Market Trends for Scotts Valley Real Estate

Foreclosures and Non-distressed Property Sales Close in Price

Market trends reveal distressed home sales prices in Scotts Valley Real Estate, CA are not too far from non-distressed sales prices. Distressed properties include short sales, homes in foreclosure, and REOs.

For example, according to RealtyTrac, an online foreclosure and realty industry data provider, in March of 2013, $453,000 was the median sales price for non-distressed properties; while the median price for foreclosure homes was $425,500 for that same period. That’s only a six percent difference between regular listings and distressed properties when comparing median sales price for the area.

Market Trends in Santa Cruz Real Estate

What’s the buzz in Santa Cruz real estate?  Increases. Housing market trends show the area has experienced increases in the following areas:

• price per square foot;

• listing price; and

• median home sales price.

These increases signal two things:   improvement in the area’s housing market and property appreciation — both win-wins for buyers and sellers.

After a turbulent Santa Cruz real estate market over the past several years, the area is getting its wings.

Santa Cruz Price per Square Foot Escalating

Also, the average “price per square foot” for the city is approximately $413, an increase of almost 12% (11.6%) from last year. This average is nowhere near the $535 price per square foot five years ago, but the numbers are fast-moving in the direction of recovery.

For example, just three months prior to the February 2013 and April 2013 measuring period, the average per sq. ft. price was $400; but it jumped $13 in just twelve weeks.

That’s good news for the Santa Cruz, CA housing market across the board after a six-year bout with foreclosures.

Homes for Sale Listing Price Increase

Research also shows listing prices are moving up, week-over-week.  For the week ending May 22, 2013, the average listing price for homes was $999,915. This represented a 3% increase from the week prior — and a 7.9% jump from the beginning of May.

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