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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