Results for the 4^th Quarter compared to the 3^rd Quarter 2011

469 Single Family Homes sold across Santa Cruz County during the final 3 months of 2011.   The average home sales price fell about 3.5% to $523,264, compared to the 576 homes which sold during the 3^rdquarter at an average price of $542,527.  The median price home in the 4th quarter (where half the homes sold for more and half for less), was $450,000, down 3.4% compared to $466,000 for the 3^rd quarter.

Here’s an interesting observation:  the percentage of distressed sales fell at the end of the year.     Foreclosure sales fell: 107 of the homes sold in the 4^th quarter were foreclosures, compared to 128 of the homes sold in the 3^rd quarter.

There also fewer short sales: 85 short sales during the 4^th quarter, versus 95 in the 3^rd quarter.

Could this decline in distressed sales be a bright sign for the housing market’s health?   Time will tell, but there was a news report released today by the Mercury News, saying the Truckee research company Clear Capital reports a stable outlook for home prices in the Bay Area.   Click here to read more:

Click here to get a free estimate of your Santa Cruz area home’s current market value.

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