San Lorenzo Valley Home Sales, Prices and 2012 Market Trends
Here in the valley, the number of homes selling is on the rise compared to the same period last year. But, the market continues to be dominated by short sales and REOs (sales of bank owned, foreclosed properties), which is dragging prices a little bit lower than last year. It is exactly these low prices that are attracting investors, who are able to fix up and rent out these properties at positive cash flow. That’s why there are so many multiple offer situations on new listings. This is a brand new development that we weren’t up against last year.
Mortgage rates are so incredibly low, a buyer able to lock in a mortgage around 4% for 30 years could end up in a better position than anyone in the last 2 generations, as long as they are geared to own the property for a normal 5-7 year time period.
2012 –year to date (January 1st through February 28th)
So far this year, 29 homes have sold in the San Lorenzo Valley– from Boulder Creek to the town of Felton. The average home price of $279,399 reflected the fact that only 11 homes were normal sales and 18 were distressed sales.
The most expensive home sold in Boulder Creek: a 4500 square foot home built in 2000 on acreage in a good neighborhood fetched $875,000.
The least expensive home sold for $50,000: also in Boulder Creek. This was a short sale of a tiny 1 bedroom cabin literally encompassed by towering redwoods.
2011 – November and December
As 2011 wound to a close, 47 homes sold in theSan LorenzoValleyduring the last two months. The average home price was $289,383. 18 homes were normal sales and 29 were distressed sales.
The most expensive home sold for $682,000 – a 2400 square foot log home on acreage in Boulder Creek.
The least expensive home sold for $77,000 – an uninhabitable shack on the river inBen Lomond
2011 –year to date (January 1st through February 28th)
By this time last year, 25 homes had sold in the San Lorenzo Valley. The average home price was significantly higher a year ago, at $341,910. 8 homes were normal sales and 17 were distressed sales.
The most expensive home sold inBen Lomond: a 2400 square foot home fetched $708,000.
The least expensive home sold for $70,000: also in Boulder Creek. This was a bank owned sale of a tiny 1 bedroom cabin literally teetering on the side of the eroding riverbank.
To find out what your San Lorenzo Valley home is worth now, click here
For the year 2011, Home Sales Rose; Prices fell.
The market was dominated 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, 58% of sales were distressed. 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 borderingFallCreekState 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, 53% of sales were distressed. 234 homes sold, at an average price of $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.
Source: MLSListings.com, Single Family Residential Sales Closed Escrow through 02/28/12