Looking for a distressed property in San Mateo County? Don't hold your breath. San Mateo County has very few short sales or bank owned properties this year. Here are the numbers:
Number of San Mateo County homes for sale (single family and condos): 589
Active San Mateo County Short Sales: 19
Percentage of San Mateo County homes for sale that are short sales: 3.2%
Active San Mateo County foreclosures: 16
Percentage of San Mateo County homes for sale that are foreclosures: 2.7%
Percentage of total San Mateo County distressed sales: 5.9%
This is not enough to have any effect on total home values. Many cities in San Mateo County have no short sales as home values have reached and exceeded the peak in 2007-2008.
Closed sales in San Mateo County in 2013: 1170
Number of closed San Mateo County short sales in 2013: 138
Percentage closed San Mateo County short sales in 2013: 5.5%
Number of closed San Mateo County foreclosures in 2013: 68
Percentage of closed San Mateo County foreclosures in 2013: 11.8%
The percentage of closed San Mateo County short sales and foreclosures is more a reflection of the past, not what is going on in the market now. San Mateo 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 San Mateo County, you will not likely find it in a short sale or foreclosure, because there 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 San Mateo County please feel free to contact me.
Keller Williams Realty