It’s a whole new year, Aptos! And that means it’s time for my Aptos Real Estate Update January 2017. Before we forget completely about what happened in 2016 (and I can’t blame you for trying!), let’s take a look back and see what the Aptos real estate market was like in the final month of 2016.
Without further ado, I’ll tell you that the median price for single family homes in Aptos in December 2016 was $912,250. That’s a fair bit less than the $968K we saw the month prior, but it is up a whopping 18.8% compared to a year ago. Yep, in December 2015 the median price stood at a lowly $779,000. What a difference a year makes!
But a single month doesn’t provide enough home sales to produce a really meaningful statistic. So I looked back at the whole year, January to December, and saw the median price for single family homes in Aptos was $874,000 with 258 homes sold. I looked back one year past that, and in 2015 we sold 334 homes in Aptos, with a median price of $827,500. That means that as a whole, home prices were up only 5.6% in 2016 versus 2015 – but home sales actually plummeted, down nearly 23%!
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But December was a pretty decent month for home sales in Aptos – 22 homes were sold last month, about the same as this time a year ago (23 sold in December 2015). And they sold about as quickly as they did a year ago – in 85 days on average, versus 83 days on average in the year-ago period. Sellers received 95.5% of full asking price last month – which is actually a pretty big discount compared to most months – for example, a year ago in December, sellers received 96.5% of full asking price.
We had exactly the same amount of new inventory available in December 2016 vs. 2015 – 9 single family listings hit the market both years at this time. Last year the median list price was $829K; this year, the median asking price for new listings in December was $1,049,000 (and THAT home went under contract in 1 day!).
When it comes to inventory, it’s the same sad story – we have just a 50 day supply of single family homes available for purchase in Aptos as of this writing. There are presently 53 homes listed on the Aptos MLS, but 28 of those are under contract with only 25 available for purchase. Bad news for buyers, but GREAT news if you’re looking to put a house up for sale soon.
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As we begin the new year, mortgage interest rates are about where they were a month ago, with 30-year fixed rates hovering around 4.15% for many types of borrowers and loans. Rates had risen sharply after the election, and there was a fear that rates would continue to rise, however they appear to have stabilized for now, and are still quite low by historical standards.
While interest rates have been stable over the past month, most talking heads are predicting that interest rates will be rising throughout 2017. There’s a growing optimism that the economy will continue to pick up steam, which will in turn drive up the demand for money and borrowing costs. The Mortgage Banking Association is predicting that rates will gradually rise, hitting 4.7% at the end of the year.
Despite the rise in interest rates, most “experts” are still predicting that home prices will continue to rise in the United States – albeit at a much more gradual pace, somewhere around 3-5%. Check out this article on Forbes and also this on the Wall Street Journal.
If you’re looking for a 2017 prediction closer to home, check out the 2017 California Market Forecast by Leslie Appleton-Young, Chief Economist for the California Association of Realtors.
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Aptos Condos and Townhouses
Yawn. The condo market in Aptos was pretty sleepy last month. Only 6 condos and townhouses traded hands last month, and the median price was $579,650. That’s up just about 2.5% compared to a year ago – in other words, accounting for inflation, condo prices have gone nowhere in Aptos over the last year. The 6 condos that sold did so in an average of 69 days (vs. 50 days a year ago). Condo sellers did receive 98.6% of full asking price though – better than last year (they got only 97.7% in December 2015).
If you are thinking about selling your condo or townhouse in Aptos soon, I’ve got some really great news for you. There are presently just 27 condo listings in Aptos; 15 of these are available for purchase, while 12 of them are pending sale. According to my calculations, that works out to a 56 day supply of inventory of condos and townhouses in Aptos – very slim pickings! Sellers in this market have next-to-no competition for their homes.