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Santa Cruz and San Lorenzo Valley: Real estate market update July 2019
AFFORDABLE HOMES NEAR THE SILICON VALLEY:
With average single family home prices of $1 to $1.5 million across the Bay Area, affordability concerns continue to push people who work in the Silicon Valley to seek affordable housing anywhere within about an hour’s commute.   The San Lorenzo Valley sparkles with some of the most attractive prices anywhere in the greater bay area, within just about a 45 minute to 1 hour commute to most major employers (Apple, Alphabet (Google), Facebook, Netflix…).   For those who prefer a small city, Scotts Valley offers a quick commute, followed by Santa Cruz with its great beaches, shopping, night life and many amenities.

SUMMARY:
The 2nd quarter trend picked up momentum in the number of sales as well as price appreciation across all areas.     On average in our region, it takes three to four weeks for a home to go into escrow with a buyer now; slightly longer than last year.   Looking at statewide numbers, California Association of REALTORS just reported May’s statewide median home price was $611,190, up 1.4 percent from April and up 1.7 percent from May 2018.     The National Association of REALTORS reported that the national median existing-home sales price (all housing types) was $277,700 in ... more

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