About Santa Cruz County, CA

Scotts Valley Real Estate Prices.....Results for 2012 so far

As the chart below shows, Scotts Valley home prices are hovering at a central trend of stability around $650,000. The difference between the sales price, compared to the list price, has been steadily shrinking. This year, some buyers have been willing to pay over asking price.

23 Single Family Homes have sold in Scotts Valley so far this year, at an average price of $640,819. The average home sales price of $633,593 in January was based on 9 closed escrows. In February, another 9 homes closed escrow, at an average price of $659,500.

Source: MLSListings.com – Single Family Residence closed escrows

The tone of press stories is improving:

Housing Crisis to End in 2012 as Banks Loosen Credit

Pending Home Sales Rise

Jobs Creation Heralds Stronger Recovery

Housing Affordability hits Record High

Case Shiller, which studies the nation’s housing market, noted prices declined in the 4^th quarter price by 3.8%. However, Karl Case, one of the index's creators, voiced optimism about real estate's direction, based on census data indicating increased household formation which leads to increased demand for housing.

Click here to read more about the Scotts Valley Community.

Results for the 4^th Quarter compared to the 3^rd Quarter 2011

36 homes sold across the city and rural areas of Scotts Valley during the final 3 months of 2011. The average home sales price was $709,924. During the 3rd quarter, 77 homes had sold at an average sales price of $727,842. During the final half of the year, the discount from the original list price remained stable at about 4%.

Click here to get a free, no obligation estimate of your home’s current market value.

SANTA CRUZ FIRST TIME HOME BUYERS COMPETE WITH ALL CASH OFFERS

The fact that Santa Cruz First Time Home Buyers are competing with all cash offers is not news to me. There was a recent article in the Santa Cruz Sentinel about an individual that is trying to buy their first home in Watsonville but is not having much luck due to the all cash investors that are beating them out on the properties.

I have dealt with this same scenario myself with helping first time home buyers in Santa Cruz. When you are a Santa Cruz first time home buyer, and buying in a home under $500k, chances are high that you will be competing with all cash investors. About 29% of all Santa Cruz county home sales last year were all cash transactions.

You may have to write several offers before you get one accepted - don't get discouraged! Buying a home is a process and with an experienced Realtor at your side, you will have success! As a Santa Cruz first time home buyer you will likely be dealing with short sales and foreclosures, read my article here about Tips for Buying a bank owned home in Santa Cruz

As a First time home buyer in Santa Cruz, you should also know that there are different programs in the County and City of Santa Cruz, City of Watsonville and City of Scotts Valley that can help you. Visit here to read my article about Santa Cruz County First Time Buyer Programs

Besides conventional loans there are also FHA loans and USDA Loans. With an FHA loan you can buy a home or Santa Cruz FHA approved condo with only 3.5% down. With a Santa Cruz USDA Loan - 100% financing you can buy a home with almost nothing down. There are restrictions about what areas of Santa Cruz County you can use a USDA loan in, contact me for details.

If you are looking to buy a home in Santa Cruz, and want to know your options, contact me at (831) 419-9345, I am happy to help!

Santa Cruz County Real Estate Price Trends

Results for January & February, 2012

As the chart below shows, prices are moving up and down on a monthly basis, but there appears to be a central trend of stability at just above the $500,000 mark.

229 Single Family Homes sold across Santa Cruz County during the first 2 months of 2012. The average home sales price fell to $452,869 in January followed by a rise to $536,253 in February, compared to $523,264 in the 4^th quarter.

Results for the 4^th Quarter, 2011

469 Single Family Homes sold across Santa Cruz County during the final 3 months of 2011. The average home sales priceof $523,264, compared to an average price of $542,527 during the 3^rd quarter.

Case Shiller studies the housing market across the nation, noting price declines of 3.8% in the 4th quarter of 2011. Karl Case, one of the index's creators, has some optimism about real estate's direction, based on census data indicating increased household formation which leads to increased demand for housing. Read more in the LA Times.

Click here to get a free, no obligation estimate of your home’s current market value.

Here are some recent sales statistics for Santa Cruz County. Data is from Realist:

Capitola Real Estate

Capitola is the coastal center of Santa Cruz County. On a sunny day you can travel from Capitola Village to the redwood forest of Nicene Marks in 5 minute- or better yet a 15 minute bike ride. Wander inland through historic Soquel, past restaurants and businesses, up Old San Jose Road for a leisurely drive through the Santa Cruz Mountains.

Two things that persuade my clientele to purchase Santa Cruz real estate are the temperate, almost perfect weather and Santa Cruz County's 14 State Parks. This weekend I made the most of both by taking a winter hike through Wilder Ranch, located just up the coast along HWY 1.

Spring is definitely springing along the coastal terraces of Wilder Ranch. As I walked through the park I saw four young deer foraging in the grass. The panoramic views of farmland and the Pacific Ocean reminded me of why, although prices have fallen throughout the State, Santa Cruz and Bay Area real estate seem to be stabilizing.

Perhaps this is a decent analogy for the Capitola Real Estate Market? Even though prices dipped last month, Capitola residential home prices appear to have settled at a plateau.

Inventory has been steadily growing with no marketable change in sales, and conditions indicate a strong buyer’s market. If you are sitting on the fence trying to decide whether or not to buy a home in Capitola or Santa Cruz County, it might be time to shake off the winter doldrums and embrace spring.

I Sell Santa Cruz because I love this area and its communities. From beach front properties to mountain homes, bungalows to luxury home, short sales to bank owned properties; call me today to discuss your real estate options.

John Flaniken: Contact me at 831-334-0890 or john@sellsantacruz.com for more information about Santa Cruz County Homes for Sale and Capitola Real Estate.