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.
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%.
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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