PIEDMONT CA FORECLOSURES? Say it ain't so!

Piedmont CA is one of the premier locations in the East Bay, much sought after due to its charm, location, wealth of architectural styles, neighborhood amenities, and most especially --- as any parent --- its excellent schools.

Desirable features like these naturally equate to homes priced higher than surrounding areas that do not have the same characteristics.

See what enamored contributors say about Piedmont via Wikipedia.

Excerpt: "Piedmont was one of the "25 Top-Earning Towns" in CNN Money Magazine's list of 'The Best Places to Live in 2007, and was also named one of the "Best Places To Live-Urban Enclaves" in the United States in 2007 by Forbes.^[3]

Is Piedmont surviving the economic downturn?

SOLD PROPERTIES

This chart is revealing --- FORECLOSURES! As a matter of fact, 12.5% of total homes sold were distressed properties (bank-owned).

Predictably, the fewer sales are in the first quarter of each year. Sellers should take note when the most active periods are. Third quarter 2010 was the busiest with the most number of sales that closed escrow.

MEDIAN FOR SALE VS MEDIAN SOLD 2008-2011
There seems to be a bit of disconnect between what properties are actually selling for versus what they're listed for. This chart illustrates that the median sold is actually 26% less than median for sale. Sellers should see what's happening that is leading to reduced sold price.

UNDER CONTRACT PROPERTIES

The number of sales seem to have picked up first quarter 2011 compared to the previous quarter, and is nearly as robust as it was at the peak in second quarter 2010. Prices may be lower than previous years, but at least the inventory is moving. Very promising to see that properties are going in contract. But for how much is another story, as median sold vs median for sale chart illustrates.

DAYS ON MARKET

For some areas, an average of 30 days on market is unheard of. But this is not unusual for Piedmont because even if the home prices are high by comparison to surrounding areas, as long as the homes are priced right and they show well, the general appeal of Piedmont continues to draw the buyers.

30 days on market before getting in contract? That's amazing!