Chicago Title Statistic Update –
There are currently 288 single family homes actively on the market in Morgan Hill. 57 homes are pending sale (currently in contract) equaling 17% of the market. Out of those totals, there are 54 Short Sale properties with 25 pending sales. REOs have an inventory of 36 listings with 16 pending sales.
Also (and I think this is very important to note), 14 transactions closed this past week in Morgan Hill. Out of those 14, 3 were Short Sales and 7 were REOs.
There are currently 358 single family homes actively on the market in Gilroy. 148 homes are pending sale equaling 29% of the market. Out of those totals, there are 131 Short Sales with 59 pending sales. REOs have an inventory of 87 listings with 55 pending sales.
In Gilroy, 32 transactions closed including 8 Short Sales and 16 REO properties.
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 current week.
My 2 Cents once again – I think it is important to note that although there has been a healthier proportion of homes going into contract, there is a smaller percentage that are actually closing. I have been monitoring these numbers for several years and was struck by the discrepancy. I was mostly reporting them to my clients on a monthly basis but it’s interesting to see it on a weekly basis as I’ve shown here.