A recap of 2019’s real estate market | Real Estate Report

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In 2019, the average sales price for single-family homes was $1,117,353 and the median sales price was $1,000,000. This compares to 2018, where the average was $1,195,194 and the median was $1,008,000, so an ever-so-slight downtick in price in 2019. But, the volume was only 83 percent of 2018; 281 single-family homes sold in 2018 versus only 233 in 2019. Townhomes sold for an average price of $768,024 and median price of $780,000. Condos sold for an average price of $673,178 and median price of $658,000. It is interesting to note that mobile home sales increased to 36 in 2019 versus 15 in 2018. The high sale for an all-age park was $629,000 for 101 Cherry Blossom in Aptos Pines. The high sale for a 55+ park was $599,000 for 10 Oak Shadows in Aptos Knolls. For all of Santa Cruz County, median sales prices are much lower; $889,000 for single-family homes, $675,000 for townhomes, and $549,000 for condos. So there is still a ‘premium’ being paid to live in Aptos.

Aptos has three MLS areas: Rio Del Mar (RDM), Seacliff (SEA), and then the rest of 95003. Sales prices do vary significantly by area. High and low sales for single-family homes, townhomes, and condos (AH=County Affordable Housing) are listed in the chart below.

The Aptos Village-Phase 1 almost completely sold out in 2019. Four one-bedroom affordable housing units closed (all <$300,000) along with seven other 1-bedroom units ranging from $600,000-$625,000. One 2-bedroom AH unit sold for $312,664 and two 2-bedroom condos closed at $815,000 and $879,000. Seven 3-bedroom townhomes backing to New Leaf parking lot sold for $895,000, the model sold for $940,000, two 3-bedroom townhomes facing the post office sold for $795,000 and four 3-bedroom tri-level townhomes sold from $1,055,000 to $1,195,000.

I thought it would be interesting to take a look back over the past years since the mortgage meltdown in late 2007 to review median pricing for homes in Aptos. Aptos impact was a reduction to 70 percent of peak pricing at the low in 2011, but since then, median pricing has almost doubled and well-surpassed the pre-meltdown peak. And pricing has been consistent for the past three years. The big question is, what happens next?

YEAR MEDIAN SALES PRICE (SFR)

2007: $820,000

2008: $749,500

2009: $655,000

2010: $630,000

2011: $570,000

2012: $630,000

2013: $699,000

2014: $750,000

2015: $825,000

2016: $869,070

2017: $1,000,000

2018: $1,008,000

2019: $1,000,000

Many economists are projecting a good year in 2020. The stock markets are up. Interest rates remain at all-time lows, hovering around 4 percent for a 30-year fixed rate. That said, there are those who do believe a recession is coming. Time will tell. As always though, Aptos is a very special place to call home.

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