South County Real Estate Today

South County Real Estate Sales Week of June 22 - 28, 2009

Gretchen Merrick — Thu, 02 Jul 2009 01:08:55 +0000

Sales perked up this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 39 residences that went from active to pending status as compared to last week’s 33. Of all the sales this past week, 38 were single family homes and 1 was a townhouse/condominium. The highest priced listing sold last week was 2400 McDonald Lane in Morgan Hill, a 7550 s.f. home on 21 acres and priced at $2,950,000 (down from the initial list price of $4,350,000) that had been on the market for 390 days. The lowest priced listing sold last week was a bank-owned single family residence at 534 Hoover Court in Gilroy, 1036 s.f. and priced at $165,000. Fifty-seven 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 = 3 sales (8% of total)

$200,000 - $500,000 = 19 sales (49% of total)

$500,000 - $800,000 = 13 sales (33% of total)

$800,000 - $1,200,000 = 3 sales (8% of total)

$1,200,000 - $2,000,000 = 0 sales (0% of total)

$2,000,000+ = 1 sale (2% of total)

As of June 28, 2009, there are 329 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 375 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-eight 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 11.75 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!

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

Gretchen Merrick — Wed, 24 Jun 2009 14:24:56 +0000

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!

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

Gretchen Merrick — Tue, 16 Jun 2009 22:12:46 +0000

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!

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

Gretchen Merrick — Tue, 09 Jun 2009 03:30:23 +0000

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!

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South County Real Estate Sales Week of May 25 - 31, 2009

Gretchen Merrick — Wed, 03 Jun 2009 23:52:18 +0000

Residential real estate sales dropped slightly this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 42 residences that went from active to pending status as compared to last week’s 47. Of all the sales this past week, 40 were single family homes and 2 were townhouses/condominiums. The highest priced listing sold last week was 19051 Clayton Avenue in the northern portion of Morgan Hill, a 3090 sq.ft. home on a 22,000 s.f. lot priced at $1,199,000. The lowest priced listing sold last week was a bank-owned home at 23 Carlyle Court in Gilroy priced at $148,500. Sixty-six percent of the sales this week were priced under $500,000 and 10% were above $800,000.

Of these sales, the list price ranges were:

Below $200,000 = 5 sales (11% of total)

$200,000 - $500,000 = 23 sales (55% of total)

$500,000 - $800,000 = 10 sales (24% of total)

$800,000 - $1,200,000 = 4 sales (10% of total)

As of May 31, 2009, there are 355 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 394 pending residential listings. Therefore, 53% of the total listings are pending under contract as of this date. Once again, this is a record amount! 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 16.14 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!

South County Real Estate Sales Week of May 18 - 24, 2009

Gretchen Merrick — Tue, 26 May 2009 22:34:29 +0000

Residential real estate sales remained steady this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 47 residences that went from active to pending status as compared to last week’s 45. Of all the sales this past week, 44 were single family homes and 3 were townhouses/condominiums. The highest priced listing sold last week was 1645 Cochrane Road in Morgan Hill, a 3806 sq.ft. home on a one acre property priced at $1,595,000. The lowest priced listing sold last week was a bank-owned home at 525 Grant Court in Gilroy priced at $139,000. Sixty percent of the sales this week were priced under $500,000 and 8% were above $800,000.

Of these sales, the list price ranges were:

Below $200,000 = 6 sales (13% of total)

$200,000 - $500,000 = 22 sales (47% of total)

$500,000 - $800,000 = 15 sales (32% of total)

$800,000 - $1,200,000 = 3 sales (6% of total)

$1.200,000 - $2,000,000 = 1 sale (2% of total)

As of May 24, 2009, there are 381 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, 50% of the total listings are pending under contract as of this date. This is a record amount! 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-five 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 15.24 weeks to sell all south county listings. Therefore we have 3.8 months supply of inventory.

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

South County Real Estate Sales Week of May 11 - 17, 2009

Gretchen Merrick — Wed, 20 May 2009 01:53:45 +0000

Forty-five residences went from active to pending status this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Because I escaped on vacation last week, I will not be comparing this week to the past week, but feel free to look through all of my previous Sales posts to compare and contrast. Of all the sales this past week, 41 were single family homes and 4 were townhouses/condominiums. The highest priced listing sold last week was 1511 Morning Star Drive in Morgan Hill, a 2850 sq.ft. home with a beautiful backyard priced at $999,999. The lowest priced listing sold last week was a short sale home at 104 Lilly Avenue in Gilroy priced at $158,400. Sixty-nine percent of the sales this week were priced under $500,000 and only 2% were above $800,000.

Of these sales, the list price ranges were:

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

$200,000 - $500,000 = 29 sales (65% of total)

$500,000 - $800,000 = 13 sales (29% of total)

$800,000 - $1,200,000 = 1 sale (2% of total)

As of May 17, 2009, there are 398 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 379 pending residential listings. Therefore, 49% of the total listings are pending under contract as of this date. Many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.

Twenty-four 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 16.6 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!

Santa Clara County Real Estate Pendings Versus Actives

Gretchen Merrick — Fri, 08 May 2009 13:29:01 +0000

The graph above of Santa Clara County residential real estate transactions visually tells the story of our bumpy ride the past five years. At the far right of the graph, you’ll see 05/01/09. Notice how the pink line (pending single family residence listings) and the blue line (active single family listings) are approaching each other. That’s a good thing! We are approaching a much more balanced market.

Now notice one year previous, May of 2008. The blue and the pink line have a huge gap between them. Listings pending under contract were rarer at that time, but the active listings were plentiful. Can you say buyer’s market? Now glance back to the left of the graph for the years 2004, 2005 and roughly the first half of 2006. This shows that the pending sales were right on par with the active listings. Very much a seller’s market because there was a small supply of homes available and there was a large demand.

This graph tells the story visually of how market conditions effect can effect pricing, days on market and other real estate metrics.

South County Real Estate Sales Week of April 27 - May 3, 2009

Gretchen Merrick — Tue, 05 May 2009 03:43:01 +0000

The pace of selling residential real estate remained brisk this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 49 residences that went from active to pending status as compared to last week’s 52. Of all the sales this past week, 44 were single family homes and 5 were townhouses/condominiums. The highest priced listing sold last week was 9568 Estates Drive in Gilroy, a remodeled 3756 sq.ft. home on a 5 acre property priced at $1,189,000. The lowest priced listing sold last week was a short sale home at 8887 Lilly Avenue in Gilroy priced at $139,000. Sixty-nine percent of the sales this week were priced under $500,000 and only 2% were above $800,000.

Of these sales, the list price ranges were:

Below $200,000 = 6 sales (12% of total)

$200,000 - $500,000 = 28 sales (57% of total)

$500,000 - $800,000 = 14 sales (29% of total)

$800,000 - $1,200,000 = 1 sale (2% of total)

As of May 3, 2009, there are 419 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 373 pending residential listings. Therefore, 47% of the total listings are pending under contract as of this date. Many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.

Twenty-six 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!

$10,000 Credit for Purchasing New Construction

Gretchen Merrick — Sat, 02 May 2009 16:17:36 +0000

I am working with a first-time buyer family who is considering purchasing new construction as their primary residence. I advised them to look into the $10,000 tax credit offered by the State of California Franchise Tax Board. For all the info and requirements click on this Franchise Tax Board webpage. There is no income limitation on this tax credit.

One of the most important aspects of this credit to keep in mind is that it must be applied for within one week of close of escrow. This credit is limited to the first 10,000 new construction homes sold in California between March 1, 2009 and March 1, 2010. It is given on a first-come first-served basis. As of this morning when I checked the Franchise Tax Board link given above, there were 4,880 applications received by the Board, and it’s only May 2nd. Better hurry if you want to take advantage of this!

1. The $10,000 tax credit is not a loan and if the home remains your primary residence for 2-years, you do not have to pay any portion of the tax credit back.

2. The tax credit is for new homes only.

3. The tax credit is good for 5% of the home’s price or $10,000, whichever is less.

4. Home buyers will receive the tax credit, in equal amounts, over 3-years.

5. Unlike the $8,000 federal tax credit, the California state tax credit is not limited to first-time home buyers.

6. There are no maximum income limitations so any buyer purchasing a previously unoccupied home can qualify for the tax credit.

7. The tax credit only applies if the purchased home is your primary residence.

8. There is no down payment requirement to receive the $10,000 tax credit.

9. The $10,000 state tax credit can be used along with the $8,000 federal tax credit for home buyers. If you’re a first-time home buyer, and you purchase a new home in California that costs more than $200,000, you’ll get $18,000 in tax credits.

10. The tax credit is limited to the first 10,000 new home purchases.