Sales were robust last week in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy for this time of year. There were 28 residences that went from active to pending status. Of these, 27 were single family homes and 1 was a condominium. Last week marks the first time we've had a sale over $2,000,000 since I started my weekly sales blog post last August. Although sales of homes priced over $2,000,000 used to be fairly common in our area during the peak of the real estate market several years ago, they aren't nearly so common at this time.
Of these sales, the list price ranges were:
Less than $200,000 = 1 sale (4% of total)
$200,000 - $500,000 = 16 sales (57% of total)
$500,000 - $800,000 = 6 sales (21% of total)
$800,000 - $1,200,000 = 4 sales (14% of total)
$1,200,000 - $2,000,000 = 0 sales
over $2,000,000 = 1 sale (4% of total)
As of December 7, 2008, there are 677 residential listings active on the market in Morgan Hill, San Martin and Gilroy, and 230 pending residential listings. Therefore, 25% of the total listings are pending under contract as of this date, still a healthy number for this time of year. 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!
http://southcountyrealestatetoday.com/2008/12/08/south-county-sales-week-of-december-1-7-2008/
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