SLV Homes: Real Estate Update
By M.C. Dwyer
Low interest rates and the paradigm shift caused by covid-19 continue to drive home sales. 2020 ended with an average 30-year fixed residential owner occupied mortgage interest rate of about 2.75%. In January, rates crept up, but remain below 3%. In the chart below, you can see single family home prices rose in December by nearly 17% across the state. The Central Coast combines Santa Cruz County with Monterey, San Luis Obispo, and Santa Barbara counties. The San Francisco Bay Area includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano, and Sonoma Counties.
| State/Region/County | Median Price November ‘20 | Median Price December ‘20 | Median Price December 19 | Year over Year Price Change | Year over Year # of Sales Change |
| CA Single Family Homes (SFH) | $699,000 | $717,930 | $614,880 | 16.8% | 28.0% |
| CA Condo/Townhomes | $520,000 | $520,000 | $477,000 | 9.0% | 31.3% |
| Central Coast SFH | $825,000 | $825,000 | $700,000 | 17.9% | 17.1% |
| Santa Cruz County SFH | $1,050,000 | $1,070,000 | $889,000 | 20.4% | 11.1% |
| S.F. Bay Area SFH | $1,100,000 | $1,058,000 | $908,750 | 16.4% | 40.2% |
There are only 20 homes listed for sale in the San Lorenzo Valley – three of which are coming soon, not quite ready to show to buyers – ranging in price from $1.757 million for a multi-unit property on about ¾ acre in Felton to a 3 bedroom 2 bath 1038 square foot home in Lompico for $399,000. Scotts Valley has 23 homes for sale, ranging from $3.89 million for a 4 bedroom 4 ½ bath home on 10 acres to a 2 bed, 1 ½ bath 892 square foot townhome priced at $509,900.
The SLV only has one mobile home for sale: 2 bed 1 bath coming soon in Boulder Creek for $145,000. Scotts Valley has seven mobile homes: $555,000 for a 2 bedroom 1 1/2 bath with 1447 square feet of living space to a 3 bed 2 bath 1440 square feet for $315,000.
There are 37 lots in the San Lorenzo Valley ranging from $1.5 million for 40 acres in Boulder Creek to $7900 for ¼ acre in Lompico/Zayante. Scotts Valley has 12 lots ranging from $3.45 million for six residential development acres to $70,000 for ¾ acre.
There are eight commercial properties and business opportunities listed on the MLS in the San Lorenzo Valley, including $3.995 million for Jaye’s Timberlane Resort, a residence plus 10 rental cabins on 5.9 acres; $1.1 million for the land and building housing a liquor store in Boulder Creek; $179,000 for a liquor store (business only) in Boulder Creek; $50,000 for a Boulder Creek laundromat (business only); to a $600 office rental. Scotts Valley has two commercial buildings for sale, an office complex that’s 100% occupied for $1.295 million, and $1.2 million for a similar property with one small unit vacant.
Our community’s fire survivors are finally getting their properties cleared, either using private contractors or the public county option. Priority has been given to those properties closest to creeks and watersheds, so we are on hold for now. My husband has submitted his drawings to an engineer for calculations. Many people lost homes they’d lived in for decades, never imagining that they would have to make such enormous decisions to rebuild or relocate. Those who choose to rebuild are tackling an unimaginable array of hurdles and details. Giving someone a nod, passing along a smile, and offering words of support can go a long way.
“M.C.” (MaryCatherine) Dwyer, MBA, REALTOR® CA DRE License 01468388
*At the time of this writing – 1/21/21
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