This market report focuses on the towns of Boulder Creek, (above), Brookdale, Ben Lomond, and Felton, all situated in the San Lorenzo Valley region of the Santa Cruz Mountains.
For the 4th Quarter 2011: Home Sales Rose; Prices fell
87 homes sold in the 4th Quarter of 2011, at an average price of $286,000 The most expensive home sold for $682,000; the least expensive $44,000. Only 7 homes sold for more than $500,000; 22 homes sold for less than $200,000.
70 Homes sold in the 4th Quarter of 2010, at an average price of $360,000. The most expensive home sold for $750,000; the least expensive $28,000. 14 homes sold for more than $500,000; 15 homes sold for less than $200,000.
If you are a buyer in the under $300,000 price range, prepare for steep competition from other buyers! Most of these entry level homes are getting multiple offers – all from buyers with updated pre-approval letters from lenders – some offering all cash and no loan contingency. Click here for help finding your dream home in the San Lorenzo Valley.
If you are a seller, prepare to have your home compared to distressed properties. Have an agent walk through your property prior to putting it on the market: they can give you economical tips to bring out your properties best features, and advise you of the likely price range today’s value conscious buyers are willing to offer you. Click here to discover what your home is worth.
If you are a homeowner in distress, please don’t wait until the last minute to contact a REALTOR. We have the tools to help you minimize your credit damage, and in many cases can even get you money to help you relocate from your underwater home.
For the year 2011, Home Sales Rose; Prices fell.
The market was dominated once again by distressed sales. 115 of the 253, or, 45% of the homes sold were foreclosures, and 40 (16%) were short sales. Only 42% were noted on the MLS as ordinary sales. 13 homes sold for $100,000 or less, but only 12 homes sold for over $600,000.
While about the same number of homes sold for under $100,000 this year as last year, the number of higher priced homes (above $600,000) dropped dramatically – just 12 this year versus 22 last year. This is what dragged the average price down, compared to 2010.
During 2011, 253 homes sold, at an average price of $320,779. The median price was $307,900 – meaning half of the homes sold for less, and half for more. The highest price home sold in 2011 for $875,000: This was a farmhouse situated on 27 gorgeous acres bordering Fall Creek State Park. The lowest priced home sold for $44,000: this was a burned down, foreclosed home sold at auction. The average days it took a home to go into escrow was stable at 93 days.
In 2010, 82 of the 234 homes sold were foreclosures, and 41 were short sales, so 53% of sales were distressed. The average price was $373,200; the median was $372,000. The highest price home sold for $800,000, while the lowest price home sold for $28,000. 12 homes sold for less than $100,000, while 22 homes sold for over $600,000. The average time on the market before a home went into escrow was 97 days.