San Lorenzo Valley home sales prices steady during the 3rd quarter of 2011
In the San Lorenzo Valley during the 3rd Quarter, 68 homes sold with an average price of $340,090, compared to the 2nd Quarter 2011, with 91 homes sold where the average price was $336,950. Short sales and foreclosures accounted for over half of all sales, holding at a steady percentage compared to the same time last year.
In the under $500,000 segment, the pace of sales and prices are steady: 75 homes sold during the 3rd Quarter, at an average price of $316,293, compared to 75 homes at an average of $322,353 during the 2nd Quarter of this year.
In the over $500,000 segment in the San Lorenzo Valley, 20 homes sold and the average sales price was $597,500 during the 3rd quarter, compared to 10 homes at an average of $606,436 during the 2nd Quarter of this year.
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In the City of Santa Cruz, 42 homes sold in September at an average price of $606,451 versus the 49 homes which sold at an average price of $662,869 during August.
In the City of Scotts Valley, only 16 homes sold in September at an average price of $605,125, versus the 26 homes which sold at an average price of $768,425 during August.
Santa Cruz County Home Sales –Average Home Prices across Santa Cruz County September 2011
Across Santa Cruz County average home sales prices fell about 4 percent in the month of September when compared to September 2010, while sales volume fell more dramatically. Increasingly, transactions are falling through due to tighter lending standards for buyers, and taking longer due to short sales. This last quarter, June to September 2011, 466 homes sold across Santa Cruz County, compared to 587 during the second quarter of this year.
September compared to August across Santa Cruz County
During September 2011, 150 homes sold at an average price of $524,443 – the highest priced property sold for $1.9 million while the lowest sold at auction for $66,666.
During August 2011, 197 homes had sold at an average price of $573.793. Again, part of the pricing differential can be attributed to the fact that 16 million dollar plus homes sold in August, versus 9 million dollar home closings in September.
Last September 2010 222 homes sold at an average price of $613,177. This decline in average prices can partially be explained by the fact that, last year 4 more homes sold at prices above $2 million. Excluding just those 4 highest price sales, the numbers become more comparable: the average sale price was $547,364 in September 2010.
*all statistics focus on single family, detached homes sold on the Multiple Listing Service (MLS)
Finally, from the California Association of Realtors come these "Fast Facts"
Calif. median home price: August 2011: $297,060, May 2011: $291,760 (Source: C.A.R.)
Calif. highest median home price by region/county: August 2011: Marin: $806,550, May 2011: San Mateo: $810,000 (Source: C.A.R.)
Calif. lowest median home price by region/county: Siskiyou County: $116,670 May 2011: Merced $113,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: August 2011: 125.3, an increase of 12.6 percent compared with a prior year May 2011: 118.3. (Source: C.A.R.)
Calif. First-time Buyer Affordability Index: Second quarter 2011: 51 percent, First quarter 2011: 53 percent (Source: C.A.R.)
Mortgage rates: Week ending 9/29/2011 30-yr. fixed: 4.01 fees/points: 0.7% 15-yr. fixed: 3.28 fees/points: 0.7% 1-yr. adjustable: 2.83% Fees/points: 0.6%
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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