South County Real Estate Sales Week of January 5 – 11, 2009

Buyers came back in full force for the new year in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy.  Last week there were 33 residences that went from active to pending status.  Of these, 30 were single family homes and 3 were townhouses/condominiums. 

Of these sales, the list price ranges were:

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

$200,000 – $500,000 = 20 sales (61% of total)

$500,000 – $800,000 = 7 sales (21% 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 January 11, 2009, there are 590 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 223 pending residential listings.  Therefore, 27% 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. 

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