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 220 active listings and 61 sale pendings
Gilroy has 273 active listings and 153 sale pendings
San Martin has 39 active listings and 11 sale pendings
Area 1 (all of the above) has 525 active listings and 223 sale pendings
We continue to be down in inventory but holding steady in sales. Interest rates are also holding steady with some fluctuation. Distress properties continue to drive home sales in Santa Clara County and other parts of the state. Countrywide we have about 30 percent of our inventory under contract as compared to the 12 percent at the same time last year. Although when I check the statistics on what is actually closing, the monthly figures are still pretty low. Last month, only 14 homes closed in Morgan Hill, 44 homes closed in Gilroy, 1 home closed in San Martin and 59 homes total closed in Area 1. So what is happening to the rest of the pending sales? Could be they are just taking a long time due to short sales and financing taking longer but it could also be that a lot of these pending sales aren’t closing. However, compared to last year the market definitely has more activity and closed sales.
Stay tuned for regular updates!