Deniece Watkins Smith, Realtor, ePro, SRES, Silicon Valley

Deniece Watkins Smith
Realtor®, ePro, SRES

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Los Altos, Los Altos Hills, Mountain View, Palo Alto, Portola Valley, Sunnyvale
Real Estate Market Update
March 8, 2011
by Deniece Watkins Smith

    Today I received a letter from the California Association of Realtors via email stating that "fewer than three in five short sales closes in California". This is largely due to a lack of actual 'process' that banks employ to get the short sales done.
     March 10th, the California Association of Realtors placed an open letter advertisement in California’s seven largest daily newspapers, calling on lenders and industry regulators to streamline and improve the short sale process. C.A.R. is pointing out lenders’ and servicers’ unworkable short sale processes. They’re also appealing to various constituencies, such as regulators, elected officials, nonprofits, business organizations, companies, and individuals to join them so that more families are able to arrange a short sale, rather than lose their homes.
     During the past three years, more than 640,000 Californians have lost their homes. With the number of homeowners who owe more than their home is worth hovering at 30 percent, experts predict there will be many more foreclosures in 2011 and 2012. Unless we take immediate, aggressive action to assist these homeowners, any meaningful recovery in the housing market and overall economy will continue to be delayed.
     That being said, the number of short sales in our area remains low due to our desirable location, the Peninsula of the San Francisco Bay Area, and Silicon Valley. See below for details on our local numbers of active and pending homes, including short sales and foreclosures.
     As always, please feel free to call me with any questions, comments, or when you're ready to sell or buy your home.
                                               - Deniece Watkins Smith, Realtor®

Information provided below is extrapolated from reil.com. It is deemed reliable, but not guaranteed.

		Change since
Los Altos	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	49	-13	$ 899,000	$ 5,495,000
Pending Show	12	-2	$ 1,050,000	$ 2,750,000
Pending Release	1	-2	$ 1,485,000
Pending	20	1	$ 1,049,000	$ 3,498,000
Total Pending	33	-3
Total Listings	82	-16
Percent Pending	40%	4%	2 Short Sales	1 REO
		Change since
Los Altos Hills	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	40	-48	$ 874,000	$20,500,000
Pending Show	6	-2	$ 1,600,000	$ 8,800,000
Pending Release	1	-1	$ 2,500,000
Pending	5	3	$ 1,399,900	$ 3,495,000
Total Pending	12	0
Total Listings	52	-48
Percent Pending	23%	11%	3 Short Sales	3 REO's
		Change since
Menlo Park	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	65	-35	$ 240,000	$ 3,850,000
Pending Show	14	1	$ 239,000	$ 1,995,000
Pending Release	8	2	$ 240,000	$ 999,000
Pending	30	-1	$ 150,000	$ 4,750,000
Total Pending	52	2
Total Listings	117	-33
Percent Pending	44%	11%	21 Short Sales	6 REO's
		Change since
Mtn View	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	37	-20	$ 379,900	$ 1,899,000
Pending Show	16	0	$ 679,000	$ 1,450,000
Pending Release	3	-6	$ 525,000	$ 549,000
Pending	11	-5	$ 490,000	$ 1,949,000
Total Pending	30	-11
Total Listings	67	-31
Percent Pending	45%	3%	7 Short Sales	1 REO's
		Change since
MV Townhomes	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	70	-33	$ 147,100	$ 995,000
Pending Show	17	6	$ 248,800	$ 699,000
Pending Release	16	0	$ 199,000	$ 659,000
Pending	17	-4	$ 228,000	$ 728,000
Total Pending	50	2
Total Listings	120	-31
Percent Pending	42%	10%	42 Short Sales	11 REO's
		Change since
Palo Alto	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	43	-62	$ 750,000	$ 8,595,000
Pending Show	21	6	$ 949,000	$ 6,350,000
Pending Release	6	5	$ 849,000	$ 3,600,000
Pending	30	4	$ 775,000	$ 5,498,000
Total Pending		0
Total Listings	100	-47
Percent Pending	57%	28%	2 Short Sale	0 REO's
		Change since
Portola Valley	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	21	-13	$ 939,000	$ 1,100,000
Pending Show	8	4	$ 1,049,000	$ 3,295,000
Pending Release	0	0
Pending	2	1	$ 1,495,000	$ 1,520,000
Total Pending	10	5
Total Listings	31	-8
Percent Pending	32%	19%	0 Short Sale	1 REO's
		Change since
Sunnyvale	3/8/2010	9/11/2010	Lowest Price	Highest Price
Active	84	-16	$ 368,000	$ 1,365,000
Pending Show	28	-9	$ 299,000	$ 1,435,000
Pending Release	39	0	$ 309,000	$ 998,000
Pending	25	-23	$ 319,900	$ 1,348,000
Total Pending	92	-32
Total Listings	176	-48
Percent Pending	52%	-3%	58 Short Sales	6 REO's

See all available reports.

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