Single family homes that are listed as “Short Sales” in our local Multiple Listing Service (MLS) are up 500% over last year’s figures. How’s that for a shocking statistic! You must be thinking that the Los Altos real estate market must really be in the tank. Well, not so fast.
First off, in 2008 there was only one short sale single family home listed for sale in the MLS. January through August of 2009, there have been five single family homes listed as short sale listings. That is a 500% gain, but it’s only 5 homes. That’s less than 1.5 percent of the yearly average of homes that are sold in Los Altos.
One may ask why I’m writing about this? Good Question. I think consumers understand this, but it’s a point worth repeating, headlines are designed to get people to read articles and/or buy more newspapers.
Secondly, it’s important to remember that national and even regional newspapers (or news sources) don’t necessarily report “the numbers” that are pertenant to our local market.
In short, get facts from a reliable source that uses reliable local data.
For those of you who may want some local data. Below are details on the five Los Altos short sales. The information was taken from our local MLS and is deemed accurate but not guaranteed.
Los Altos Short Sale activity since January 2009:
720 Greenview Place: Sold. On the market for 62 days. Highest list price – $1,695,000. Sales price – $1,549,000 Length of escrow was 44 days.
1831 Fallen Leaf Lane: Listed at $1,325,000. Bank took it back in foreclosure at $1,566,757. Short sale was not successful. House may come back on the market as an REO (bank owned property).
580 Camellia Way: Sale Pending. On market for 35 days. Highest list price – $1,888,000. Current list price – $1,700,000. 9 days into a 4 month escrow.
1725 Miller Avenue: Sale Pending. On market for 12 days at its current list price of $1,500,000. Home sold in 2004 for $1,925,000. 3 months into a 4 month escrow.
860 S El Monte Avenue: Available. On market for 30 days at original list price of $1,500,000.
688 Lincoln Avenue: Sale Pending. On market for 3 days at original list price of $799,000. Sold in 2004 for $850,000.
It will be interesting to see if any of these short sale properties that are under contract will actually close escrow. Stay tuned!