How many of the Silicon Valley homes for sale are listed as short sales? How many are bank owned properties? This morning I did some time pulling the numbers out for my readers so that you can see the actual real estate figures.
What’s being counted below are homes for sale, including houses, duet homes, condominiums and townhouses (or townhomes) in the various areas of Santa Clara County listed below.
|Area, City or Town||Available||Short Sale||Bank Owned|
|Los Gatos Mtns||68||4||6|
|Almaden Valley – SJ||103||4||1|
|Cambrian Park – SJ||134||28||6|
|Blossom Valley – SJ||198||83||29|
|Willow Glen – SJ||228||27||14|
|San Jose (all areas)||1944||574||183|
As was the case a year or two ago, most of the short sale activity is taking place in the most affordable price ranges. The higher priced areas are not immune, though – but because there are fewer distressed properties to choose from, they get purchased rather quickly, so we’d see a higher percentage of them among the pending sales rather than the available listings.
Today I did a post on this subject focusing specifically on the Los Gatos real estate market in terms of short sales today vs the last couple of years (and the question of whether or not the trend is to rising numbers of short sales available). To learn more, visit the article on my Live in Los Gatos blog.
For bargain hunting buyers of high end properties, then, it’s slim pickings! In the entry level areas, there’s much more selection but also lots of competition. Last week I was involved with some buyers in a bidding frenzy in a terribly underpriced Cambrian short sale: it got 43 offers! (So please remember that the list price may be completely unrelated to the sales price.)
If you’re looking to buy or sell a home in Silicon Valley, it helps to have the assistance of a Realtor with a pulse on the market. Please contact me for a confidential & no-obligation meeting today!