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!

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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!

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 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

Sales increased by one this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 37 residences that went from active to pending status as compared to last week’s 36.  Of all the sales this past week, 34 were single family homes and 3 were townhouses/condominiums.  The highest priced listing sold last week was 18241 Llagas Creek Drive in Morgan Hill, a 3441 s.f. home on a 20,037 s.f. lot and priced at $1,014,000, down from the original $1,139,000 price when listed 125 days prior.  The lowest priced listing sold last week was a bank-owned home in the senior community of Village Green, 7745 Isabella Way in Gilroy, a 818 s.f. home priced at $198,000 and 12 days on the market.  Sixty-two percent of the sales this week were priced under $500,000 and 11% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 1 sale (3% of total)

$200,000 - $500,000 = 22 sales (59% of total)

$500,000 - $800,000 = 10 sales (27% of total)

$800,000 - $1,200,000 = 4 sales (11% of total)

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

The number of active listings went down and pending sales rose.  As of July 12, 2009, there are 326 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 360 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. 

Sixteen 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 20 weeks to sell all south county listings.  Therefore, as of this past week, we have 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 increased slightly this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 36 residences that went from active to pending status as compared to last week’s 33.  Of all the sales this past week, 32 were single family homes and 4 were townhouses/condominiums.  The highest priced listing sold last week was 15440 Carey Lane in San Martin, a 7525 s.f. home on an approximately 3 acre lot and priced at $1,699,000.  This home is a short sale.  The lowest priced listing sold last week was a short sale condominium at 7705 Murray Avenue in Gilroy, 908 s.f. home priced at $85,000.  Fifty percent of the sales this week were priced under $500,000 and 6% were above $800,000. 

Of these sales, the list price ranges were:

Less than $200,000 = 5 sales (14% of total)

$200,000 - $500,000 = 13 sales (36% of total)

$500,000 - $800,000 = 16 sales (44% of total)

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

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

This is the first week in quite a while that the number of active listings rose and the number of pending sales dropped.  As of July 12, 2009, there are 333 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 357 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. 

Twenty-three 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 14.5 weeks to sell all south county listings.  Therefore, as of this past week, we have 3.6 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

For months now, I’ve been stating in my weekly sales blogposts that many of the pending real estate listings reported are short sales and therefore take a long time to close.  This keeps our listings that are pending under contract percentage up artificially high because those listings stay at the pending status month after month.  And the number of listings that actually close escrow remains low in comparison.

There are several reasons the pending sales numbers are high but actual closed escrow numbers are not.  This was pointed out to me by a southern California colleague, Michelle Silverman, a Realtor in La Jolla, California. 

Michelle recently shared this Wall Street Journal blog post, Three Reasons Pending Sales Isn’t a Reliable Indicator.   The article discusses three reasons homes on the real estate market don’t close escrow after getting into contract.  One of the reasons is the one I state week after week, short sale pending contracts.  While the buyer and the seller wait for the seller’s short sale lender to approve the offer, the home sits in pending status on the multiple listing service.  Often the transaction falls through because the buyer gets frustrated with waiting for months and finds another home to purchase and sometimes the short sale lender does not approve the offer.

Another reason that homes under contract don’t close escrow is that mortgage rates have gone up, albeit a small amount.  However this raise in rates can knock out buyers who qualified at a certain interest rate when they first began their home search.  They aren’t able to go through with the purchase because now they don’t qualify for the higher monthly payment.  Buyers may also choose not to purchase due to the higher interest rates.

And the third reason pending sales don’t close escrow as discussed in the WSJ blog has to do with the latest difficulty besetting the real estate market:  appraisals.  There is a new law, The Home Valuation Code of Conduct, or HVCC, adopted May 1, 2009.  The law was formulated to elevate the independence and accuracy of the appraisal process.  To keep influence low, lenders are now required to use appraisal management companies.  In theory, this should be a positive move.  In actuality, many of the appraisers hired by the appraisal management companies don’t come from the area where the property is located and sometimes don’t even have access to the local MLS.   For example, I’ve heard of ill-informed appraisers using property sold in Gilroy as a comparable sale for property in Morgan Hill.  Some sales are falling through at the last minute due to under-valued appraisals.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

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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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