San Lorenzo Valley -SLV Real Estate – Home Prices and Sales – 1st Quarter 2013
The residential real estate market in the San Lorenzo Valley was sizzling hot during the first quarter of 2013 – 63 homes sold at an average price of $348,842, up 16% over the same period last year. Last year from January to March, 57 homes sold at an average price of $300,474, taking an average of 106 days to sell.
This year, 22% of homes went into escrow with buyers within 7 days! Homes listed as “normal transactions” – in other words, not distressed (foreclosed or short sale) –took an average of 47 days to go into escrow. The average days on market was 69 days.
The most expensive home – which sold for $735,000 in Boulder Creek – was a gorgeous 4 bedroom 2900 square foot home, with all day sun and distant ocean vistas. Listed by a Century 21 Showcase REALTORS agent, it got multiple offers and went into escrow within 18 days.
In sharp contrast, the home that took the longest to sell – over 9 months – was a foreclosed home that had been ravaged. I previewed it but never showed it to a client because not only was it overpriced for months (listed by an out of the area agent), but it felt horrible inside-the walls were practically dripping with hate.
I listed a short sale 1 bedroom cottage that was mid-remodel when the seller ran out of funds to complete the work. The incomplete construction meant only someone with cash could buy the home. Next, and this isn’t the only time I’ve seen this happen, the appraiser for the short sale lender valued the home at $38,000 BELOW the buyers’ offering price. The buyer was able to apply those savings towards buying two adjacent vacant land parcels. Both buyer and seller in this transaction were conscientious, earnest, genuine people – making my job a lot more pleasant than it would have been otherwise.
If you have been thinking about selling your house, there’s pent up demand right now! Prices are well up from the cyclical low point of February 2009, when the average SLV home price was $272,184.
To find out what your San Lorenzo Valley home is worth now, call a Century 21 Showcase Agent at 438-8400 or 338-2125, or just click here.
Santa Cruz Mountains: Location, Location, Location! The Santa Cruz Mountains and San Lorenzo Valley are a laid back, picturesque alternative to living in the frenetic and crowded Silicon Valley. If you don’t already live here, you owe it to yourself to check out the lifestyle.
Mortgage rates for a 30 year fixed loan continue to average well below 4%, allowing people to secure their future housing costs. First time buyers are a big portion of the market: renting in this area is competitive and often costs just as much owning. Investor buyers continue to invest cash – often buying homes with no loan at all – because rental properties are generating positive cash flow.
Distressed sales are still a factor in the housing market in the Santa Cruz Mountains, particularly dominating the lower price range. 12 short sales and 17 foreclosures (REOs) resulted in 46% of first quarter sales being distressed property, down from 50% during 2012. If banks were rational sellers, they would release their foreclosed inventory, both here and nationally, because there are plenty of interested buyers right now.
Last year, Residential home sales turned in a solid performance for 2012, with an average San Lorenzo Valley home price of $338,238, up 5% on average for the year.
Source: MLSListings.com, Single Family Residential Sales Closed Escrow through 12/31/12.