South County Real Estate Sales Week of January 12 – 18, 2009

The number of residential sales increased again this week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy, but 71% of the sales were for real estate priced below $500,000.  Last week there were 41 residences that went from active to pending status.  Of these, 33 were single family homes and 8 were townhouses/condominiums.  This is the largest number of condo sales in one week in our area since I began writing this weekly post.

The large number of residential sales last week isn’t surprising considering that we currently have the trifecta of historically low mortgage interest rates for loans under $625,500, very low real estate prices for south county, and many active real estate listings for buyers to choose from.

Of these sales, the list price ranges were:

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

$200,000 – $500,000 = 29 sales (71% of total)

$500,000 – $800,000 = 9 sales (22% of total)

$800,000 – $1,200,000 = 0 sales

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

As of January 18, 2009, there are 595 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 227 pending residential listings.  Therefore, 28% 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!