Home Inventory Down, Pending Sales Up in Scotts Valley, Condo-Townhouses HOT

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Remember I said a couple of months ago that there were some deals to be had for a window of time between late summer through just before the holidays in the real estate market? Looks like many buyers listened and took advantage and scored on some Single Family homes at that time that closed the month of November. But condo-townhouses were and are on fire once again.
 
The numbers are out for the November 2015 Scotts Valley real estate market and they reflect the following:
 
DECEMBER CLOSINGS
– Average List Price for SF Homes was $785,478
– Average Sales Price for SF Homes was $765,271
– Average LP to SP Ratio was 97%
– On average, buyers paid $20,207 less than asking price for homes closed in November
– The average days on market for SF homes was 35 days
 
CONDO-TOWNHOUSES HOT AGAIN
– Average List Price for Condo-TH was $504,000
– Average Sales Price for Condo-TH was $511,250
– Average LP to SP Ratio was 101%
– On average, buyers paid $7,250 above asking price for Condo-TH closed in November
– The average days on market for condo-TH was 13 days
 
INVENTORY DOWN, PENDING SALES UP, CONDO-TH ON FUEGO
Currently, there are only 38 total homes (SF & Condo-TH) for sale in Scotts Valley with 47% already being in pending sale status. Of the 38 homes, 7 of them are condo-townhouses and out of those, 6 of 7 are already pending status.
 
Look for the market to stay active in terms of pending status and activity on those homes that are priced right as there are fewer homes on the market during the holiday season.
 
MORTGAGE RATES UP
Mortgage rates have slowly ticked up and are averaging just over 4% for a 30 year fixed rate conforming loan. That is still an awesome rate and with election year coming up in 2016, I expect them to stay pretty good.

DSC05907Robert Aldana
REALTOR® since 1986
BRE # 00921165
American Dream Realty in SV
5522 Scotts Valley Drive
Scotts Valley, CA. 95066
831-252-3959 Direct Line

[email protected]
www.RobertAldana.com/Testimonials

Robert Aldana is a 29+ year licensed real estate veteran with American Dream Realty in Scotts Valley, and also a long-term resident and homeowner here in town. He is the founder of MyScottsValley.com and the popular local news and events page at Facebook.com/MyScottsValley.

He was voted as the “Rave” winner in the category of “Favorite Real Estate Agent” in the Scotts Valley Press Banner’s contest for 2014, and also awarded the Scotts Valley Man of the Year in 2014 for his contributions to the community.

Robert was also a nationally syndicated real estate journalist and was a highly sought after interviewee on the topic of real estate by local, national and even international media, in addition to appearing on HGTV and local NBC’s “Best of the Bay”. Many of his articles and interviews can still be read at RobertAldana.comDeadlineNews.comRealtyTimes.comForbes.com, among many other real estate and finance news sites and publications.

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