South County Real Estate Sales Week of June 15 – 21, 2009

Sales slowed up a bit this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy but many of the homes sold had been on the market at least 100 days – so sellers take heart and hang in there!  There were 33 residences that went from active to pending status as compared to last week’s 46.  Of all the sales this past week, 30 were single family homes and 3 were townhouses/condominiums.  The highest priced listing sold last week was 3480 Bluegrass Court in Morgan Hill, a 2630 s.f. home on a 28,750 s.f. lot in Holiday Lake Estates priced at $950,000 that had been on the market for 395 days.  The lowest priced listing sold last week was a bank-owned condo at 1271 Juniper Dr. #9 in Gilroy, a 742 s.f. condo priced at $98,000 (below $100,000!)  Sixty percent of the sales this week were priced under $500,000 and10% were above $800,000. 

Of these sales, the list price ranges were:

Below $200,000 = 4 sales (12% of total)

$200,000 – $500,000 = 16 sales (48% of total)

$500,000 – $800,000 = 10 sales (30% of total)

$800,000 – $1,200,000 = 3 sales (10% of total)

As of June 21, 2009, there are 332 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy.  There are currently 380 pending residential listings.  Therefore, 53% 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-nine 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 11.45 weeks to sell all south county listings.  Therefore, as of this past week, we have 3 months supply of inventory. 

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