February 2011 Real Estate Market activity for Santa Clara County

By
Real Estate Agent with The Papas Group (DRE #01766524)

ebruary 2011 Real Estate Market activity for Santa Clara County

Active Listings last month, 7% of the market were REO’s, 27% were 27%, and 66% of the market our normal listings.

Papas Group - Santa Clara County Active Listings Market Share 2-2011

 

When we look at Offers Accepted by sellers, we see that REO’s increased their market share to 12% (almost double market share). We know that getting offers submitted to bank asset managers is a major chore and they have many conditions of sale that absolve them from many issues.  Once reasonable price offers are presented, banks are ready to accept the offers and get them sold.

Short Sales increased to 39%, indicating that sellers may be too ready to accept offers which creates downward pressure on prices.

Normal sales dropped to 51% of the market due to the “deals” to be had in REO’s and Short Sales.

 

Papas Group - Santa Clara County Offers Accepted Market Share 2-2011

 

As we look at Transaction Closings, we see that REO’s were 22% of closings last month, as cash investors swooped in to buy the good deals, leaving the left-over’s to be picked over by everyone else.

Short Sales dropped their market share to 23%, indicating that Short Sales Offers Accepted have a 59% probability of failure to close. Such a high failure rate is reflective of the sellers being so eager to accept offers while having only a 40% chance of actually closing.

 

Papas Group - Santa Clara County Closings Market Share 2-2011

 

When you need to understand the Santa Clara County real estate market for a sale,  purchase, or 1031 Exchange, call us for a private consultation.

 

 

Comments (1)

Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Paul I think the break down illustrated on your pie chart makes your market look promising.  I do hope that turns out to be true as we move into prime selling season!!

Mar 29, 2011 02:27 PM