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Summer 2010 Market Update
Market Commentary Provided byPaul Burdick The city is rural yet economically dynamic, providing access to recreational as well as employment opportunities. Residential development is a priority and locals take pride in the quality of life. Scotts Valley offers a mild coastal climate, a diverse and progressive educational system, easy access to Highway 17, and public transportation. The city is located near the Pacific Ocean as well as stunning coastal redwood forests and 11 state parks, providing residents with a wealth of recreational options. |
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| Average Home Price | $650,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 5-10% |
| Average Time on Market | 90-120 days |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | |
| Market Trend | Increasing |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Seller Activity for the past 90 days in Scotts Valley is? | |
| Multiple Offers? | No |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | |
| Is Financing Available For Qualified Buyers? | |
| Housing Inventory | Limited Supply |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Other |
| Housing Hot Spots | A peaceful valley located in the Santa Cruz Mountains between Santa Cruz and Santa Clara County, Scotts Valley provides some 12,000 real estate owners with a quiet community atmosphere combined with controlled but rapid growth. Scotts Valley real estate listings consist of condominiums, townhouses, single-family homes for sale, and land for custom building. Scotts Valley faces Monterey Bay and its beautiful, mountainous coastal setting is enhanced by the presence of majestic redwood and pine forests. The city is rural yet economically dynamic, providing access to recreational as well as employment opportunities. |
| Average Sold Price | $650,000 - View Graph Trend |
Scotts Valley Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Paul Burdick
Altera Real Estate |
408-499-2685 |
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