Aptos Real Estate Market Update for March 2015

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Spring has sprung in Aptos! And you know what that means: it’s time for the Aptos Real Estate Market Update for March 2015!

The median price for single family homes in Aptos in February 2015 was $706,500 – up 3.1% from a year ago when the median price was $685,000. Aptos is usually comfortably above the county median price, however this month, we barely edged out everyone else, as county-wide, the median price was an even $700,000.

There were 17 sales of single family homes, which is 15% lower than a year ago, because 20 homes sold in February 2014. The homes which sold did so in an average of 34 days (vs. 70 days this time a year ago). Sellers received an average 99.3% of full asking price – up significantly from last year this time, when sellers received only 96.9% of asking price.

There are presently 93 single family homes for sale in Aptos, and of those, 42 are under contract to be sold. That works out to be a 1.8 month supply of inventory – which is virtually unchanged from the inventory level last month.

Our median single family home price isn’t setting any records. What’s more, our prices are now just a blip over the county’s median…so does this mean the Aptos real estate market has cooled down? Not at all. The fact that those 17 homes sold in an average of 34 days, and that sellers received 99.3% of full asking price – and the fact that inventory remains so low adds up to a market where sellers are still very much in the driver’s seat.

Let’s turn out attention to the market for condos and townhomes. The median price for condos and townhomes was $435,000 in February 2015 – and that represents a 12.5% decline compared to a year ago, when the median condo price in February 2014 was $497,000. Condo prices tend to be pretty volatile though, as comparatively few units sell in any one month. In fact, just 7 condos sold in Aptos in February 2015, which is a 30% decline compared to last year, when 10 sold.

However, let’s look at the other key numbers: the condos which sold did so in an average of 26 days – compared to 103 days on average a year ago. Not only that, condo owners received 100.7% of full asking price – suh-weet! This compares very favorably to last year, when owners only got 97.8% of full asking price.

At this time, there are only 27 condos and townhouses for sale in all of Aptos! Of those 27, ten are under contract – which works out to a 2.9 month supply of condos and townhouses…so the condo market isn’t quite as tight as the single family market, but remember, a lot of the available inventory is in the Seascape Resort, which is kind of like a world unto itself.

What Your Money Buys You – Houses

While the median price for homes in Aptos in February 2015 was $706,500, the least expensive home went for $550,000 and the most expensive went for $1,199,000. Here’s what that kind of money buys you in Aptos today:

What Your Money Buys You – Condos

While the median price for condos in Aptos in February 2015 was $435,000, the least expensive unit sold for $330,000 and the most expensive went for $579K. Here’s what that kind of money buys you for an Aptos condo/townhouse today: