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
July 2, 2010
by Deniece Watkins Smith

     As we head into the 2010 4th of July holiday weekend, we show our mid-summer sales inventory levels, which are seasonally higher than other times of the year.
     There is a constant flow of homes with "Pending Release" as a status. "Pending Release" means that there is a clause (release clause) as a contingency of the sale which states that if another interested Buyer makes an offer on a home, the Buyer who is currently under contract has a defined amount of time (usually 72 hours) to perform as per their accepted contract, or their contract will cancel and the new Buyers' contract will be accepted in its place.   Usually we would see this situation when a Buyer has a home to sell before they can buy a property. However, in this case, most of the "Pending Release" statuses are on homes that are under short sale.
     Again, short sales are when the Sellers are trying to pay off their loan for less money than they actually owe the bank. A home that gets an accepted contract that is under short sale would be marked "Pending Release" so the bank can continue to receive more offers until the bank accepts a contract and THEN all contingencies are removed. Sellers are not in control of when the bank might accept a contract, nor are Buyers.
     Conclusion, patience benefit when making bids on short sale homes because a Buyer must first submit an offer, then have it accepted by the Seller, then the Buyers must still wait for approval from the bank holding the Seller's note before they can really count on that home becoming theirs. Another Buyer can kick them out of position with a better offer at any time.
     We are still seeing short sales in our current market, and homes that have gone back to banks (REOs) when short sales do not work. When these start to decrease, more stability will be found in home sales. In the meantime, we still live in "America the Beautiful" and remember that the 4th of July commemorates our independence and all of the wonderful things that go with it in our country.
      Here are the numbers for our local area as of today. As always, I'm here to help you with any real estate related questions you may have and I'm ready to sell your home when you are.
                                               - Deniece Watkins Smith

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

		Change since
Los Altos	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	75	-2	$ 1,098,000	$ 4,488,000
Pending Show	20	7	$ 999,000	$ 2,695,000
Pending Release	7	0	$ 999,000	$ 1,800,000
Pending	20	0	$ 1,050,000	$ 4,995,000
Total Pending	47	7
Total Listings	122	5
Percent Pending	39%	4%	5 Short Sales	1 REO
		Change since
Los Altos Hills	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	65	-5	$ 1,500,000	$ 19,500,000
Pending Show	6	3	$ 1,995,000	$ 6,800,000
Pending Release	4	3	$ 1,499,000	$ 4,475,000
Pending	6	4	$ 1,475,000	$ 2,695,000
Total Pending	16	10
Total Listings	81	5
Percent Pending	20%	12%	5 Short Sales
		Change since
Menlo Park	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	91	17	$ 193,000	$ 5,650,000
Pending Show	18	-1	$ 275,000	$ 2,325,000
Pending Release	17	3	$ 199,000	$ 2,150,000
Pending	38	26	$ 291,000	$ 4,695,000
Total Pending	73	28
Total Listings	164	45
Percent Pending	45%	7%	25 Short Sales	5 REO's
		Change since
Mtn View	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	51	56	$ 399,000	$ 2,030,250
Pending Show	15	14	$ 599,000	$ 1,699,000
Pending Release	7	3	$ 488,000	$ 639,000
Pending	17	16	$ 543,125	$ 2,058,330
Total Pending	39	0
Total Listings	90	0
Percent Pending	43%	0%	7 Short Sales	2 REO's
		Change since
MV Townhomes	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	88	27	$ 194,000	$ 1,149,000
Pending Show	12	-6	$ 280,000	$ 905,000
Pending Release	12	-3	$ 199,000	$ 730,000
Pending	19	-1	$ 189,900	$ 898,000
Total Pending	43	-10
Total Listings	131	17
Percent Pending	33%	-14%	33 Short Sales	8 REO's
		Change since
Palo Alto	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	97	24	$ 649,000	$ 10,888,000
Pending Show	18	3	$ 739,000	$ 7,995,000
Pending Release	3	-2	$ 1,395,000	$ 1,049,000
Pending	31	3	$ 788,000	$ 2,998,000
Total Pending		0
Total Listings	149	28
Percent Pending	35%	-5%	1 Short Sale	2 REO's
		Change since
Portola Valley	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	36	6	$ 999,000	$ 20,000,000
Pending Show	4	0	$ 1,150,000	$ 2,197,000
Pending Release	0	-1
Pending	6	1	$ 1,376,499	$ 3,595,000
Total Pending	10	0
Total Listings	46	6
Percent Pending	22%	-3%	1 Short Sale	2 REO's
		Change since
Sunnyvale	7/2/2010	3/21/2010	Lowest Price	Highest Price
Active	100	4	$ 347,484	$ 1,499,950
Pending Show	37	11	$ 1,298,000	$ 388,000
Pending Release	39	11	$ 320,000	$ 1,198,000
Pending	48	21	$ 299,000	$ 1,625,000
Total Pending	124	43
Total Listings	224	47
Percent Pending	55%	10%	56 Short Sales	14 REO's

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