MLSLISTINGS.COM – REOs and short sales made up 26 percent of new listings in the first half of 2012 in Santa Clara County, CA – Silicon Valley.
While “regular” single-family home sales fetched a median price of $743,000, the median price of an REO/short sale in Silicon Valley was $417,000.
Gilroy, Milpitas, San Martin, Morgan Hill and San Jose homes topped the list in terms of most homes listed as REO/short sale, as a percentage of total new listings in each city.
However, the difference in median sale price for similar-sized homes (three-bedroom, two-bath) between REOs/short sales and single-family homes was most significant in Sunnyvale, San Martin, Mountain View, San Jose and Campbell.
“REOs and short sales now represent more than a quarter of the local housing market – this is much more than a temporary niche,” said James Harrison, president and CEO of MLSListings, Inc.
“While these listings come with their own set of special requirements, process implications and cautionary tales, more programs are coming to market designed to facilitate the process, and brokers/agents who specialize in these listings are in high demand,” Harrison added.
Mouse over MLSListings.com’s infographic below and click to enlarge.