It's the end of the year so time for the round-up of distressed property sales in Palo Alto. So here's what happened:
Single family and condo townhomes 2011:
Total sales: 590
Short Sales: 13
REO: 9
Distressed sales as a percentage of total sales: 3.73%
Compare to 2010
Total sales: 563
Short Sales: 8
REO: 6
Distressed sales as a percentage of total sales: 2.5
My conclusion:
The percentage of distressed properties in Palo Alto are not enough to make a difference in the market value of homes. There was an increase in both short sales and REO in 2010 over 2011, but again, not enough to make a big difference. Palo Alto has so far managed to escape the trauma of very many people losing their homes. The same can not be said about many surrounding neighborhoods.
If you have any questions about short sales or bank owned homes please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
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