Bursting the 'Second Bubble' Bubble? Non-Distressed Home Prices Show Little Change, 2008-present

Silicon Valley-based MLSListings Inc took a look at three segments of the single family home market over the last five years, in Santa Clara County: regular, non-distressed sales; short sale/REO sales, and the combined or total market. A few observations:

On average, the regular, non-distressed sales dipped just 9 percent from market-highs.
While the total market dropped considerably in terms of median price, the regular (non-distressed) sales were far less impacted. Although the peak-to-trough difference in median price across the past five years was 25%, the median sale price of all those data points was $751,150 – just 9% below the market high in March 2008.

Non-distressed, single family homes have reached - and surpassed - the market highs.
At $826,000 in April 2013, the median price of non-distressed single family home sales is a new high for this market segment.

REO/Short Sales dropped off sharply in the spring of 2012.
Other segments lifted considerably as well during the same time period – a 64% increase in median price for the total combined market, and a 33% increase in regular, non-distressed median sale price. Certainly, a 25% jump in the bottom-dragging segment had a substantial impact on the overall market, but the fact that non-distressed home prices ticked up too is less-closely related, and more likely an indication of a healing market.

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About MLSListings Inc.
MLSListings Inc is the premier multiple listing service (MLS) for real estate listings in northern California, representing the REALTOR® associations of Central Valley, Monterey, Pajaro Valley, San Benito, San Mateo, Santa Clara, Santa Cruz and Silicon Valley. MLSListings, a not-for-profit organization, represents more than 16,000 MLS subscribers in approximately 6,000 firms, in an area covering 28,000 square miles and facilitates more than $70 billion in annual real estate transactions. MLSListings is a leader in the development of real estate technology platforms, and maintains a free, public real estate search for homes for sale at