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October 20, 2013 – The Scotts Valley Real Estate Market showed little signs of change one way or another this past week, but the overall real estate market is definitely seeing a slowdown as rates stayed the same for the most part, and the Holiday Season got closer.
The pending sale average for single-family homes in Scotts Valley is still at around 35% of homes being reported as a pending sale.
Although there was little change, I do expect it to slow down a bit more over the next few weeks as is customary at this time of the year. The edge is definitely towards the buyers who are qualified and have the ability to make offers as you will see a little more “wiggle room” in prices and terms.
One thing to note is that in September, we saw closings of homes in that month showing a list price to sales price of about 103%. Meaning, most of the homes that closed escrow in September sold for over asking price. But remember, these are closings in September that SOLD in July and August, typically pretty hot times of the year in the real estate market.
Another important thing to note is the fact that the average time from listing to accepting an offer is 73 days which is more than double of what it was in August, which was 30 days. This is a telling sign that homes are taking longer to sell right now then they were not too long ago. This shows that some buyers backed off for a while as rates went up, kids went back to school and they focused their efforts on other things rather than getting into the home buying market.
The Numbers Don’t Lie
Other important stats that you should look out for are:
Price Range with the Most Closed Sales in the past Year
The most active closing price range is no surprise, $400-600,000 with 68 closings. The second is $600-800,000 with 65 closings.
The Month with the Highest Dollar Volume in Closings
No surprise here either, as it was June, meaning homes that in May and April. A few weeks ago I had reported how April and May were the most active months this year and the closings reflect this.
All in all, sellers need to be competitive as much as possible. The market is a good market, but not as hot as it was not too long ago. This is not just me talking, I am hearing this from other REALTORS®, lenders and title companies.
Buyers, your time is here. Get pre-approved and go out and find a deal. Not a crazy good deal because they are hard to come by, but you now have some breathing room and you should like what you are seeing and will continue to see for the next few months.
That’s your Scotts Valley Weekly Housing Market Report!
If you are thinking of buying or selling a home, please think of me. I have been licensed since 1986 and I have helped hundreds, if not thousands of families buy and sell their home. I am local and am always a phone call or email away, and I am always at your service.
REALTOR® since 1986
BRE # 00921165
4788 Scotts Valley Road
Scotts Valley, CA. 95066
800-882-7896 ext. 800
Robert Aldana is a long-term resident and homeowner in Scotts Valley, is the founder of myScottsValley.com and a licensed [email protected] with Bailey Properties in Scotts Valley.
Robert is also a nationally syndicated real estate journalist and his articles and interviews can be read atRobertAldana.com, DeadlineNews.com, RealtyTimes.com, Forbes.com, and many other real estate and finance news sites and publications. For more information and links to his articles including his appearances on HGTV and NBC, visit RobertAldana.com