Let’s recap the first 5.5 months of the year (through May 18) in Aptos Real Estate.
Seacliff – 12 homes have sold so far. Highest sale: 731 Oakhill – ocean view, 2 bed, 2.5 bath, 2322 Sq. Ft., sold for $2,067,500 after a very long 212 days on market. Lowest sale: 225 North – 2 bed, 2 bath, 1281 Sq. Ft., sold for $700,000 in one day. Four condos/townhomes sold, all were 2 bedroom, and sales ranged from $600,000-$682,000. Highest sale: 288 Silverfish – 2 bed, 2 bath, 1383 Sq. Ft. with a 2-car garage sold for $682,000 in eight days on market.
Rio Del Mar – 53 homes have sold so far. Highest sale: 618 Beach – ocean front, 4 bed, 3 bath, 2192 Sq. Ft – sold for $5.7 million after 76 days on market. Lowest sale: 516 Bonita – 2 bed, 1 bath, 816 Sq. Ft. sold for $529,000. The Average Sale was $1,125,479. The Median Sale was $990,000, a new record high for Rio Del Mar. 15 condos/townhomes sold, plus eight at Seascape Resort. Highest sale: 1318 Via Tornasaol – ocean view, 2 bed, 2.5 bath, 2274 Sq. Ft, sold for $1,350,000 after 12 days on market. Lowest sale: 393 Sandalwood – 2 bed, 1.5 bath, 1196 Sq. Ft. sold for $440,000.
Rest of 95003 – 22 homes sold so far. Highest sale: 631 Quail Run Road - a bank-owned property with 6 beds, 10 baths, 11784 Sq. Ft. on 68 acres, sold for $3,110,000 after being on the market for 583 days. I represented the buyer on this sale and they are happily “retiring” to the full time job of property rejuvenation. Lowest sale: 434 Poppy Way – a Short Sale that closed for $710,000 (well under market value) for a 4 bed, 3 bath, 2024 Sq. Ft. home. I represented the sellers of 390 Poppy Way, a 3 bed, 2 bath, 1629 Sq. Ft. home just down the street, and it sold for $780,000 the same month. 12 condos/townhomes sold. Highest sale: 315 Village Creek – 2 bed, 2.5 bath, 1606 Sq. Ft. with a 2-car garage, sold for $685,000. I represented the seller on the sale of this forest townhome. The buyer is writing a book about Nisene Marks, so it was very appropriate that he purchased his new home at the entrance to the State Park.
Active listings – As of May 18, there are 53 Active home listings in 95003 ranging from a high of $6,900,000 for 785 Las Olas on the sand to a low of $499,000 for 763 Cathedral, a 3 bed, 1.5 bath, 1690 Sq. Ft home on the market for 30 days. If you remove the 8 homes listed at over $2 million, then the Average List price is $1,098,211 and the Average days on market is 52. This means that many homes remaining on the market now are overpriced. “Right-Priced” homes are selling within 10-21 days on market.
Interest rates – My February report had 30-year rates at 4.18 percent. As of May 18, bankrate.com quotes 4.15 percent as the national average, so zero change to interest rates so far this year.
New credit reporting – As of July 1, 2017, Experian, Equifax, and Transunion are dropping tax liens, medical debt, and civil judgements from credit reports which will help millions of Americans credit scores. But/and — new scores will now look at “trends” including how quickly you are paying down your debt on a monthly basis, so if you are only making minimum payments, your score could go down.
As always, Aptos is a very special place to live and work and I look forward to the second half of 2017!