Aptos Real Estate Update May 2016

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It’s been a cold and damp spring this year in Aptos – it seems like only yesterday we were enjoying 90 degree weather in December, and now we’re here at the end of May and I’m wary about leaving the home without a hat and gloves. But I know that summer is right around the corner, because everyone’s counting down the days until we start up Junior Guards. Let’s hope that we feel some summer heat, otherwise there will be lot of teeth chattering on the beach in a couple of weeks!

If you’re a homeowner, you’ll be glad to know though that the heat hasn’t left the Aptos real estate market. It’s been a hot real estate market for so long that I’m running out of fresh superlatives to describe just how awesome it is to be selling a home in Aptos right now. The median price in April hit a lofty $910,000 – which granted is down from February, but it’s still up nearly 11% from this time a year ago.

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This past April, a total of 27 homes sold in Aptos. That’s actually a decline of 23% from a year ago, when we closed 35 homes in April 2015. But get this: the homes which sold in Aptos did so in an average of 19 days. That’s fast. How fast? Well, how about a year ago, homes sold in an average of 112 days? That’s, like, almost six times faster than a year ago.

You may have seen a lot of “for sale” signs going up in your neighborhood – no, you’re not just imagining it. Homes are coming up for sale, as they tend to in the spring and summer. But those signs don’t stay up for long – there are presently 86 single family homes listed for sale on the Aptos MLS, but 28 of those are under contract with just 54 available for purchase. The way I figure it, that’s just less than a 3 month supply of homes on the market. That’s more competition than sellers had two months ago, but it’s still a very strong seller’s market.

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The market for condos and townhomes remains ebullient as well – nine condos and townhomes sold in Aptos in April, and they did so in an average of just 18 days and for a median price of $669,000. A year ago, condos and townhomes sold in an average of 33 days – and with a median price of $557,500. That’s a big jump in condo prices – up 20% year over year, actually.
The Aptos real estate market – and the Santa Cruz real estate market in general – remain piping hot this spring selling season. I know a lot of folks out there are thinking that maybe this is a market they want to take advantage of – and with good reason!  If you’re thinking about cashing in on today’s stellar real estate market, consider this:

• According to the National Association of Realtors, summer is prime home selling season, with 60% of all annual sales occurring late spring through summer.
• Nationally, the number of home sales, as well as home prices, reach their peak in the summer with July being the hottest sales month.
• Families with children often try to move during the summer months to avoid disrupting school schedules.
• The law of supply and demand is in your sellers’ favor. Nationally, homes sales are up 6% over a year ago, with inventory up only 3.6%.
• Analysts predict a possible market slowdown after August, as the presidential election (one of the craziest ever!) draws near. Traditionally, election season tends to create uncertainty in the minds of buyers, and nothing is more of a buzz killer for buyer enthusiasm.

Low, Median, and Highest Sales – Single-Family Homes

Low, Median, and Highest Sales – Condos/Townhomes