Looking for a distressed property in Santa Clara County? Don't hold your breath. Santa Clara County has very few short sales or bank owned properties this year. Here are the numbers:
Number of Santa Clara County homes for sale (single family and condos): 1123
Active Santa Clara County Short Sales: 32
Percentage of Santa Clara County homes for sale that are short sales: 2.8%
Active Santa Clara County foreclosures: 26
Percentage of Santa Clara County homes for sale that are foreclosures: 2.3%
Percentage of total Santa Clara County distressed sales: 5.1%
This is not enough to have any effect on total home values. Many cities in Santa clara County have no short sales as home values have reached and exceeded the peak in 2007-2008.
Closed sales in Santa Clara County in 2013: 2928
Number of closed Santa Clara County short sales in 2013: 402
Percentage closed Santa Clara County short sales in 2013: 13.7
Number of closed Santa Clara County foreclosures in 2013: 150
Percentage of closed Santa Clara County foreclosures in 2013: 5%
The percentage of closed Santa Clara County short sales and foreclosures is more a reflection of the past, not what is going on in the market now. Santa Clara County short sales can take up to a year to close, and foreclosures can be in the works for years before they hit the market.
The bottom line is, if you are looking for a deal in Santa Clara County, you will not likely find it in a short sale or foreclosure, because their are not enough of them and the total inventory is so low the 90% of all homes on the market get multiple offers.
If you have any questions about buying or selling a home in Santa Clara County please feel free to contact me.