September 25, 2010
How many short sale listings are there in Silicon Valley right now? Silicon Valley is primarily covered by Santa Clara County with a bit in Alameda, Santa Cruz and San Mateo Counties. Today we’ll just focus on Santa Clara County, which is a large area covering about 1.8 million people and includes San Jose as its biggest city with about 1 million residents.
|Available homes for sale in Santa Clara County||4800|
|Homes listed on the MLS as “Short Sales”||1266|
|Homes listed as Bank Owned Properties (REOs)||478|
As of Sept 25, 2010, there are exactly 4800 houses, duet homes, condominiums and townhouses for sale (but not yet under contract, not sale pending) which are listed on the MLS as available. Of those, 1266 are short sales and 478 are bank owned properties or REOs, so a total of 1444 are “distressed sales”, and that’s 30% exactly of the available inventory. This does not count those who are for sale with a missed payment or who have a notice of default filed but do have enough equity in their properties to close escrow without asking the bank to get shorted in the process. The true number of distressed sales is a bit higher than 30%.