It seems like it was not that long ago when the market plummeted. Thankfully in January 2017 the Colony Green condo home prices show signs of continued increase. Being the geeky data person that I am, after I completed the 2016 year-end market update report for Colony Green Condominium community, I decided to take a look at the 10 year sales data.
Many of us remember when the real estate market started to “crash”. We saw it in property values decreasing as the number of distressed sales (short sales and foreclosures) swept the community and the Nation.
10 Year Review of Sold Condos in Colony Green
The chart below shows the sold activity in the Colony Green community from 2007 through 2016.
Data in the above chart was extracted from our local Multiple Listing Service (“MLS”). As you can see 2008 is when the Colony Green community began to experience distressed sales. The number of condos sold short and bank-owned continued to increase through 2013. 2014 is when the market started to experience recovery.
In 2015 the number of condos sold doubled from the two previous years. Out of 21 sold condos in 2015 there was only 1 REO. In 2016 we see a near mirror image of 2007 in terms of numbers. Looking at the sold data from this 10 year perspective allows us to see the begin of the “crash” to where we are today.
As mentioned in the 2016 year-end report, we have one REO sale pending in January 2017. Is that an anomaly or the beginning of a new trend? We simply do not have enough data at this time to tell. The lack of inventory coupled with high demand has certainly played a factor in the increasing sales prices in Colony Green and all throughout San Jose and Silicon Valley.
The Colony Green Condominium Community continues to be a desirable Blossom Valley community in which to live. Dog friendly Martial Cottle Park is across the street on the Chynoweth side of the complex. One access point to the trail is located on Chynoweth Avenue at Duesenberg Drive.
If you are a Colony Green homeowner and need to sell your condo then contact me, Kathleen Daniels at 408.972.1822. I am happy to provide you with a home value you can take to the bank. No one knows the Colony Green community better. I am an original owner and I live here!