Low Inventory & High Demand Keep Scotts Valley Real Estate Market Red Hot

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February 12th, 2014 – As we approach midway through February 2014, the housing market in Scotts Valley continues on its strong pace as we see a very limited amount of inventory. This has caused homes that are priced right, and if the red-hot zone of $600-850,000 to receive multiple offers in many cases.

As of today, there are 53 single-family homes and condo/townhouses that are for sale or as a pending status.

Single Family Homes
The average list price for single-family homes that are active and have not yet sold is $1,010,126 with average days on the market being 96.

The average list price for homes that are pending sales (accepted offer and in escrow), but have not yet closed is $743,150 with average days on the market being 83 days.

These figures confirm the fact that the more affordable the home, the faster it will sell. A single family home that is $850,000 and under is in high demand. Obviously, the lower the price, the more people qualify and the more people that will be viewing and bidding on the property.

Homes in the $1,000,000+ price range have always taken longer to sell because less people can afford them. However, I have seen more pending sales recently in this price range so don’t be surprised to see many homes in this price range move quickly.

Condo-Townhouses
The average list price for condo-townhouses that are active and have not yet sold is $479,000 with an average of only 7 days on the market. Condos and townhouses are a super hot commodity right now as the price point caters to many first-time homebuyers. Right now there are only 2 active condo-townhouses and one is about to go pending probably today as they received 9 offers and the other active listing just came on the market yesterday.

The average list price for condo-townhouses that are pending sales is $447,933 with average days on the market being 36. The average days on market however is a lot less as one particular listing was on the market for quite some time and it rose the average days for everyone. Expect to have your well-priced condo-townhouse sold within 10 days with multiple offers, and possibly above asking price.

Closed Sales
The amount of closed sales for single-family homes since November 1, 2013 through today is 40, with an average list price of $782,898 and an average sales price of $771,605. This represents an average sales price to list price ratio since probably mid September of 2013 of almost 99%! I say September because these stats are homes that closed escrow since November 1st and probably sold in September and October as escrow takes between 30-45 days on average.

The amount of closed sales for condo-townhouses in the same time frame is 10 with an average list price of $395,678 and average sales price of $388,453. This represents an average sales price to list price ratio since probably mid September of 2013 of almost 98. I expect new sales to maybe come closer to 100% if not more within the next 30-45 days as we see current pending sales close.

Home Sellers
If you are a home seller, it’s a great time to put your home on the market because you have a hot commodity and home buyers are willing to pay a premium to buy right now.

Home Buyers
If you are a homebuyer, don’t expect to go in and steal a deal. Its not happening right now. Be pre-approved, be informed, be proactive and be realistic, and you will be a homeowner.

 

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

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.

*Click here to read Testimonials from local families who have worked with Robert

 

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