Percentage of Distressed Sales in South County
Date: Sunday January 24, 2010Posted in: real estate, short sales, Morgan Hill, San Martin, Gilroy, foreclosure, bank-owned
Diane Kawell, an award-winning Realtor in the Tacoma/Seattle area of Washington, mentioned in a comment on my previous post that 44% of all residential real estate sales in her area were distressed sales, i.e. sold listings that are short sales or bank-owned REOs. This made me curious about what the numbers are in our south Santa Clara County area.
I looked at each community of Morgan Hill, Gilroy and San Martin separately for single family home and condo/townhouse listings sold on the MLS within the past 365 days. Here is what I found:
Morgan Hill: total sales = 444, distressed sales = 231, percentage distressed = 52%
Gilroy: total sales = 659, distressed sales = 491, percentage distressed = 75%
San Martin: total sales = 36, distressed sales = 23, percentage distressed = 64%
I was somewhat surprised at the large percentage numbers. Buyers are buying “the deals” and the price discounts on distressed properties are very attractive. I suppose that I should have been expecting these large percentages. When I look back at the real estate properties that I sold within the past 365 days, 55% of those properties were either short sales or REOs.
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