Interesting (and a little more detailed) Statistics –
There are currently 286 single family homes on the market in Morgan Hill. 66 homes are pending sale (currently in contract) equaling 23% of the market. Out of those totals, there are 50 Short Sale properties with 27 pending sales equaling 54% of the Short Sale market. REOs have an inventory of 34 listings with 18 pending sales totaling 53% of the REO market.
There are currently 358 single family homes on the market in Gilroy. 158 homes are pending sales equaling 45% of the market. Out of those totals, there are 122 Short Sales with 67 pending sales equaling 55% of the Short Sale market. REOs have an inventory of 88 listings with 59 pending sales totaling 67% of the REO market.
Chicago Title has been my title company of choice for many years. They have provided me with the above statistics regarding the percentage of homes selling, including breaking it down amongst Short Sales (transactions where the loan amount is greater than the current value of a home) and REOs (bank owned property). These statistics are from this week.