Real Estate Report presented by Mary Pope-Handy

November 2017 Report

Single Family Homes in Santa Cruz County, Boulder Creek, All Neighborhoods Change >


Median Price
$530,000
-9.7%
Average Price
$551,870
-5.9%
No. Sold
27
+17.4%
Pending Properties
22
-26.7%
Active
27
-15.6%
Sale/List Price Ratio
99.1%
-3.1%
Days on Market
35
+11.6%
Days of Inventory
30
-25.6%

Market Barometer

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Market Commentary

Home Sales Pop Again

HINT:

Click or tap on the tables above to get year-over-year statistics.

Sales Statistics 

The number of single-family, re-sale homes sold in October were the highest monthly total in over four years.

Home sales were up 30% year-over-year. There were 255 homes sold. The average number of homes sold in a month since January 2003 is 211.

Prices for single-family, re-sale homes rose by double-digits for the second month in a row in October.

The median price for homes gained 11.5% over last October. At $865,000, the median price is closing in on the all-time high of $867,525 set in May.

The average price for homes rose 7.4% to $955,568.

The median price for condos dipped 0.7%. The average price for condos was up 11.6% over last October.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking continues to hover around 100%: 99.8% for homes and 99.3% for condos.

Homes and condos are selling quickly. It is taking only thirty-five days from when a home is listed to when it goes into contract. The average since January 2003 is sixty-four days.

Condos are taking thirty-six days. The average is sixty-five days.

All of this is due to an incredible lack of inventory. Since January 2003, Santa Cruz County has averaged 147 days of inventory. Last month it was fifty-three. The number of homes for sale as of the fifth of September were 298. The average is 720.

Condos have averaged 224 days since 2003. Last month it was forty-seven. The number of condos for sale as of the fifth of September was sixty-three. The average is 147.

Scam Alert!

How home buyers are getting robbed of their down payments

A hot new scam targets home buyers: down payment wire fraud.

Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart.

Hundreds of millions of dollars have been stolen this way. But you can avoid that fate by making one phone call. It’s that simple.

How the scam happens

Stacy Hennessey, a real-estate agent in Falls Church, Virginia, was targeted with this scam, but she didn’t fall for it. If you follow her example, you won’t get defrauded, either.

Hennessey was buying a house in Maryland. About a week before the scheduled closing, she received an email that appeared to be from her real-estate agent. The email told her that the instructions for wiring the down payment had changed, and it gave her an account number to which she should send $30,000.

Hennessey was suspicious for three reasons:

“They were asking me to wire an incorrect down payment amount, lower than it should have been,” she says. “Why would I wire a partial deposit?”

“And why would I be doing it now, several days before closing?” Usually, the down payment money is wired the day before closing.

The sender’s email address was almost, but not quite, her agent’s email address.

How to stop the scammers

Hennessey prevented crooks from stealing her $30,000 by making one call to her real-estate agent.

“I said, ‘Hey, did you send me this telling me to wire money?’ And they said, ‘No.’ And I said, ‘Your computer’s been hacked because they know that I’m a buyer, closing soon.’”

Had Hennessey followed the scammer’s instructions, she almost certainly would have lost the money. At the time, she didn’t even know whom she should have called if she had fallen for the scam.

To read the full story, go to this link: http://tinyurl.com/yc78fys8 

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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