Who’s Selling Luxury Real Estate in South County?

Date: Monday May 10, 2010
Posted in: South Santa Clara County, luxury real estate

Within the past year, which local real estate company was involved in the vast majority of residential real estate sales in south Santa Clara County that sold for over $1,300,000? Intero Real Estate Services sold most of the high-end homes in the towns of Morgan Hill, Gilroy and San Martin.  In the past year, there have been 15 residences that sold for over $1,300,000.  Of those 15, Intero Real Estate Services represented either the buyer, the seller or both in 13 of the transactions.  Thirteen out of fifteen.  Intero dominates in the luxury real estate market in South Santa Clara County.

15175 Sycamore Dr., Morgan Hill, CA

Other real estate companies like to profess that they are more qualified to sell luxury real estate, but actions speak louder than words.


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Percentage of Distressed Sales in South County

Date: Sunday January 24, 2010
Posted 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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South County Real Estate Sales Week of May 11 - 17, 2009

Date: Tuesday May 19, 2009
Posted 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!


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South County Real Estate Sales Week of April 27 - May 3, 2009

Date: Monday May 4, 2009
Posted 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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