Remember from my July 18, 2009 post “Napa Valley Real Estate, a Tale of Two Times Two Markets“ was the number of distressed sales (in foreclosure, a short sale or a bank owned property, REO) increasing for homes priced $800,000 to $2,000,000, especially up valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville. Today, there are 10 distressed sales of 71 active listings in this price range, compared to 8 of 78on October 1st. At 10.26%, this is the first time thie number has every been above 10%. Keep tuning in for this as a new monthly stat I will regularly tract from now own. Next look January 1st.
Just before I wrote this post, I decided to look at another source for distressed sales and bank owned (REO, Real Estate Owned) properties I have available to me in my MLS, Realist Tax records compiled by Corelogic. The one difference here is Realist doesn’t allow me to perform a search by sales price so I just did so on all properties in Realist which are listed as “Preforclosure, Auction and Bank Owned”. Preforclosure meaning a Notice of Default has been filed, Auction a notice of Sale has been filed and Bank Owned obviously the bank has foreclosed and owns the property.
The totals for the cities and town listed above in BAREIS, my MLS, and Realist were 33 distressed properties of 211 for sale in BAREIS and 105 distressed properties in Realist with 63 being Preforeclosure or Auction and 42 bank owned. Realist does not show whether a property is for sale.
When comparing 33 in BAREIS to 105 in Realist, this is a BIG difference and was a bit of a surprise to me. I would have thought that most of the distressed properties would be on the market for sale and would not expected such a large number of properties not showing up in my MLS. In the past I have checked with the recorder and have found that 90% plus of all the sales in the Napa Valley were listed in my MLS. Maybe this has changed and is worth taking another look at. The breakdown for the Realist numbers by location are below.
Preforeclosure Auction Bank Owned
Yountville 4 3 1
Oakville 0 0 0
Rutherford 0 0 0
St. Helena 9 12 15
Calistoga 14 17 20
Deer Park 0 0 0
Angwin 2 2 6