San Lorenzo Valley Home Sales and 2012 Market Trends
The San Lorenzo Valley housing market is hopping! We’re experiencing multiple offers, often over asking price, with very short listing periods. There simply aren’t enough homes on the market to match buyer demand. Consequently, few buyers are able to successfully write an offer below asking price, except where the property has known issues.
Mortgage rates are still very low: a qualified buyer able to lock in a mortgage around 4% for 30 years could end up in a better position than anyone in the last 2 generations, as long as they are geared to own the property for a normal 5-7 year time period.
2012 –year to date (January 1st through May 31st)
107 homes have sold in the San Lorenzo Valley – from Boulder Creek to the town of Felton – so far this year (according to the Multiple Listing Service as of 6/4/12). The average home price rose to $321,275, compared to $279,399 when we last checked at the end of February. Average prices are within 3% of where they were at this time last year.
17 Homes sold for over $500,000 – of these only 5 were distressed sales.
The most expensive home sold this year remains the 4500 square foot home built in 2000 on acreage in a good Boulder Creek neighborhood that fetched $875,000.
San Lorenzo Valley had 22 short sales, with 34 foreclosures (REOs). The percentage of distressed property sales has fallen to 52%.
2011 –year to date (January 1st through May 31st)
By this time last year, 97 homes had sold in the San Lorenzo Valley. The average home price was $330,273. 61 of the homes sold were distressed sales, or 63%.
To find out what your San Lorenzo Valley home is worth now, click here
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Source: MLSListings.com, Single Family Residential Sales Closed Escrow through 05/30/12, as posted by 6/4/2012
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