San Lorenzo Valley Real Estate market update – 1st Half 2014

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 20th 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

 San_Lorenzo_Valley_Home_Prices_2011_-_2014_Q2

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.

 SLV_Housing_-_Months_of_Inventory_2011_-_2014_Q2

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

Santa Cruz Mountains Homes Website copyright 2014

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.