Gilroy, CA

Life in Eagle Ridge is great!

We are enjoying life here in Eagle Ridge very much.

We are cruising on the "Eagle Ridge Cruise" as some of my neighbors are referring to the many summer month activities. There are many opportunities here for family activities. Not only does Eagle Ridge offer golf, tennis courts, basketball courts, pool, walking and hiking trails, it is also close to beaches, wineries, and shopping.

We planned to go to Malibu on our only family summer vacation this weekend. We were looking forward to this trip, all packed and on our way, however, our oldest who was scheduled to work July 4th was not able to find a sub for his shift. We canceled our trip and returned home unpacked the car and started our vacation in Eagle Ridge.

We are only a short drive away from the beaches in Monterey and Carmel, our favorite beach because we can all be together including our beloved golden retriever. Santa Cruz beach and boardwalk are just a short scenic drive (50 minutes) from Eagle Ridge. The weather was perfect in Carmel yesterday. The waves were great and the dolphins plentiful. Carmel is always a busy place with locals and tourists alike. It offers great dining, lodging and shopping. After a day at the beach we washed up and had dinner on the patio by the fire pit at The Forge at the Forest where they even have a menu for our Golden Retriever.

And just this morning, as we do almost daily, we bike to the new baseball park here in Gilroy an easy 9 mile bike ride.

Creekside in Eagle Ridge is sold out.

All homes that have been in inventory for the last two years are now sold. The California tax credit of $10,000 for new construction purchases may have helped moving these homes.

Shapell has started construction on four new homes which will be released in July of 2009. Prices are not set yet but will range in the high $600,000s or low $700,000s.

This is good news for those missed out on this great opportunity to own new construction in Eagle Ridge.

Eagle Ridge Inventory is down again.

I can't believe that we are down to only 11 homes here in Eagle Ridge. In the beginning of March the inventory was about 42 and now we are looking at only 11 properties. The new listings are priced higher and that is a good sign for those looking to move out of Eagle Ridge. In June two properties went to escrow and were sold over asking price. There was one new listing and one property was reduced in price. Four properties went to contract. These numbers are very good.

Conclusion: The market is up, inventory is down and properties are moving. Eagle Ridge is a community in demand.

If you are looking for a property in Eagle Ridge give me a call or contact me per email. I will be happy to show you what is available.

Eagle Ridge Golf Community real estate update

Last month Eagle Ridge Golf Community had 5 homes which closed escrow with prices ranging between $500,000 and $695,000.

Average sale price of these homes is $635,400. These homes were on the market for 98 days. This number is low because one of the properties sold in 2 days.

Currently we have the following statistics:

Current Inventory: 13

Homes under contract: 14

Home price range of current inventory: $559,950 - $995,000.

This is in line with the statistics for Gilroy

Four homes are listed as either short sale or bank owned.

Market Update for Gilroy Real Estate of Single Family Residential Properties.

Healthy conditions are returning to the Gilroy housing market. Sales are up and inventory is down.

May continues to be a strong month for real estate sales.

There are currently 244 single family homes in inventory with 62 new listings and 58 sold properties. In May of last year those numbers were significantly different as can be seen on this chart.

During that time Gilroy had 527 active listings with 33 properties sold and 112 new listings. There was not a big difference in the number of days on market. This is the number of days it takes to sell a home from the time it is first listed to the day it closes escrow.

The statewide median home price for single family homes was $256,700 in April 2009

When inventory decreases prices go up. The third chart shows that home values have decreased from May 2008 but are slowly recovering.