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SLV Home Prices – Second Quarter 2013

The San Lorenzo Valley turned in a smoking hot second quarter of 2013 – 78 homes sold at an average price of $420,858, up 18% over the same period last year  (66 homes sold at an average price of $355,435 in 2012).

The San Lorenzo Valley residential real estate market was still red hot this July, when 32 homes sold at an average price of $439,818.    Similarly, 36 homes sold in August at an average sales price of $426,613.   In order not to skew the average, I removed the most expensive property from the calculation.    Because the 87 acre Johnson ranch in Boulder Creek fetched $2.25 Million, if it had been included in my calculations, the average price would have been $477,263.

This year, for the first time since 2008, a Boulder Creek home sold for over one million dollars.    According to the MLS, only a dozen other homes have sold in this price range, all between 2005 and 2008.

This 4800 square foot 5 bedroom home featured a gourmet kitchen, pool, and about 4 private, usable acres with an adjacent parcel sold separately.

Average prices are the highest they’ve been since August of 2008.  SLV Real Estate prices have recovered well from the low point in February 2009 and September 2011, when the SLV average home prices briefly touched $270- $280k.

The pace in the first quarter of 2013 was 63 sales, with an average price of $348,842 between January and March.

This quarter, 12% of homes went pending sale within 7 days, compared to 22% last quarter, giving buyers just a little more breathing room.   Homes went into escrow on average within 43 days of being listed.   The average days on market was 69 days during the first quarter.

The San Lorenzo Valley simply doesn’t have enough sellers willing to sell their homes, compared to all the buyers who want to buy.

Graph of SLV Homes for sale
Graph of SLV Homes for sale

The chart on the right shows we’ve just 4 months of inventory – a seller’s market.    (6 months is considered a balanced market.)   This competition puts upward pressure on home prices.

Multiple offers are common.   It takes steel nerves to persist as a buyer right now.   Many buyers want to lock in affordability: even though interest rates have gone up, they are still very low by historical standards.    My sense is this market flurry is a result of buyers watching their purchasing power diminish as both interest rates and home prices rates rise.

The Federal Reserve has been talking for a couple of months about curtailing their bond repurchase program, which they’ve used to keep interest rates low until unemployment and other economic indicators stabilizes at an acceptable rate.   This week their remarks show they’re poised to reduce their economic stimulus package as early as September.

Distressed sales are declining as a percentage of overall sales to just 25% of the total, although they account for about 50% of the sales of homes priced under $400,000, and about 75% of homes priced under $300,000.

Only 17 homes in the San Lorenzo Valley sold for $250,000 or less: all but a couple of 1 bedroom homes were contractor specials requiring cash buyers.

Although a couple of lesser quality 3 bedroom 2 bath homes sold for under $300,000, the average price for a 3 bedroom, 2 bath home is now about $530,000.

If you have been thinking about selling your house, there’s still pent up demand.  Even if you have a distressed property to sell, don’t worry  – about 40% of my transactions this year were short sales.     To find out what your San Lorenzo Valley home is worth now, click here or call MC Dwyer, Century 21 Showcase REALTOR at (831) 419-9759.

Source: MLSListings.com statistics as of 8/6/13 for for single family homes in zones 34-37 between 4/1 and 7/31/2013

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San Lorenzo Valley Real Estate Prices – 2012 in review

San Lorenzo Valley Home Prices and Sales – 2012

The real estate market in the San Lorenzo Valley turned in a solid performance for 2012, with an average home sales price of $338,238, up 5% on average for the year.

SLV Home Prices

The key factor affecting home sales right now is a lack of inventory – the number of homes for sale is at an eight year low!    Yet, there are many buyers, including cash investors and first time buyers who want to lock in great interest rates.     The imbalance of supply and demand leads to competition, and that supports increasing prices.

A new home listing, priced properly and marketed well by your agent, is likely to get multiple offers, even over asking price.    There just aren’t enough homes on the market to match buyer demand.  Another measure of demand: Days on the market (before the house goes into escrow) is about 2-3 months, putting us solidly within what’s known as a sellers’ market.

SLV housing inventory 2012 by month

If you are contemplating putting your house on the market, there’s pent up demand right now!    Look at the typical upward swing in inventory during the summer months in the chart– is there really a reason to wait to list your property?    To find out what your San Lorenzo Valley home is worth now, click here

The Santa Cruz Mountains and San Lorenzo Valley are influenced by the hectic Silicon Valley and greater Bay Area markets which experienced rapid appreciation in the range of 20% during 2012.

Felton fields and clouds, photographed by John Urwin
Felton fields and clouds, photographed by John Urwin

With gas prices a bit lower lately, more working people are willing to make the 30-45 minute commute from the San Lorenzo Valley.   They feel it’s a great trade-off because they can come home to more affordable homes and a more relaxed lifestyle, with less crowding and more open spaces.  For the average price of $340k, buyers got a 3 bedroom, 1200 square foot home on lots averaging 1/4 acre or more!

Santa Cruz Mountains: Location, Location, Location!

Earlier this week I took the day off to enjoy a walk along Pleasure Point, dropping

Pleasure Point Egret
Pleasure Point Egret

occasionally down to the beach to look at the tide pools, then back up to street level where people were skateboarding and walking their dogs, enjoying the sunshine.   During dinner on the wharf in Santa Cruz, we watched the pelicans diving for fish, against the amazing backdrop of sunset and ocean.   Returning back home to the San Lorenzo Valley in the evening took less than half an hour, and I again felt so blessed to be living in such a diverse and gorgeous place.

Mortgage rates for a 30 year fixed loan continue to average well below 4%, allowing people to secure their future housing costs.   First time buyers are a big portion of the market, because renting costs just about the same as owning.   Investor buyers are a big factor as well, often defeating first time buyers in competition, because they are putting down a lot of cash – often buying homes with no loan at all.   Understanding the challenges involved in getting a loan, many sellers will choose a cash buyer if they have the option.   Buyers making a down payment of 3.5% or less may find themselves loosing in competition to buyers with a larger down payment, if the seller can choose amongst multiple offers.

2012 –year in review

299 homes sold in the San Lorenzo Valley – from Boulder Creek to the town of Felton (according to the Multiple Listing Service, areas 34-37).    The volume of sales is up about 16% this year compared to last, and the average sales price is up about 5% to $338,238.     (vs. $321,555 average price on 256 sales in 2011.)

In 2012, 46 homes sold for over $500,000, almost double the number in 2011, when just 26 homes had sold for over $500,000.

At the high end of the spectrum, two homes this year sold for $875,000 – one in a good Boulder Creek neighborhood and one in Felton – both were on acreage.

At the bottom end of the spectrum, 8 homes sold this year for less than $100,000 – all had serious deficiencies and would not qualify for a loan.

Distressed sales were still a big factor in the 2012 housing market in the Santa Cruz Mountains, particularly dominating the lower price range.  75 short sales and 76 foreclosures (REOs) caused about  50% of sales to be distressed properties.   It’s possible that there will be more short sales and fewer foreclosure sales in 2013.   This is in part because lenders have learned that unoccupied homes fall apart – loosing value quickly-  so they are seeing short sales as more advantageous.   For buyers, short sales are taking less time to get approved, so the risk is less than before.

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Real Estate Prices in the San Lorenzo Valley – October 2012

San Lorenzo Valley Home Sales through Oct 31, 2012

As tendrils of wood smoke curl lazily above homes in San Lorenzo Valley this chilly November morning, the day after the election, it’s time for me to share my reflections on our real estate market.   Rising home prices in the Silicon Valley continue to boost our local housing recovery.  Recently I helped some first time buyers secure a home in Felton, after being beaten out over and over by 20-30 offers on homes “over the hill” as we say.

Santa Cruz Mountains

We are just loving the beautiful weather here this fall: chilly in the morning, warm and sunny in the afternoons, with the promise of rains right around the corner.   We are so close to wonderful beach towns like Santa Cruz and Capitola, and within commute range to Silicon Valley jobs.   These factors combine with still relatively affordable prices to support continuing stability with hints of growth in the San LorenzoValley housing market.

A new home listing, positioned properly in the under $300,000 segment, is likely to get multiple offers, often over asking price.    There still aren’t enough homes on the market to match buyer demand.

Chart showing low inventory of homes in the San Lorenzo Valley

Days on the market (before sale) – another measure of demand –  are shorter: anything below 6 months inventory is considered a sellers’ market.

One of our biggest challenges as the market recovers is appraisals.    I think the lending risk pendulum has swung too conservative, too late.    Government intervention into the appraisal process inserted a middleman into the system, increasing the cost for borrowers and taking money from the appraisers.   Consequently, many experienced appraisers left the business; those that are left are working harder for less money.    Some are not spending the necessary time to research for suitable comparable properties, resulting in appraisals not coming in at the market value negotiated between multiple buyers’ offers and the seller.

Mortgage rates for a 30 year fixed loan continue to average well below 4%, allowing people to secure their future housing costs.   First time buyers are a big portion of the market, as rental costs continue to increase.   Investor buyers are a big factor as well, often defeating first time buyers in competition, because they are putting down a lot of cash – often buying homes without any loan at all.   Understanding the difficulties in lending, many sellers will choose a cash buyer over one needing a loan if they have multiple offers.

2012 –year to date

241 homes have sold in the San Lorenzo Valley – from Boulder Creek to the town of Felton – so far this year (according to the Multiple Listing Service, areas 34-37).    The volume of sales is up about 15% this year compared to last, and the average sales price is up about 4% to $341,868.

Single Family Home Prices in the San Lorenzo Valley – 2012

35 homes sold in October, and the average home price for the month of October rose to $386,269.    (June’s average was $371,714).   The average sales price for the month of October rose nearly $100,000 from October of last year at $288,982.   It’s critical to understand this increase in average prices is due to a much higher proportion of sales occurring in the upper price ranges in this last month….It’s not as if all homes have increased that dramatically in value!

So far this year, 38 homes sold for over $500,000, compared to last year when only 26 homes had sold for over $500,000.

At the high end of the spectrum, two homes this year sold for $875,000 – one in a good Boulder Creek neighborhood and one in Felton – both were on acreage.

Are we out of the woods yet?  No.   Right now I’m working on escrows for 3 short sellers, a buyer of a foreclosure, and one traditional sale on acreage.   In the first ten months of 2012, of the 241 San LorenzoValley closed escrows,  56  were short sales, and 63 foreclosures (REOs).     The percentage of distressed property sales was 49.3% (compared to 50% in June).

At the bottom end of the spectrum, 6 homes sold this year for less than $100,000 – all had serious deficiencies and would not qualify for a loan.

2011 –year to date  (January 1st through October 31st)

By October of last year, 209 homes had sold in the San Lorenzo Valley.     The average home price was $328,790 for the first ten months, and 129 of the homes sold were distressed sales, or 62%.   26 homes sold for over $500,000, while  9 homes sold for less than $100,000 by this time last year; again none were habitable and had to be sold for all cash, since no lender would touch them. 

To find out more about San Lorenzo Valley homes, click here

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California Real Estate Recovery

California  Home Prices and Home Sales are improving (June 30, 2012)

June sales volume was 8.5% higher, compared to June 2011.

June’s median price was $320,540 – up 8.1% compared to $296,410 recorded in June 2011.

If you or someone you care about has been sitting on the sidelines, uneasy about prices, read this next sentence:

The June 2012 median price for a single family detached home was 30.7% higher than the cyclical bottom of $245,230 reached in February 2009.

California’s housing inventory of unsold single-family detached homes stayed level at just 3.5 months’ inventory.   This index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A 6-7 month supply is considered to be normal and balanced equally between buyers and sellers; California is in a sellers’ market.

Source: California Association of REALTOR®S

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CNN Money reports – Buying a Home may Never get any Cheaper

Buying a home won’t get much cheaper

By Les Christie @CNNMoney May 3, 2012: 11:48 AM EST

Several housing experts are predicting that this year will be the last chance for homebuyers to cash in on the weak housing market.

NEW YORK (CNNMoney) — Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable — but it won’t stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services (PNC,Fortune 500), said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

Some economists, like Trulia’s Jed Kolko, expect home prices to pick up even more quickly. Trulia’s data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared with the last three months of 2011.

“This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer,” he said.

Prospective homebuyers who’ve been sitting on the fence shouldn’t worry if they aren’t quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

Hoffman, for example, is forecasting a 2% increase in 2013 compared with 2012. Meanwhile David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and will rise 4.2% for the 12 months through September 2013.

Foreclosures start to fade. One major factor that will drive the trend is the cooling of the foreclosure crisis. Stan Humphries, chief economist for Zillow, said that the percentage of mortgage loans 90 days or more late, a good predictor of future foreclosures, is “falling fast.”

That percentage dropped 15% year-over-year to 3.1% through the end of 2011, according to the Mortgage Bankers Association. And the decline is accelerating: More than 70% of the decline came in the last three months of the year.

Before things slow down, however, buyers should brace themselves for a temporary spike in the number of foreclosures as banks start expediting the processing of hundreds of thousands foreclosures that were stuck in the system following the robo-signing scandal. That backlog should move more quickly now that new guidelines for processing foreclosures have been outlined in the $26 billion foreclosure settlement.

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being snapped up by investors who are fixing them up and renting them out — often to those who were displaced by the foreclosure of their own home. That has helped to lift prices on foreclosed properties, according to Alex Villacorte, the director of analytics for Clear Capital, which specializes in housing market valuations.

“That could have a significant impact on the market overall in terms of providing a rising floor to home values,” he said.

In some markets hit hard by foreclosures, the turnaround in prices is already underway. Phoenix recorded an 8.4% jump in home prices during the three months ended April 30, compared with the three months ended January 31, according to Clear Capital.

“It’s crazy,” said Tanya Marchiol, founder of Team Investments, a Phoenix real estate investing firm. “Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000.”

Miami saw a 4.6% increase quarter-over-quarter through April, andTampa, Fla., was up 4.4%, according to Clear Capital.

Goodbye 3.8% mortgage. In addition to home prices, mortgages could also move higher.

Mortgage rates have been at or near historic lows for much of the past six months. The average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5% since July 2011 and this week, it hit 3.84%, a new low.

But rates aren’t expected to remain at these record-low levels much longer. As the economy continues to recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the online lending site. Although, he said, they will “stay very reasonable.”

The Mortgage Bankers Association is forecasting that the 30-year fixed will hit 4.5% by the end of the year.

Greater demand for loans will help fuel the increase, according to Lebda.

Even though mortgage rates have been cheap, borrowing for home purchases has been sluggish. The Mortgage Bankers Association estimates that homebuyers will take out mortgage loans totaling about $415 billion this year, an increase of less than 3% compared with 2011. Next year, however, it forecasts that amount will almost double to $706 billion.

As housing markets stabilize and prices stop falling, homebuyers will be even more confident about buying, said Humphries.

“People can now see the light at the end of the tunnel,” he said. “And that can be enough to get them off the fence.” To top of page

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Bay Area Home Sales Up – best January in years!

Bay Area Home Sales are UP!

       At least 3 counties had their best January in 5 years or more

For the Bay Area as a whole, sales rose 6.8%.

The President of the Santa Clara County Association of REALTORS noted that “We have multiple offers on almost every sale in the lower part of the market,” said Barbara Lymberis. “If people are thinking we haven’t hit bottom, they’re wrong.”

A first time homebuyer inSan Josewas quoted to say, “Every day something new comes on the market; we go to make an offer and there’s already other people making offers,” she said. “If we’re not on it within an hour, there’s already been people making offers on it.”

Here are the median single family home prices for each county

Santa Clara        $468,500

San Mateo          $527,500

Alameda             $325,000

Contra Costa      $245,000

         Santa Cruz           $455,491

BAY AREA:        $350,000

According to DataQuick, distressed sales account for about 50% of all sales activity across the 10 county bay area region.

Overall, Bay Area prices were between flat to down 2-3% when compared to January 2011.

Santa Cruz Real Estate Price Chart
Santa Cruz County Average Home Price Chart

In Santa Cruz County, according to the MLS 106 homes sold with an average price of $455,491 during January 2012, compared to 94 sales in January 2011 with an average price of $502,331.      I prefer to look at quarterly price trends, versus monthly statistics, just because the differences month to month can be so erratic.

Click here if you’d like an estimate of your home value.

Sources: MLSListings.com

http://www.mercurynews.com/business/ci_19980646?source=email

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National Home Sales Update

Home Sales rose again nationally,

       showing the 3rd gain in the last 4 months, while inventory shrinks

The average home price in the Western Region fell just 2% year over year.    The median price of a single family home across the nation was $154,400, down 2.6% from January 2011.    

Image

Inventory, or the number of homes sitting unsold on the market, shrank to just over 6 months.   This is a key indicator, since a market balanced between and equal number of buyers and sellers tends to hover around 6 months supply.       Inventory is down 20% from a year ago.

All cash sales have steadily accounted for 31% of sales.   There are a lot of investors moving their cash into real estate, picking up rental properties and vacation homes.

Foreclosures accounted for 22% of January sales.

Short sales tallied up 13% of total January sales.   One of my short sale listings just went into escrow after getting 4 all cash offers over asking price.   3 of the 4 buyers wanted to live there themselves.

To read more, turn to http://www.realtor.org/press_room/news_releases/2012/02/ehs_jan

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Ben Lomond Home Sales, Prices and 2011 Market Update

Ben Lomond Home Sales, Prices and 2011 Market Update

2011 –year in review

62 homes sold in Ben Lomond during 2011.   The average home sales price was $378,905, taking an average of 2 months on the market prior to going into escrow.    The discount between the list price and eventual sale price was 3.7% overall.    The average home price fell about 10% compared to 2010.

The highest priced home sold for $821,000 – this was a 4 bedroom, 3 bath home on 25 acres – a traditional sale between people.

The lowest priced home sold for $77,000 – it was a shack deemed uninhabitable by the county, on just under an acre along the San LorenzoRiver, sold by JP Morgan Chase.

Ben Lomond Home sold by MC Dwyer
Ben Lomond Home sold by MC Dwyer

Above is a custom hilltop home I helped my sellers through a short sale in Ben Lomond

2010 –year in review

42 homes sold in Ben Lomond during 2010.    The average home sales price was $421,672, taking an average of 2 1/2 months on the market prior to going into escrow.    The discount between the list price and eventual sale price was just over 2 % overall.

In 2010, the highest priced home sold for $875,000: described as “a funky old farmhouse” on 27 acres.

The lowest priced home sold for $60,000 – this was a red-tagged property high in the mountains along Love Creek without power.

Why did prices fall in 2011?    In Ben Lomond the number of higher end homes – those selling for more than $500,000 – was fairly stable between 2010 (10) to 12 in 2011.    On the other hand, in the affordable and fixer-upper home segment,  21 homes sold in 2011 for less than $300,000, more than 3 times the number (just 6) that sold in that price range in 2010.

50% of all sales (31 houses) were distressed sales in 2011 –  homes that were either foreclosures or short sales, quite similar to  2010, when 54% (22) were distressed residential transactions..     All but 5 of the homes which sold in the affordable segment in 2011 were distressed sales.    It’s my feeling that Ben Lomond prices fell due to the mix of homes that actually sold as much as anything else.      Most buyer activity lately has come from first time buyers, investors, and those seeking vacation homes

To find out what your Ben Lomond home is worth now, click here.

Source: MLS Listings.com, Single Family Residences, data compiled by MC Dwyer

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Felton Home Sales, Prices and 2011 Market Update

Felton Home Sales, Prices and 2011 Market Update

2011 –year in review

63 homes sold in Felton during 2011.   The average home price fell about 23% when compared to 2010.   The average home sales price was $328,643, taking an average of just over 3 months (101 days) on the market prior to going into escrow.    The discount between the list price and eventual sale price was 4% overall.

The highest priced home sold for $736,861 – this was a bank owned 5 bedroom, 3 bath home on 22+ acres.

The lowest priced home sold for $44,000 – it was a tiny, bank owned, burned down home on Highway 9.

Why did prices fall so dramatically?    In my opinion, the main reason is that the number of higher end homes – those selling for more than $500,000 – shrank from 14 in 2010 to only 5 in 2011.    On the other hand, in the affordable and fixer-upper home segment, 28 homes sold in 2011 for less than $300,000, nearly 3 times the number (just 10) that sold in that price range in 2010.

63% of all sales (40 houses) were distressed sales in 2011 –  homes that were either foreclosures or short sales.     All but 2 of the affordable segment were distressed sales – just two were normal, owner occupied sales.    This is in contrast to 2010, when 47% (28) were distressed residential transactions.

In conclusion, prices fell due to the mix of homes that actually sold as much as anything else.        Most buyer activity is either first time buyers or investors.

What I am seeing is that many people who might be trying to move up into a bigger home, or downsize into a smaller home, are waiting for the market to recover before they put their home on the market.    A few people are able to rent out their homes, and taking advantage of low interest rates to buy a second home that suits them better.

If you would like to find out what your home is worth now, click here

Felton Wall Mural
Wall Mural in Felton

2010 –year in review

In 2010, 60 homes sold in Felton.   The average home sales price was $427,195, taking an average of 80 days on the market prior to going into escrow.       The eventual sales price was an average discount of 2.2% off the list price.

The highest priced home sold for $795,000 – a lovely owner occupied 4 bedroom, 3 ½ bath home on about 3 ½ acres.

The lowest priced home sold for $97,000 – a small 1 bedroom, bank owned cabin.

Source: MLSListings.com, Single Family Dwellings

MC Dwyer, copyright 2012

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San Lorenzo Valley Housing Market Update 2011

Boulder Creek, California

This market report focuses on the towns of Boulder Creek, (above), Brookdale, Ben Lomond, and Felton, all situated in the San Lorenzo Valley region of the Santa Cruz Mountains.

For the 4th Quarter 2011: Home Sales Rose; Prices fell

87 homes sold in the 4th Quarter of 2011, at an average price of $286,000  The most expensive home sold for $682,000; the least expensive $44,000.    Only 7 homes sold for more than $500,000; 22 homes sold for less than $200,000.

70 Homes sold in the 4th Quarter of 2010, at an average price of $360,000.   The most expensive home sold for $750,000; the least expensive $28,000.    14 homes sold for more than $500,000; 15 homes sold for less than $200,000.

If you are a buyer in the under $300,000 price range, prepare for steep competition from other buyers!    Most of these entry level homes are getting multiple offers – all from buyers with updated pre-approval letters from lenders – some offering all cash and no loan contingency.   Click here for help finding your dream home in the San Lorenzo Valley.

If you are a seller, prepare to have your home compared to distressed properties.    Have an agent walk through your property prior to putting it on the market: they can give you economical tips to bring out your properties best features, and advise you of the likely price range today’s value conscious buyers are willing to offer you.    Click here to discover what your home is worth.

If you are a homeowner in distress, please don’t wait until the last minute to contact a REALTOR.    We have the tools to help you minimize your credit damage, and in many cases can even get you money to help you relocate from your underwater home.

For the year 2011, Home Sales Rose; Prices fell.

The market was dominated once again by distressed sales.   115 of the 253, or, 45% of the homes sold were foreclosures, and 40 (16%) were short sales.   Only 42% were noted on the MLS as ordinary sales.   13 homes sold for $100,000 or less, but only 12 homes sold for over $600,000.

While about the same number of homes sold for under $100,000 this year as last year, the number of higher priced homes (above $600,000) dropped dramatically  – just 12 this year versus 22 last year.    This is what dragged the average price down, compared to 2010.  

During 2011, 253 homes sold, at an average price of $320,779.     The median price was $307,900 – meaning half of the homes sold for less, and half for more.    The highest price home sold in 2011 for $875,000: This was a farmhouse  situated on 27 gorgeous acres bordering Fall Creek State Park.   The lowest priced home sold for $44,000: this was a burned down, foreclosed home sold at auction.    The average days it took a home to go into escrow was stable at 93 days.

In 2010,  82 of the 234 homes sold were foreclosures, and 41 were short sales, so 53% of sales were distressed.    The average price was $373,200; the median was $372,000.    The highest price home sold for $800,000, while the lowest price home sold for $28,000.    12 homes sold for less than $100,000, while 22 homes sold for over $600,000.     The average time on the market before a home went into escrow was 97 days.

http://maps.google.com/maps/ms?msa=0&msid=214168273664459341077.0004b593ef6478646643d&hl=en&ie=UTF8&t=h&vpsrc=0&ll=37.107765,-122.110977&spn=0.262849,0.439453&z=11&output=embed

Building A Bridge to Your Future

M.C. Dwyer, MBA, REALTOR, Century 21 Showcase REALTORS

(831) 419-9759

http://www.Santa-Cruz-Mtns-Homes.com copyright 2012