In June, volume across Santa Cruz County was lower, but prices rose countywide compared to June 2010. This June, 176 homes sold at average sales price of $614,865. In June of 2010, 225 homes sold at an average sales price of $593,351.
In the City of Santa Cruz, 219 homes sold through June of 2011 at an average price of $685,873, slightly lower than 232 homes at an average price of $692,574 during the first six months of last year.
In the City of Scotts Valley, 75 homes sold during the first 6 months of both 2011 and 2010, at an average price of $717,987 this year, versus $769,224 last year. Each year, about a dozen homes sold in the under $500,000 price range. 8 homes sold for over $1 million last year, the highest sold for $3 Million. This year, 10 homes sold for over $1 million, the highest sold for $2.6 Million.
In the San Lorenzo Valley, the market continues to be dominated by distressed home sales: short sales and foreclosures. Prices have fallen compared to 2010 (the brief recovery spurred by tax credits), bouncing around the lowest seen in this cycle.
In aggregate across SLV: 144 homes have sold so far this year at an average price of $319,434, compared to 158 last year at $365,131. This June, 28 homes sold at an average sales price of $316,696, compared to 54 homes at an average price of $373,921 in June of 2010.
In the under $500,000 segment, the pace of sales is steady: 131 homes sold thru June 2011, at an average price of $289,192 versus 130 homes at an average of $311,230 thru June 2010.
This year so far, 13 homes sold above $500,000 in the San Lorenzo Valley: the average sales price was $624,182, versus 29 homes last year thru June at $611,407.
*all statistics provided focus on single family, detached homes sold on the Multiple Listing Service (MLS)
The Mercury News featured the best article I've read lately about the micro-markets across the San Francisco Bay Area
Investors continue to account for about 20% of transactions, as the LA Times points out, providing significant support for the housing market.
And here's an intensive review of the economics of home ownership by the Wall Street Journal.
Finally, from the California Association of Realtors come these "Fast Facts"
First-time buyers purchased 35 percent of all California homes in May, down from 46 percent in May 2010, when the tax credit was in place. Investors accounted for 19 percent of purchase activity in May compared with 20 percent in April; they were 14 percent in May 2010.
Nationwide, the median existing-home price for all housing types was $166,500 in May, up from $158,800 in January of this year. Distressed home sales were about 31% of the market compared to 38% in January 2010
Calif. median home price: May 2011: $291,760 (Source: C.A.R.)
Calif. highest median home price by region/county May 2011: San Mateo: $810,000 (Source: C.A.R.)
Calif. lowest median home price by region/county May 2011: Merced $113,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: May 2011: 118.3, an increase of 1.6 percent compared with prior month. (Source: C.A.R.)
Calif. First-time Buyer Affordability Index: First quarter 2011: 53 percent (Source: C.A.R.)
Mortgage rates: Week ending 6/16/2011 30-yr. fixed: 4.50 fees/points: 0.7% 15-yr. fixed: 3.67 fees/points: 0.7% 1-yr. adjustable: 2.97% Fees/points: 0.5% (Source: Freddie Mac)
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