South County Real Estate Sales Week of June 8 – 14, 2009

Sales jumped up this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy, although no homes priced above $900,000 were sold. There were 46 residences that went from active to pending status as compared to last week’s 32.  Of all the sales this past week, 39 were single family homes and 7 were townhouses/condominiums.  The highest priced listing sold last week was 18175 Carriage Drive in Morgan Hill, a 3728 s.f. home priced at $899,000 that had been on the market for 343 days.  The lowest priced listing sold last week was a bank-owned condo at 7598 Monterey Street, #260 in Gilroy, a 706 s.f., 3 year old condo priced at $110,000 and located in the new mixed used development in downtown Gilroy.  Sixty-three percent of the sales this week were priced under $500,000 and only 4% were above $800,000. 

Of these sales, the list price ranges were:

Below $200,000 = 2 sales (4% of total)

$200,000 – $500,000 = 27 sales (59% of total)

$500,000 – $800,000 = 15 sales (33% of total)

$800,000 – $1,200,000 = 2 sales (4% of total)

As of June 7, 2009, there are 336 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 388 pending residential listings.  Therefore, 54% 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. 

Seventeen 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 19.8 weeks to sell all south county listings.  Therefore we have 5 months supply of inventory. 

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