2009 was actually a busy year for home sales in Santa Clara. Although the national press focused on the sluggish real estate market, record high foreclosures and the country’s credit woes, the number of homes sold in the City of Santa Clara was not too far off from 2007 levels.
In 2007 569 homes were sold in Santa Clara compared with 539 sold in 2009. 2008 we did witness a very down year, that number dropped to just 485 homes. The biggest difference in 2009 from previous years were the number of short sales and bank owned homes that made up the total sales.
In 2009 the number of short sale homes sold in Santa Clara were 66 homes or 12% of homes sold that year. Santa Clara bank owned homes totalled 123 in 2009 or 23%. Over a third of the single family homes sold in Santa Clara in 2009 were some sort of distressed sale.
This is in stark contrast to 2007 where there was just one closed short sale in Santa Clara and no bank owned home sales.
FYI, In 2008 the number of short sale homes totalled just 16 homes or 3% of the homes sold that yearAs for bank owned homes there were 43 homes or 9% of homes sold that year in Santa Clara.