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How's the Silicon Valley real estate market? One way of knowing is to keep a pulse on the number of short sale listings, sales and closings. Most regular "real estate reports" don't track distressed property sales too well. (Even mine, which is quite good - I invite you to take a look at www.popehandy.rereport.com.)
Los Gatos, Monte Sereno and Saratoga - high end, west valley communities - all continue to feature very few short sale listings, and these markets remain stronger. San Jose's Cambrian Park neighborhood (or district) is a more affordable area and it tends to reflect how Santa Clara County is doing as a whole, if perhaps a little more optimistically. Today we'll see how these four areas are doing.
The homes referenced here are houses, duet homes, townhouses, and condominiums (for agents: class 1 and 2 on our MLS).
There are far more pending short sales than closed short sales. There are many reasons for this but the bottom line is that many never close at all. They can be a fantastic deal for those who are patient - but most buyers are not!
Los Gatos Homes for Sale, Under Contract & Closed
as of Sept 25, 2010
| Status |
All Listings |
Short Sales |
Bank Owned |
| Active & Available |
203 |
7 |
7 |
| Under Contract / Sale Pending |
70 |
19 |
4 |
| Closed Sale |
36 |
3 |
1 |
In Monte Sereno, there is really no activity at all in the distressed sale market. They are clean off the radar! If you want to buy a bank owned property or short sale, the odds are that you won't find it here.
Monte Sereno Homes for Sale, Under Contract & Closed
as of Sept 25, 2010
| Status |
All Listings |
Short Sales |
Bank Owned |
| Active & Available |
25 |
0 |
0 |
| Under Contract / Sale Pending |
7 |
0 |
0 |
| Closed Sale |
3 |
0 |
0 |
Saratoga has a few short sale listings and bank owned homes, but not many. Of the closed sales, it's less than 10% of the inventory.
Saratoga, CA, Homes for Sale, Under Contract & Closed
as of Sept 25, 2010
| Status |
All Listings |
Short Sales |
Bank Owned |
| Active & Available |
151 |
5 |
2 |
| Under Contract / Sale Pending |
45 |
5 |
2 |
| Closed Sale |
21 |
2 |
0 |
Even in Cambrian, there are not a ton of short sales which are closing escrow - just 12%, and another 14% of bank owned homes. The distressed market in this area of San Jose is 26% total. (The county is at 30% total - so it's somewhat close.)
Cambrian Park (San Jose) Homes for Sale,
Under Contract & Closed
as of Sept 25, 2010
| Status |
All Listings |
Short Sales |
Bank Owned |
| Active & Available |
212 |
41 |
16 |
| Under Contract / Sale Pending |
119 |
56 |
8 |
| Closed Sale |
58 |
7 |
8 |
Want more info on Silicon Valley short sales & bank owned property sales? For information on the broader Silicon Valley real estate market, please also see the post Silicon Valley Short Sale Listings
and also visit my Valley of Heart's Delight blog, where there are dozens of posts on short sales and bank owned properties in San Jose, Los Gatos, Saratoga and throughout Santa Clara County.
Or if you would like to chat with a Realtor about possibly doing a short sale, please contact me. I am experienced, will help you to understand your many options, and can refer you to helpful professionals so you can make a good decision about what to do if your home is underwater and you feel like you need more help. No obligation, no pressure!
Mary Pope-Handy
mary (at) popehandy.com
408 204-7673
Original post from April 2008:
In Silicon Valley's entry level real estate market, though, such as Blossom Valley, east San Jose, south county and south San Jose, is another story. There, it is a deep buyer's market. Prices are dropping. Blossom Valley's home values have been plummeting in recent months.
Where there are a lot of short sales, values decline. Where there aren't many short sales, prices appear to be holding or rising.
But the good news is this for all of Santa Clara County: overall, it does not appear that there is a sharp increase in the number of short sales for now. Have a look at this week's snapshot of Silicon Valley short sales and see. It is fairly flat overall. Perhaps the worst of it is behind us?
| Active Listings of Short Sale Single Family Homes, Condos, Townhouses |
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3/26/08 |
4/8/08 |
4/15/08 |
4/22/08 |
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| Los Gatos |
5 |
8 |
9 |
9 |
|
|
| Monte Sereno |
1 |
0 |
0 |
0 |
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| Saratoga |
0 |
0 |
1 |
1 |
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| Los Gatos Mtns |
3 |
2 |
3 |
2 |
|
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| Cambrian Park |
59 |
73 |
53 |
54 |
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| Santa Clara |
56 |
68 |
59 |
60 |
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| Campbell |
13 |
23 |
28 |
19 |
|
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| Cupertino |
1 |
3 |
2 |
2 |
|
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| Los Altos |
0 |
1 |
1 |
2 |
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| Sunnyvale |
50 |
69 |
54 |
59 |
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| Blossom Valley |
196 |
251 |
200 |
202 |
|
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| San Jose (all) |
1534 |
1882 |
1667 |
1674 |
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For more posts on short sales and bank owned properties in Los Gatos (and nearby) please see:
http://www.realtown.com/LiveInLosGatos/blog/short-sales-and-bank-owned-homes
 
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