South County Real Estate Sales Week of June 1 – 7, 2009

This past week saw a decline in the number of sales in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy, possiblya reaction to the jump in interest rates several weeks ago. There were 32 residences that went from active to pending status as compared to last week’s 42.  Of all the sales this past week, 28 were single family homes and 4 were townhouses/condominiums.  The highest priced listing sold last week was 1610 Arguello Court in Morgan Hill, a 4059 s.f. home on a 18,360 s.f. lot priced at $1,275,000 and a former Alicante model home.  The lowest priced listing sold last week was a bank-owned single family home at 7361 Eigleberry Street in Gilroy, a 1856 s.f. 3/2 home on a 7000 s.f. lot priced at $146.200.  Gilroy has some great bargains these days.  Sixty-nine percent of the sales this week were priced under $500,000 and 12% were above $800,000. 

Of these sales, the list price ranges were:

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

$200,000 – $500,000 = 19 sales (60% of total)

$500,000 – $800,000 = 6 sales (19% of total)

$800,000 – $1,200,000 = 3 sales (9% of total)

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

As of June 7, 2009, there are 354 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 382 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-two 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!