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
Jobs Creation Heralds Stronger Recovery
Housing Affordability hits Record High
Case Shiller, which studies the nation’s housing market, noted prices declined in the 4th 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 4th Quarter compared to the 3rd 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%.
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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 4th quarter.
Results for the 4th 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 3rd 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.
San Lorenzo Valley Home Sales, Prices and 2012 Market Trends
Here in the valley, the number of homes selling is on the rise compared to the same period last year. But, the market continues to be dominated by short sales and REOs (sales of bank owned, foreclosed properties), which is dragging prices a little bit lower than last year. It is exactly these low prices that are attracting investors, who are able to fix up and rent out these properties at positive cash flow. That's why there are so many multiple offer situations on new listings. This is a brand new development that we weren't up against last year.
Mortgage rates are so incredibly low, a buyer able to lock in a mortgage around 4% for 30 years could end up in a better position than anyone in the last 2 generations, as long as they are prepared to own the property for a normal 5-8 year time period.
2012 –year to date (January 1st through February 28th)
So far this year, 29 homes have sold in the San Lorenzo Valley – from Boulder Creek to the town of Felton. The average home price of $279,399 reflected the fact that only 11 homes were normal sales while18 were distressed sales.
The most expensive home sold in Boulder Creek: a 4500 square foot home built in 2000 on acreage in a good neighborhood fetched $875,000.
The least expensive home sold for $50,000: also in Boulder Creek. This was a short sale of a tiny 1 bedroom cabin literally encompassed by towering redwoods.
2011 – November and December
As 2011 wound to a close, 47 homes sold in the San Lorenzo Valley during the last two months. The average home price was $289,383. 18 homes were normal sales and 29 were distressed sales.
The most expensive home sold for $682,000 – a 2400 square foot log home on acreage in Boulder Creek.
The least expensive home sold for $77,000 – an uninhabitable shack on the river in Ben Lomond
2011 –year to date (January 1st through February 28th)
By this time last year, 25 homes had sold in the San Lorenzo Valley. The average home price was significantly higher a year ago, at $341,910. 8 homes were normal sales and 17 were distressed sales.
The most expensive home sold in Ben Lomond: a 2400 square foot home fetched $708,000.
The least expensive home sold for $70,000: also in Boulder Creek. This was a bank owned sale of a tiny 1 bedroom cabin literally teetering on the side of the eroding riverbank.
To find out what your San Lorenzo Valley home is worth now, click here
For the year 2011, Home Sales Rose; Prices fell.
The market was dominated 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, 58% of sales were distressed. 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, 53% of sales were distressed. 234 homes sold, at an average price of $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.
The Silicon Valley is experiencing economic growth, which spreads out into the Santa Cruz County housing market.
Specifically, Pending Home sales this year (January 1 through February 28) are up to 294, compared to 267 last year at this time.
Last week, Reuters reported that the national unemployment rate is improving…from over 9% last August, to 8.3% in January. New claims for unemployment declined to a 4 year low, as payrolls grew more than 200,000 for the last two months.
On February 21, Fannie Mae stated that in 2012 the housing market will make a positive contribution to GDP growth for the first time in seven years.
One of the news services I subscribe to, Housing Trends E-Newsletter, had some wonderful graphics to share with you in this morning's e-mail. The graphs (from the National Association of REALTORs) focus on the Silicon Valley economy. 
California's economy is growing a bit faster and is a bit stronger than our country at large.
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 in San Jose was 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
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.
In Santa Cruz County, according to the MLS 53 homes sold with an average price of $455,491 during January 2012, compared to 116 sales in January 2011 with an average price of $498,511. I prefer to look at quarterly price trends, versus monthly statistics, just because the differences month to month can be so erratic....so stay tuned!
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Sources: MLSListings.com
http://www.mercurynews.com/business/ci_19980646?source=email
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