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Soquel and Aptos Home Price Trends

Results for 2012 (through March 26th)

Homes Prices are relatively stable – averaging about $600,000.

 

31 Single Family Homes have sold in the Soquel / Aptos region (through March 26th 2012).  The average home sales price so far this year is $599,099.     52 homes sold for an average sales price of $708,812 during the 4th quarter.    BUT – when you dig into the details, it’s easy to see the statistics are significantly affected by a very expensive property sale late last year.    When just that 1 property is removed from the stats, the average sales price for the 4th quarter was $609,965.

The most expensive residential property to sell in the 4th quarter of last year was a lavish estate home, complete with pool and tennis courts, on 20 plus acres with an ocean view.    The 5 bedroom home was completed in 2005 and sold for $5,750,000.

So far this year, the most expensive residential property sold for $1,200,000.    This was a single family ranch style home on over 50 acres, with barn and outbuildings, in a private location with valley and mountain views.     Click here if you’d like to look at homes in the area that are for sale right now.

Here’s a chart showing the average sales price, compared to the average list price, over the last year.   What I find interesting is that the discount between listing price and sales price has gotten pretty slim – recentl less than 1%.

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Click here to get a free, no obligation estimate of your home’s current market value.

Source: MLS Listings.com single family home sales through March 26, 2102

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Santa Cruz Mountains – Pathway to Pinot Paradise

Fun things to do in the Santa Cruz Mountains 

March 31st – Saturday – the 8th annual Pathway to Pinot Paradise

This almost sold out self-guided tour of over 20 wineries starts at 11 am and runs until 5 pm.

These wineries, some of our best mountain treasures, may also offer barrel tastings and gourmet food selections to compliment the Pinots.    Tickets are on sale for $25 – click for more information.

Watch this great video I found posted on the Santa Cruz Mountains Winegrowers Associations Facebook page.

Cupid in a Wine Glass
Painting of Cupid in a Wine Glass by Abraham Woodside 1840s, from Wikimedia Commons
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Real Estate Price Trends for the City of Santa Cruz

City of Santa Cruz Home Price Trend Results through mid March, 2012

HOMES

So far, 83 Single Family Homes have sold in the City of Santa Cruz (through March 14th 2012).   The average home sales price so far this year is $592,528.    This compares quite favorably to the 104 homes that sold for an average sales price of $590,735 during the 4th quarter.      Click here if you’d like to look at homes in the area that are for sale right now.

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Here’s a chart showing the average sales price, compared to the average list price, over the last year.   As you can see, prices are holding steady, and the discount between listing price and sales price is pretty slim at 2%, despite a dip to 3.75% in January.

CONDOS and TOWNHOMES 

24 Townhome/Condominiums have sold so far this year, at an average price of $253,340.    In the 4th quarter of 2011, just 18 condo/townhomes sold, at an average price of $272,967.    Here’s a chart showing the average sales prices over the last year.   Clearly, there is a disconnect between the stability of single family home prices and the declining prices for multi-family residences.

To find out why, I looked at the number of distressed sales.   Shockingly – 17 of the 24 sales this year – a full 70% were distressed sales – either short sales or foreclosures.    Only 1 condo/townhome priced over $500,000 has sold so far this year.

This is in sharp contrast to the first half of 2011, when just 22 of 50 sales -less than 50% – were distressed.    9 units sold for more than $500,000 during the first half of last year.

Conclusion: the prices of condos and townhomes are unusually depressed and out of synch with single family homes here.    When we look back, this may turn out to have been an unusually attractive investment opportunity.

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Click here to get a free, no obligation estimate of your home or condo’s current market value.

Source: MLSListings.com, closed escrows of single family homes, condo/townhomes, through mid-day March 14, 2012

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Santa Cruz County Real Estate Trends

Santa Cruz County Home Prices –  January & February 2012

As the chart below shows, prices are moving around month to month, but there appears to be a central trend of stability at just above the $500,000 mark.

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229 Single Family Homes sold across Santa Cruz County during the first 2 months of 2012.   The average home sales price fell to $452,869 in January followed by a rise to $536,253 in February, compared to $523,264 in the 4th quarter.

 

Results for the 4th Quarter

469 Single Family Homes sold across Santa Cruz County during the final 3 months of 2011.   The average home sales price of $523,264, compared to an average price of $542,527 during the 3rd quarter.

Case Shiller studies the housing market across the nation, noting price declines of 3.8% in the 4th quarter of 2011.    Karl Case, one of the index’s creators, has some optimism about real estate’s direction, based on census data indicating increased household formation which leads to increased demand for housing.

Click here to look at homes for sale across Santa Cruz county

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Scotts Valley Home Price Trends

Scotts Valley Real Estate Prices – year to date 2012

As the chart below shows, recently, home prices are hovering around a central trend of stability around  $650,000.   Take a look at the average discounted sales price, compared to asking price.   This has been  shrinking steadily  – some recent buyers have been willing to pay over asking price this year.

23 Single Family Homes have sold in Scotts Valley so far this year, at an average price of $640,819.   The average home sales price

of $633,593 in January was based on just 9 closed escrows.   In February, another 9 homes closed escrow, at an average price of $659,500.

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Source: MLSListings.com – Single Family Residence closed escrows

Click here to read more about the Scotts Valley Community.

The tone of  press articles about housing is improving:

Housing Crisis to End in 2012 as Banks Loosen Credit

Pending Home Sales Rise

Jobs Creation Heralds Stronger Recovery

Housing Affordability hits Record High

What do you think will happen in the Santa Cruz/ Scotts Valley / San Lorenzo Valley housing market this year?

 

 

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

36 homes sold across the city and rural areas ofScottsValleyduring the final 3 months of 2011.   The average home sales price was $709,924.     During the 3rd quarter, 77 homes had sold at an average sales price of $727,842.    During the final half of the year, the discount from the original list price remained stable at about 4%.

Click here to get a free, no obligation estimate of your home’s current market value.