In a previous blog we examined the Pleasanton, CA Detached Home Market and the impact of foreclosures and short sales on the market. In this blog we will look at the Pleasanton Attached Unit (Condo's, Townhomes, Duets and Patio Homes) and is in response to this article.
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In an ariticle on Thursday February 24th CNNMoney reported that 26% of all homes sales in the US were either foreclosures or short sales. They went on the state that "Homes already foreclosed on and repossessed by banks, called REOs (real estate owned), sold for an average of 36% less than normal sales, RealtyTrac reported. Meanwhile, the discount for homes sold while they were still in the foreclosure process (short sales) was 15%." Full article here.
Armed with that information I decided to see how various cities in the San Ramon Valley stacked up. This report is for Pleasanton, CA. Attached Single Family Home Market.
To better gage where the mainstream market really is I decided to use a subset of properties sold in the price ranges that the majority of attached homes in Pleasanton sell for. The majority of attached single family homes sold in Pleasanton fall between $150K-$550K so I used this as the sample group.
So what did we find out:
| Total Sales for the period 02-27-2010 to 02-27-2011 | 180 |
| Attached Single Family Homes | |
| Price Range $ 150000 - $ 550000 |
| Sale Type | Total | % of Total | Aver. Price | Discount | Aver DOM |
| Normal Sales | 80 | 44.4% | $ 385,122 | 0% | 32 |
| Short Sales | 56 | 31.1% | $ 272,202 | 29% | 59 |
| Foreclosures | 44 | 24.4% | $ 304,495 | 20% | 47 |
Almost 55% of attached home sales were short sales or foreclosures with the pricing "discount" between 20-29%. Clearly a benefit for buyers.
Since 1 Year is a rather long period to look back over I decided to run the same report for the last 6 months to see if any significant underlying market action may be present.
| Total Sales for the period 08-27-2010 to 02-27-2011 | 91 |
| Attached Single Family Homes | |
| Price Range $ 150000 - $ 550000 |
| Sale Type | Total | % of Total | Aver. Price | Discount | Aver DOM |
| Normal Sales | 29 | 31.8% | $ 367,935 | 0% | 49 |
| Short Sales | 39 | 42.8% | $ 254,316 | 30% | 69 |
| Foreclosures | 23 | 25.2% | $ 302,293 | 17% | 56 |
Continued pressure put on by Shorts and Foreclosure is evident. 68% of all attached home sales in the last 6 months were short sales and foreclosures.
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