Lower priced listings sold robustly in our area of the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 39 residences that went from active to pending status. Of these, 37 were single family homes and 2 were townhouses/condominiums. The number of active listings in our area was reduced by 30 since last week! Many sellers choose to remove their listings from active status during the winter holiday season.
Of these sales, the list price ranges were:
$200,000 - $500,000 = 28 sales (72% of total)
$500,000 - $800,000 = 6 sales (15% of total)
$800,000 - $1,200,000 = 4 sales (10% of total)
$1,200,000 - $2,000,000 = 0 sales
over $2,000,000 = 1 sale (3% of total)
As of December 21, 2008, there are 638 residential listings active on the market in Morgan Hill, San Martin and Gilroy - a drop of 30 active listing since last week, and 233 pending residential listings. Therefore, 27% 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/2008/12/23/south-county-sales-week-of-december-15-21-2008/
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