Mid-year 2016 Real Estate Recap

By RUTH BATES
Broker Associate & MBA

We are halfway through 2016 and the real estate world in Aptos is fast and furious!
Forty-seven homes have sold in Aptos in the past 60 days, selling in 28 days on average. Median List Price was $949,000 and Median Sales Price was $935,000. Sales prices are way up from my January report on 2015 Average Sales Price of $782,000. A record high sale was recorded at 164 Pleasant Valley – 4 bed, 5.5 bath, 6,919 SF on 80 acres sold for $9,750,000. 355 Coates in Seacliff is the second highest sale at $2,065,000. This ocean-view property was listed for $1,895,000 and bid up with multiple offers. Eighteen homes sold for over $1 million, 6 homes — $900K-$1M+, 7 — $800K-$900K+, 5 — $700K-$800K+, 4 — $600K-$700K, and even 5 homes in Aptos sold for $500K-$600K in the past 60 days.
Certain neighborhoods are very “hot.” The “Cliff” neighborhood in Rio Del Mar is selling at all-time highs (I sold 525 Townsend — 4/2.5/1968SF and updated for $1,150,000 and 411 Townsend — 3/2/1696SF and updated just sold for $950,000 in six days —neither of these homes had ocean views). The Rolling Green neighborhood off Valencia is selling at all-time highs (I sold 222 Siesta, a 1963 original, for $800,000 and an updated 210 Siesta is pending at list price $899,000). In Seacliff, 608 Middlefield – 3/2/1288SF and updated just sold for $935,000.
Prices continue to climb in other areas of the county. Live Oak, once the least expensive market from Santa Cruz to Aptos, is seeing “typical” 2-3 bedroom homes selling for between $750,000 – $800,000 (1054 Live Oak – 2 bed/2bath/1152SF listed at $739,000 and sold for $780,000 in 5 days, 1465 Rodriguez – 3/2.5/1654 listed for $750,000 and went pending with multiple offers in 8 days). Upper West Side Santa Cruz area homes are listing and selling at $1.3M if updated, $1.2M if not (105 Meadow – 3/2.5/1567SF remodeled, sold in 10 days for $1,350,000; 161 Hollywood – 4/2/1890SF remodeled, sold for $1,315,161, 108 Arroyo Place – 4/3/1751SF and not updated sold for $1,220,000). Country properties are not moving as quickly, but I did get my beautiful listing at 5 Nunes Road in the Aptos Hills-Larkin Valley area into escrow after 112 days on market with a full price contingent offer of $1,149,000 (over-the-hill buyers who are selling their home to move here).

Townhome and condo values continue to increase
Aptos buyers are turning to townhomes and condos and are driving these values up as well. Townhomes averaged 23 days on market with a Median List Price of $641,500 and a Median Sales Price of $645,000. I currently represent buyers who are in Back-Up position #1 at $620,000 for 412 Racquet Landing – 2 bed/2.5 bath/ 1286 Sq. Ft. which listed for $589,000, received 5 offers in 6 days and will close at well above list price. The condo at 1702 Dolphin – 3/2.5/1440SF listed for $569,000 and went pending in 4 days. 119 Seascape Ridge – 2/2/1556SF just listed for $649,000 will most likely be pending by the time this article hits the stands.

Interest rates remain low
Interest rates remain at all-time lows. Bankrate.com posts the national average 30-year fixed rate at 3.67 percent as of June 17. It’s still a good time to be a buyer and as always, it is a great time to live in Aptos!