Right now there are about 4664 active residential real estate listings (homes listed for sale on our local MLS) which are houses, duet homes, townhouses or condominiums in Santa Clara County. Of those, there are 1255 short sales (27% of the inventory) and 463 bank owned properties, or REOs (9%), on the market. So the “distressed properties” segment equals 37% of the Silicon Valley real estate market (or Santa Clara County real estate market).
Some areas are flooded with short sales & bank owned homes. Others are going through this meltdown nearly unscathed. Below please find a sampling of areas in and around San Jose with the percentage of distressed homes for sale (including both short sales and REOs or bank owned properties). In most areas, there are usually about 3 times as many short sales as bank owned homes, but sometimes it’s a lower percentage, closer to 2.5%. I pulled the numbers from our MLS tonight – info is deemed correct but of course not guaranteed.
|South County (Morgan Hill, Gilroy, “area 1”||43%|
|Santa Teresa (area of San Jose, “area 3”)||44%|
|Central San Jose (downtown & nearby, “area 9”)||51%|
|Los Gatos (town of, zips 95030 & 95032)||12%|
Generally speaking, the wealthier areas (and the areas with the very best public schools) are faring better than areas with more poverty (and worse schools). So while the county average is about 37% of all listings are distressed sales, it can be vastly different from one section of Silicon Valley to the other, and the chart above shows.
If you’re interested in buying a distressed property, or would like to discuss selling one, please contact me today! I have a team of experts with whom I work to assist home buyers & sellers throughout the county and with all types of home sale or home buying challenges.