Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 265 active listings and 57 sale pendings
Gilroy has 336 active listings and 149 sale pendings
San Martin has 43 active listings and 10 sale pendings
Area 1 (all of the above) has 621 active listings and 215 sale pendings
Inventory is going down but sales are actually holding steady. Home sales increased 117.1% in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9% reported by the California Association of Realtors last week. Looking back over this past year for Area 1, the median sales price of a single family home started at $580,00 in January and was $474,000 as of October of 2008.
My 2 Cents – What I question are the amount of sales being reported. While I see that the homes going into contract have greatly increased, the amount of homes actually closing are less than half. And I see that over the entire year. For example, Area one closed with 65 sales for the month (while there are 215 sales pending), San Martin closed 3, Gilroy 46 and Morgan Hill had 17 closed transactions. Don’t you think that is interesting? What is happening to all the sales that aren’t closing? I’m grateful that I do my own tracking and don’t depend on published statistics. Let me know if there is an area or specific statistic you are interested in.
Stay tuned for regular updates!