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Bursting the 'Second Bubble' Bubble? Non-Distressed Home Prices Show Little Change, 2008-present
5/23/2013

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.

For more market data reports visit www.mlslistings.com.

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 www.mlslistings.com.