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 213 active listings and 80 sale pendings
Gilroy has 235 active listings and 194 sale pendings
San Martin has 41 active listings and 15 sale pendings
Area 1 (all of the above) has 488 active listings and 289 sale pendings.
Inventory is declining which is very unusual for this time of year. I believe a lot of people don’t want to put their home on the market right now and a lot of people can’t because their equity is gone and they owe more than the current market value. The last time the inventory was this low was two years ago (end of March in 2007). However, pending sales are up as well as closed sales. There are a lot of people out there looking for homes right now - be prepared for some competition if you are one of them.
Stay tuned for regular updates!