SLV Homes: 2nd Quarter Update
By M.C. Dwyer | July 1, 2021
Through late June, the San Lorenzo Valley average single-family home price rose 18% over the previous quarter, to a record $882,315. This is an amazing 30% price increase in just one year. 143 single-family homes sold at a brisk pace: the average time on market was just 17 days. The average sale price grew from $10,000 over asking during the first quarter, to $42,000 over asking across SLV during the second quarter. Although this is an especially tough market for first-time buyers, I managed to help one buy a vintage Boulder Creek cabin – one that hadn’t been remodeled – so it really appealed to the buyer’s appreciation of period architecture and wood details. While many SLV homes sold for $50,000 to $100,000 over asking price, several sold for $200,000 over, and one for $300,000 over asking price. The number of homes for sale is so low, there is only one month of inventory, putting this market solidly on the sellers’ side.
In comparison, during this time period in 2007, right before the Great Recession, the average SLV single-family home price was $572,000, after reaching into the $615,000 range the summer before.
In Scotts Valley, a hectic pace of 89 sales was nearly triple that of the same time last year, in a blistering speed of just 14 average days on market. The average single-family home price of $1.4 million was about 20% higher than at this time last year. On average, homes sold for about $70,000 over asking price during the second quarter so far. Still, many homes sold for $100,000 to $200,000 over asking price, and a couple $400,000 and even $600,000 over asking price. For comparison, during this time period in 2007, the average price was $890,000.
Behind these quarterly trends, both Scotts Valley and SLV home prices faded softly from an April peak, as Santa Cruz County as a whole experienced the strongest month in April. However, Santa Clara County has been heading steadily upward since January.
Property Update
Phase two – the environmental cleanup – of my husband’s property is finally complete. The next hurdles include fire department approval of the road, which was significantly damaged by the heavy equipment used to remove the burned structures and a layer of soil during clean up. The road repair is not covered by insurance. As time passes, some former homeowners are giving up struggling with the staggering costs and daunting county process required to rebuild and are selling their lots. This is an emotionally draining process for them but often allows them to buy a home that’s ready to move into. These burned lots present a unique opportunity for someone who has always wanted to build their dream home, but previously found it too difficult to build here. The county is using construction management firm 4Leaf to facilitate fire survivors’ permit process. 4Leaf told me that the right to an expedited rebuilding process stays with the land and will transfer to the new owner.
The opinions expressed in this article are solely those of M.C. Dwyer, not EXP Realty.
Curious how to balance buying your next home with selling your current home? Call “M.C.”! (831) 419-9759
“M.C.” (MaryCatherine) Dwyer, MBA, REALTOR®
CA DRE License 01468388, EXP Realty of California, Inc. www.mcdwyer.com
Serving San Lorenzo Valley and Scotts Valley since 2005
Photo caption: 176 Monte Vista Lane, Boulder Creek
Photo contributed by M.C. Dwyer
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