rooms. The detached pool house is 990+ square feet with a full kitchen and full bath. There is parking for 8 cars, a 580 square foot gym/game room with a 1/2 bathroom and a separate workshop.

These two high-priced real estate sales last week are remarkable in that there have only been two closed home sales during all of 2009 that were priced over $2 million.

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What’s been the trend in sales prices for south Santa Clara County real estate?  I’ll break it down by city looking at detached single family residences:

Morgan Hill median Sold Prices, down 31% August ‘08 vs. August ‘09:

Gilroy median Sold Prices August ‘08 vs. August ‘09 down 9%:

San Martin median Sold Prices, down 58% August ‘08 vs. August ‘09:

gilroy home house Morgan Hill price pricing real estate residential residents San Martin sold

2009 Academic Performance Index (API) scores are now available.  How did the Morgan Hill Unified and Gilroy Unified School Districts perform?

 MORGAN HILL UNIFIED

Elementary School

• Barrett     801
• Burnett     723
• Charter School     881
• El Toro     763
• Jackson     794
• Los Paseos     808
• Nordstrom     871
• P.A.Walsh     731
• Paradise Valley     870
• San Martin/Gwinn     768

Junior high school

• Britton     755
• Martin Murphy     743

High school

• Sobrato     770
• Live Oak     719
• Central Continuation     556

GILROY UNIFIED

Elementary School

• Antonio Del Buono     767
• El Roble     767
• Eliot     780
• Glen View     757
• Las Animas     814
• Luigi Aprea     857
• Rod Kelly     766
• Rucker     785

Middle school

• Brownell     751
• Solorsano     810
• South Valley     738

High school

• Gilroy High    Not Available
• Gilroy Early College Acad.     894
• MACSA El Portal Leadership Academy     520
• Mt. Madonna     531

Above information taken from the San Jose Mercury News 9/16/2009.

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Sales remained steady in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy during the week of September 14 through September 20.  There were 33 residences that went from active to pending status as compared to the previous week’s 31.  This is down from the typical number of sales this summer when weekly sales numbered in the 40s.  Of all the sales this past week, 29 were single family homes and 4 were townhouses/condominiums. 

The highest priced listing sold last week was 1026 Llagas Road in Morgan Hill, a 4,893 s.f. bank-owned home on a 90,604 s.f. lot priced at $899,000.  This home had been on the market for 44 days. 

The lowest priced listing sold last week was also a bank-owned condo at 7598 Monterey Street in Gilroy, a one bedroom/one bathroom priced at $78,900.  This 3 year old property had been on the market for 54 days.

Seventy-three percent of the sales this week were priced under $500,000 and only 6% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 5 sales (15% of total)

$200,000 - $500,000 = 19 sales (58% of total)

$500,000 - $800,000 = 7 sales (21% of total)

$800,000 - $1,200,000 = 2 sale (6% of total)

As of September 20, 2009, there are 287 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 378 pending residential listings.  Therefore, 57% 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. 

Only 15 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 19 weeks to sell all south county listings.  Therefore, as of this past week, we have 4.8 months supply of inventory. 

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

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Real estate sales numbered 31 in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy during the week of September 7th through 13th.  There were 31 residences that went from active to pending status and the majority of these sales were in the low price ranges.  Of all the sales this past week, 26 were single family homes and 5 condos a townhouses/condominiums.  The highest priced listing sold last week was 1955 Killarney Court in the Eagle Ridge community Gilroy, a 4729 s.f. home on a 14,195 s.f. lot priced at $999,000.  The lowest priced listing sold last week was at 1221 Juniper Drive #E in Gilroy, a 864 s.f. regular sale condo priced at $125,000.  A whopping 84 percent of the sales this week were priced under $500,000 and only 3% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 5 sales (16% of total)

$200,000 - $500,000 = 21 sales (68% of total)

$500,000 - $800,000 = 4 sales (13% of total)

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

As of September 13, 2009, there are 289 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 376 pending residential listings.  Therefore, 57% 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. 

Thirteen 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 22.2 weeks to sell all south county listings.  Therefore, as of this past week, we have 5.5 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

Sales held steady this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 32 residences that went from active to pending status as compared to the previous week’s 33.  Of all the sales this past week, 31 were single family homes and 1 was a condominium.  The highest priced listing sold last week was 10748 Green Valley in Gilroy, a 3971 s.f. home on a 2.5 acres priced at $1,299,000.  It had been on the market for 128 days.  The lowest priced residence sold last week was a condo in Gilroy at 1221 Juniper Drive #E, a 864 s.f. home priced at $125,000.  Only 50 percent of the sales this week were priced under $500,000 and 9% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 6 sales (19% of total)

$200,000 - $500,000 = 10 sales (31% of total)

$500,000 - $800,000 = 13 sales (41% 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 August 30, 2009, there are 282 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 367 pending residential listings.  Therefore, 57% 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. 

Twenty-four 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 11.7 weeks to sell all south county listings.  Therefore, as of this past week, we have 3 months supply of inventory. 

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

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Real estate sales numbered 33 in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy during the week of August 17 through August 23.  There were 33 residences that went from active to pending status.  Of all the sales this past week, 32 were single family homes and 1 was a townhouses/condominiums.  The highest priced listing sold last week was my listing at 1845 Silverwings Court in Morgan Hill, a 3200 s.f. home on a 15,246 s.f. lot priced at $1,025,000.  This short sale home sold quickly in 24 days.  The lowest priced listing sold last week was a home at 256 2nd Street in Gilroy, a 842 s.f. on 2100 s.f. lot priced at $134,500.  Fifty-eight percent of the sales this week were priced under $500,000 and 9% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 3 sales (9% of total)

$200,000 - $500,000 = 16 sales (49% of total)

$500,000 - $800,000 = 11 sales (33% of total)

$800,000 - $1,200,000 = 3 sales (9% of total)

As of August 23, 2009, there are 291 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 368 pending residential listings.  Therefore, 56% 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. 

Twenty-four 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 12.1 weeks to sell all south county listings.  Therefore, as of this past week, we have 3 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

Sales remained steady in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy during the week of July 27 through August 2.  There were 41 residences that went from active to pending status as compared to the previous week’s 42.  Of all the sales this past week, 37 were single family homes and 4 were townhouses/condominiums.  The highest priced listing sold last week was 18655 Castle Lake Drive in Morgan Hill, a 5,535 s.f. home on a 44,431 s.f. lot priced at $1,350,000.  This home had been on the market for 246 days.  The lowest priced listing sold last week was a rural home at 6760 Croy Road in Morgan Hill, a 1812 s.f. on about 10 acres priced at $169,900.  This home had been on the market for 230 days.  Seventy-three percent of the sales this week were priced under $500,000 and 7% were above $800,000. 

Of these sales, the list price ranges were:

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

$200,000 - $500,000 = 28 sales (68% of total)

$500,000 - $800,000 = 8 sales (20% of total)

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

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

As of August 2, 2009, there are 314 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 356 pending residential listings.  Therefore, 53% 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 10.5 weeks to sell all south county listings.  Therefore, as of this past week, we have 2.6 months supply of inventory. 

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

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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 $849,999 More Details 1845 Silverwings Ct Morgan Hill, CA 4 BR | 3 BA $1,025,000 More Details

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