By any measure, residential real estate is going strong in the San Lorenzo Valley region of Santa Cruz County, from Felton through Boulder Creek.

89 homes sold in the San Lorenzo Valley* during the second quarter, a brisk pace compared to around 50 home sales during the first quarter.   Between April and June, the average price of $491,452 was about 12% higher than the January through March  average of $438,476.    The average price from July through the 20^th of August was $482,814.

 

During the first half of 2014, the average price was $470,387 – nearly 22% higher than the average price of $386,146 during the first half of 2013.

 

Looking back at the market peak – during the first half of 2007- the average price was $589,456.

 

Average days on the market has shortened to just 49 days so far this year versus 58 days for the first half of last year.    42% of homes were in escrow within 2 weeks*.

 

All but one of the buyers I represent encountered multiple offer scenarios.    You’ve got to have all your loan documentation ready and have a diligent REALTOR in order to succeed as a buyer in this market.    The reward is: with interest rates this low, many people can still buy their own home rather than renting at the whim of a landlord!

 

Short sales & bank owned sales declined to just 15% (compared to 28% last year), reflecting the national trend of rising home equity.

 

The two most expensive homes sales were both in Ben Lomond: $1.2 million for a 5000 square foot home built in 1992 on about 22 acres – 20 of which were in a protected land trust, followed by $1.075 million for a 3800 square foot home built in 1993 on 12 acres set up as a horse ranch. 

The least expensive home was red tagged but still sold for $130,000 on about ½ acre in Boulder Creek.

 

2014 SLV home prices so far this year, vs. first half of 2013

Town	Price Change	# Sales	Average Price 2014	Days on Market	Sales Price vs. List Price
Boulder Creek	+23%	68	$439,431	52	98.75%
Brookdale	+4.6%	4	$377,638	22	96.7%
Ben Lomond	+33%	31	$560,713	40	98.8%
Felton	+10%	39	$462,077	52	99.5%

 

 San Lorenzo Valley home prices – 2011 through 2014

 

If you are thinking of selling your house this year, check with me – your home may be worth more than you think!     Multiple offers are really common!  -Especially for homes priced under $500,000.

Are you worried about how to buy a home when you also have a home you need to sell?    I have several successful strategies I’d be happy to share with you: ways to handle the timing of each transaction.   E-mail or Call me so we can talk about your particular situation and create a plan for your comfort level.

Although it might seem like you’re seeing more “For Sale” signs, the San Lorenzo Valley still has barely 3 months of housing inventory right now: anything under 6 months is considered to be a sellers’ market.

 

What are people saying about buying / selling with MC?   Click here to find out!  Call MC Dwyer, Century 21 Showcase REALTORs,  (831) 419-9759.   CAL BRE 01468388

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