Percentage of Distressed Sales in South County
Date: Sunday January 24, 2010Posted in: real estate, short sales, Morgan Hill, San Martin, Gilroy, foreclosure, bank-owned
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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Shopping for South Santa Clara County Real Estate?
Date: Saturday January 23, 2010Posted in: real estate, Morgan Hill, San Martin, Gilroy, housing inventory
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.
South County Real Estate Sales Week of May 11 - 17, 2009
Date: Tuesday May 19, 2009Posted in: real estate, Morgan Hill, San Martin, Gilroy, statistics
Forty-five residences went from active to pending status this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Because I escaped on vacation last week, I will not be comparing this week to the past week, but feel free to look through all of my previous Sales posts to compare and contrast. Of all the sales this past week, 41 were single family homes and 4 were townhouses/condominiums. The highest priced listing sold last week was 1511 Morning Star Drive in Morgan Hill, a 2850 sq.ft. home with a beautiful backyard priced at $999,999. The lowest priced listing sold last week was a short sale home at 104 Lilly Avenue in Gilroy priced at $158,400. Sixty-nine percent of the sales this week were priced under $500,000 and only 2% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 2 sales (4% of total)
$200,000 - $500,000 = 29 sales (65% of total)
$500,000 - $800,000 = 13 sales (29% of total)
$800,000 - $1,200,000 = 1 sale (2% of total)
As of May 17, 2009, there are 398 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 379 pending residential listings. Therefore, 49% 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 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 16.6 weeks to sell all south county listings. Therefore we have 4 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
condominiums escrow gilroy morgan hill previous sales price ranges real estate listings residential listings santa clara county san martin single family south santa clara south santa clara countySouth County Real Estate Sales Week of April 27 - May 3, 2009
Date: Monday May 4, 2009Posted in: real estate, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales
The pace of selling residential real estate remained brisk this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 49 residences that went from active to pending status as compared to last week’s 52. Of all the sales this past week, 44 were single family homes and 5 were townhouses/condominiums. The highest priced listing sold last week was 9568 Estates Drive in Gilroy, a remodeled 3756 sq.ft. home on a 5 acre property priced at $1,189,000. The lowest priced listing sold last week was a short sale home at 8887 Lilly Avenue in Gilroy priced at $139,000. Sixty-nine percent of the sales this week were priced under $500,000 and only 2% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 6 sales (12% of total)
$200,000 - $500,000 = 28 sales (57% of total)
$500,000 - $800,000 = 14 sales (29% of total)
$800,000 - $1,200,000 = 1 sale (2% of total)
As of May 3, 2009, there are 419 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 373 pending residential listings. Therefore, 47% 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 keeps our pending percentage up artificially high.
Twenty-six 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 16.1 weeks to sell all south county listings. Therefore we have 4 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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