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Scotts Valley Real Estate Market Update – January – April 2013

Scotts Valley Home Prices through April 2013

 55 Single Family Homes have sold in Scotts Valley through April this year, at an average price of $744,960; (average list price was $753,585).   Prices rose about 8.8% during the first 4 months of 2013, compared to the last 4 months of 2012.    The average home sales price for the last four months ending December 31st 2012, was $692,436, based on 72 sales.

The price increase between this year and last can be partially attributed to the fact that this year, only 14 homes sold for $500,000 or less, while 17 homes sold in that price range between September and December 2012.

8 homes sold for over $1 million so far in 2013, the same as the last 4 months of 2012.     Often, these million dollar plus properties are located in the exclusive gated communities of Pasatiempo or nearby Woods Cove.

For the average priced, $750,000 home, Scotts Valley buyers can expect 3 bedrooms and 2-3 baths, about 2200 square foot  home, on a lot between ¼ up to about ½ an acre.

Housing inventory was extraordinarily low this last winter, most recently running about 2-4 months.    Anytime the inventory of available homes to buy falls under a 6 month supply, it’s considered a sellers’ market.

Housing Inventory in Scotts Valley CA

The most expensive home sold so far this year closed for $1.8 million:  4300 square feet featuring ocean views.     In contrast, the least expensive home sold for $270,000: a 2 bed, 2 bath cabin on a small shady lot; it sold for $21,000 over asking price.

The next chart illustrates how quickly homes have been selling recently: on average, homes are on the market just 2 ½ months.    The discount between list and sales price remains fairly narrow at about 1-3%.

Scotts Valley Homes Days on Market, and Sales Price as a Percentage of List Price

Click here to read more about the city of Scotts Valley.

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

Statistical Source: MLSListings.com – Single Family Residence closed escrows, zones 39-41, data as of 5/2/13    Photo  of Woods Cove Credit John Urwin

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Los Gatos Mountains Real Estate – Market update 5/1/13

Los Gatos Mountains Real Estate Price update – January through April 2013

So far this year, 26 residential properties have sold in the Los Gatos Mountains, at an average price of $858,728, compared to an average asking price of $878,671.     Because so many homes are now selling more quickly and for over asking price, the average sales price is only about a 2% discount off the list price.

Compared to the last 4 months of 2012, prices rose 2.8% (23 homes sold between September and year end 2012, at an average price of $835,000).   Prices are strongly up from 2012 as a whole, when 104 Single Family Homes sold across the Los Gatos Mountains at an average sales price of $759,740.     In 2011, the average home sales price in the Los Gatos Mountains was $650k, based on 91 closed escrows.

Los Gatos Mountains Real Estate Trends 2013 – Days on Market

On average in this area, $850,000 will get you 3-4 bedrooms and 2-3 baths, averaging 2400 square feet, on about 3 acres   Presently there are 40+ homes for sale in the Los Gatos Mountains.    However, 5 of those are multi-million dollar estates that have been on the market for quite a long time.    For people looking for an average priced home, there are about 9 midrange choices.     For those who want to buy at last year’s average price, there are still about half a dozen homes priced under $750,000.   Click here if you’d like help finding your dream home in the Los Gatos Mountains!

6 homes sold at prices over $1 million so far this year –taking an average of 2 ½ months to sell.   But 3 of these million dollar homes went into escrow as quickly as 5-14 days, indicating an increasingly hot market.    The most expensive home closed for $1,758,000: a 4 bedroom, 3 bath, 3600 square foot home on a quiet lane just 3 miles from Highway 17, featuring over 4 acres with an orchard, horse facilities and pool.

The least expensive property sold for $192,500 – a 1 bedroom probate sale / contractor special that was on the market for over a year.

Click here to read more about the Los Gatos Mountains Community.

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

Source: MLSListings.com – Single Family Residence closed escrows as of 5/1/13, zone 23