This is the continued tracking, started in July 2009, of the number of distressed sales (in foreclosure, a short sale or a bank owned property) for homes priced from $800,000 to $2,000,000 in the up valley region of the Napa Valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville and only those listed in BAREIS, my MLS. Today there are 6 distressed sales of 67 active listings in this price range with 3 of these are in escrow, compared to 6 of 58 on April 1 st. Of the 6, 3 are short sales and 3 are bank owned.
This still represents a drop in the number of homes for sale in this price range, down from 90-100 which has been typical in the last two years I have been tracking this. One other thing to remember, the last time I compared BAREIS stats to Realist, a company who’s data comes from the county tax assessor, the 8 in BAREIS was only approximately one third of the total in Realist. Heck, there are 3 in foreclosure in my own subdivision, the Vintage, in Yountville which are not in BAREIS. Time will tell and it will be very interesting to see if this trend changes in the spring when traditionally many properties come to market. Keep tuning in for this as a new monthly stat I will regularly tract from now own. Next look June 1st.