How Many Short Sales Are on the Market in Santa Clara County?

Inventory is down in all segments of the market in the Silicon Valley and multiple offers are driving prices up. However, there are still short sales, and in some areas they make up a good percentage of the homes for sale. Here are the numbers:

Palo Alto: Single Family Homes and Condos for Sale: 48 Short Sales: 0 Percentage: 0
Mountain View Single Family Homes and Condos For Sale: 39 Short Sales: 2 Percentage Short Sales: 5.1 %
Sunnyvale: Single Family Homes and Condos: 62 Short Sales: 10  Percentage Short Sales: 16%
Cupertino: Single Family Homes and Condos:  39  Short Sales: 1  Percentage Short Sales  2.5%
Santa Clara Single Family Homes and Condos: 58  Short Sales: 19 Percentage Short Sales: 32.8%
Milpitas Single Family Homes and Condos : 56 Short Sales: 23 Percentage Short Sales: 41%
San Jose Single Family Homes and Condos: 981 Short Sales: 237 Percetnage Short Sales: 24%
Morgan Hill: Single Family Homes and Condos:  119  Short Sales: 17 Percengtage of Short Sales: 14.2%
Gilroy Single Family Homes and Condos: 123  Short Sales: 38 Percentage Short Sales: 30.9%

So the ciites with the highest percentage of short sales are Milpitas with 41%, Santa Clara with 32.8%, and Gilroy with 30.9%.

If you have any questions about buying or selling short sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194

Santa Clara Distressed Property Watch

It's the beginning of the year so time for the round-up of last year's distressed property sales in Santa Clara. So here's what happened:

Single family and condo townhomes :

Total sales:  816

Short Sales: 184

REO:            116

Distressed sales as a percentage of total sales: 37%

Compare to 2010

Total sales:   818

Short Sales:   162

REO:            133

Distressed sales as a percentage of total sales:  36%

My conclusion:

The percentage of distressed properties in Santa Clara is virtually the same  between 2011 and 2010. Also a 36% distressed property sale percentage is large enough to affect values. What is interesting is the the number of short sales went up in 2011 and the number of REOs went down. Hopefully this will continue in 2012.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194