This probate sales activity report includes probate sales in Santa Clara County in May 2017. This report is comprised of statistical data from May 1st through May 31, 2017 extracted from our local Multiple Listing Service (“MLS”) as of June 1, 2017. The data includes single family homes, condominiums and townhouses. It may not include off market sales.
Probate Sales Activity May 2017
- 3 Active Probate Properties for Sale
- All 3 single family homes and probate sales
- 17 Pending Sales (Under Contract)
- 13 single family homes, 2 town homes and 2 condominiums
- 13 probate sales and 4 trust sales
- 9 Sold Probate Homes
- 7 single family homes and 1 condo and 1 town home
- 8 were probate sales and one trust sale
- Average List Price: $1,118,989 – an increase from the previous month
- Average Sale Price: $1,152,890 – an increase from the previous month
- Average Days on Market: 67
Looking at “averages” only gives us a snapshot of the entire market. Home prices vary all throughout San Jose and the entire Silicon Valley. The location and condition of a home will always impact value. This is true of all home sales not just Probate and Trust Sales. The average list and sales price in May is unusually high, as is the average days on market. The reason for this a multi-million dollar sale outlined below.
- The highest price probate home sold indicated that court confirmation was required. It was a single family home located in Saratoga 95070. It has 4 bedrooms, 3 and 1/2 bathrooms, approximately 4,650 square feet of living space on approximately 16,000 square foot lot. It was 14 years old. It first listed on November 8, 2016 at $3,450,888. On March 10, 2017 the price was reduced to $3,250,000. On April 18, 2017 the MLS reported pending status. On May 19, 2017 it was reported sold. Final sales price reported was $2,900,000. It was reported as a cash sale.
- The lowest price probate home sold did not require court confirmation and was a probate sale. It was a condominium located in San Jose 95134. It had 2 bedrooms, 2 bathrooms, 850 square feet on a 871 square foot lot. The home was 24 years old. It listed on March 24, 2017 at $599,950. On April 9, 2017 the MLS reported pending status. On May 4, 2017 it was reported sold. Final sales price reported was $620,000. Buyer had conventional financing.
While many aspects of probate sales may be similar to a non-probate sale of real property, a Personal Representative is well advised to seek a qualified real estate agent to represent them in the sale of a probate and trust home. We live in a highly specialized world today. Hiring a Certified Probate Agent is just as important as hiring an attorney who specializes in probate.
If you need an attorney who specializes in Probate I am happy to recommend one. If you already have an attorney and simply need help with selling probate real estate then give me a call. I may be reached at my office 408.972.1822 or on my cell at 408.499.8751. If you prefer, you may request a consultation. We are here to help.