Why is it important for Kathleen Daniels, Santa Clara County Probate Realtor, (“CPRES) to monitor and track monthly probate home sales? She is a self-confessed data geek and loves data. Data tells a story. By tracking stats Kathleen can see where the market is trending. The knowledge and information she receives from the data help her serve her clients.
The data we collect from the Multiple Listing Service (“MLS”) consists of probate homes and homes with the title held in a family trust being sold by the successor trustee following the death of the creator of a revocable living trust.
Two plus (2+) years post-pandemic, the courts are still backed up. Despite the court’s effort to streamline the process and create new procedures designed to move files through the system faster, there does not seem to be any catching up.
The backlog and time it takes to get a court hearing for a new probate case create hardships for many personal representatives selling a home. In most cases, the home is the largest asset, and the money from the sale of the home is needed to pay creditors and other bills.
Probate Home Sales June 2022
The Santa Clara County probate home sales include statistical data from June 1, 2022, through June 30, 2022, extracted from MLS Listings “MLS” as of July 1, 2022.
The data includes single-family homes, planned unit developments (“PUDs”) which include condominiums, and townhouse-style homes and may not include “off-market” sales. An “off-market” sale is when the property is sold without listing on the Multiple Listing Service.
The breakdown of the probate home sales activity as of July 1, 2022, is as follows:
- 6 active listings
- 5 pending sales (under contract)
- 4 probate
- 1 trust
- All single-family homes
- 10 sold homes
- 1 trust
- 1 conservatorship
- 8 probate
- 1 conservatorship
- All probate, Single-family
A 4 bedroom, 2 bathroom, 1,591 square feet on a 6,000 SqFt lot. This newly customized home was listed in May. After 4 days on the market, it went under contract. The list price was $2,649,000. There was only 1 offer. The final sale price was $2,400,000. The buyer had conventional financing.
We have been seeing homes sell for significantly more than the list price. With the increase in interest rates and the supply of homes increasing, we are seeing longer days on the market to sell a home, and “price reduction” and “improved price” are becoming the new norm. In some areas, the lower end of the market is still receiving multiple offers over the list price.
A 2 bedroom, 1.5 bathroom home in Morgan Hill 95037 was the lowest-priced probate home sold in June 2022. The list price was $749,000. The final sale price was $850,000.
DISCLAIMER: All data is obtained from various sources and has not been, and will not be, verified by the broker or MLS.
A Real Estate Broker, Certified Probate Real Estate Specialist “CPRES” and Certified in Professional Fiduciary Management for Trustees.
We consult with prospective clients to determine their specific needs. If we feel we are not a good fit we will let you know. We are committed to providing quality service and limiting the number of clients we work with at any given time.
If you need help as a successor trustee or selling a probate home in Santa Clara County, contact Kathleen Daniels probate realtor, and request a consultation.