Santa Cruz County Foreclosure Sales - Market Report

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Real Estate Agent with Coldwell Banker - Santa Cruz BRE 01455690

Santa Cruz Foreclosure Sales - Market Report 2011

We hear alot about foreclosures and bank owned sales all over the country.  But how many foreclosure sales are there in Santa Cruz county?  What percentage of all homes sales are foreclosures in Santa Cruz county?

 

Looking back at 2011, there were a total of 434 foreclosure sales in Santa Cruz county.  These are single family homes sold through the  MLS (multiple listing service) by banks are REOs or foreclosures.  In  2011, there were a total of 1821 single family homes sold in Santa Cruz.  This means that Santa Cruz county foreclosure sales made up almost 24% of our real estate market.

I am always asked by buyers about how to get a great deal on a foreclosure and if you can really low ball a bank when making an offer.  My answer is, it depends.  If you are an all cash buyer, you do have a better chance of getting a great deal on a Santa Cruz foreclosure.  If the home has a lot of issues, we can sometimes use that to get a big discount.  If there are multiple offers and the bank has underpriced the home in order to sell it quickly, I don't recommend making a low ball offer.

The median price of all Santa Cruz county foreclosures sold in 2011 was $330,000.  The median price of 'regular sales' (not foreclosures or short sales) in Santa Cruz county in 2011 was $565,000.  So you can see that Santa Cruz foreclosure sales are selling for less than regular sales.

I expect to see Santa Cruz foreclosure sales continuing in 2012 and beyond, but with a trend to more short sales than foreclosures or REOs.

Looking to buy a foreclosure?  Go here to see a current list of Santa Cruz County foreclosures for sale

 

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Topic:
Real Estate Market Trends
Location:
California Santa Cruz County
Groups:
1st Time Buyers
Realtors®
REO
San Francisco Bay Area Real Estate
Tags:
bank owned sales
distressed property sales
foreclosure homes for sale

Comments 4 New Comment

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Rainmaker
233,907
Kim & Kristine Halverson
Realtors, Santa Monica Real Estate, CA
www.KimAndKristine.com, Santa Monica Real Estate :)

Keeping interested real estate buyers and sellers informed in Santa Cruz  area is what Jessica Wallace does well .thinking of buying and selling?  Call Jessica she is definitely the best santa cruz shot sale agent.

 

April 10, 2012 09:08 AM
Rainer
86,703
Stephanie Anson
Anson Properties LLC

Jessica, thanks for sharing this great report. Keep up the good work as a top Santa Cruz short sale agent!

April 20, 2012 08:06 PM
Ambassador
1,849,139
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

Hello Jessica,excellent report here.You really know how to let everyone understand it clearly and concisely .Good job on that!Keep beieng the best Santa Cruz Short Sale Agent. 

May 10, 2012 11:09 AM
Rainmaker
596,433
Petra Norris
Realtor, Lakeland FL Homes for Sale
CDV TransAtlantic, Inc.

Jessica,I love how well you presented this Sales Market Report.Definitely comprehensive and easy to understand.Continue being an expert Santa Cruz Short Sale Agent. 

July 25, 2012 12:43 PM
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Rainmaker
221,965

Jessica Wallace

Santa Cruz Realtor (831) 419-9345
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