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Real Estate
SantaCruz-RealEstate.com March 2003 Newsletter
by Graham Morland
Well the 2002 annual real estate statistics are available for Santa Cruz County. This article compares the 2002 statistics with 2001. Overall it was a good year for buyers and sellers alike driven by low interest rates and strong demand. The lower half of the market was the strongest all year with average days on market less than 60 days and in the case of condo's/townhomes less that 45 days. The very top half of the market was slower with many $1M dollar properties on the market for many months and in some cases selling at a discounted price levels.
Compared to 2001 the Average Sales Price saw a moderate increase of 0.9% to $566,000 for single family homes while condos and townhomes increased by 3.4% to $360,000. However the Median Sales Price increased 4.9% to $510,000 for homes and 5.2% to $342,000 for condos/townhomes.
A surprising fact was that the volume of homes sold increased by 26%, and condos/townhomes increased by 23%, while properties new to the market in 2002 increased by only 3.6% and 9.9% respectively. This suggest a strong demand and it would appear that real estate continues to attract investment. 2003 has some uncertainty in the economy and international affairs, but if conditions remain unchanged we could see another very strong year ahead of us.
Any questions regarding this report can be directed to me by email or telephone (831.588.1472). I do hope you find this useful.
This quarterly newsletter is also sent out by mail. If you would like to be added to our mailing list, please send your name and address to newsletter@santacruz-realestate.com.
2002 Market Statistics
Santa Cruz County:
|
|
Single Family
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Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
2319
|
1828
|
540
|
438
|
|
New
|
3700
|
3569
|
763
|
694
|
|
Average Price
|
$566k
|
$561k
|
$360k
|
$348k
|
|
Median Price
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$510k
|
$486k
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$342k
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$325k
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|
Avg. Days on Market
|
70
|
68
|
45
|
42
|
Santa Cruz:
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|
Single Family
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Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
608
|
535
|
128
|
99
|
|
New
|
960
|
1004
|
200
|
171
|
|
Average Price
|
$600k
|
$597k
|
$536k
|
$478k
|
|
Median Price
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$547k
|
$500k
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$522k
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$477k
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|
Avg. Days on Market
|
68
|
88
|
106
|
52
|
Aptos:
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|
Single Family
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Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
128
|
69
|
45
|
30
|
|
New
|
249
|
186
|
50
|
50
|
|
Average Price
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$679k
|
$754k
|
$382k
|
$387k
|
|
Median Price
|
$585k
|
$606k
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$380k
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$385k
|
|
Avg. Days on Market
|
94
|
81
|
37
|
40
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Capitola:
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|
Single Family
|
Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
82
|
62
|
78
|
68
|
|
New
|
121
|
130
|
106
|
91
|
|
Average Price
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$618k
|
$628k
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$304k
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$314k
|
|
Median Price
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$555k
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$522k
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$285k
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$275k
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|
Avg. Days on Market
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60
|
69
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37
|
38
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Live Oak:
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Single Family
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Condo/Twn
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|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
178
|
150
|
67
|
58
|
|
New
|
281
|
271
|
86
|
85
|
|
Average Price
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$583k
|
$686k
|
$324k
|
$322k
|
|
Median Price
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$531k
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$535k
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$351k
|
$318k
|
|
Avg. Days on Market
|
72
|
63
|
38
|
36
|
Rio Del Mar
|
|
Single Family
|
Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
194
|
141
|
30
|
22
|
|
New
|
324
|
300
|
75
|
44
|
|
Average Price
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$680k
|
$650k
|
$448k
|
$456k
|
|
Median Price
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$582k
|
$570k
|
$430k
|
$427k
|
|
Avg. Days on Market
|
77
|
75
|
55
|
64
|
Soquel:
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|
Single Family
|
Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
125
|
106
|
37
|
30
|
|
New
|
218
|
197
|
40
|
51
|
|
Average Price
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$609k
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$597k
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$358k
|
$327k
|
|
Median Price
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$549k
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$550k
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$369k
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$332k
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|
Avg. Days on Market
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60
|
70
|
40
|
51
|
Scotts Valley:
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|
Single Family
|
Condo/Twn
|
|
|
2002
|
2001
|
2002
|
2001
|
|
Sold
|
254
|
175
|
49
|
40
|
|
New
|
392
|
426
|
58
|
61
|
|
Average Price
|
$671k
|
$664k
|
$362k
|
$356k
|
|
Median Price
|
$597k
|
$575k
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$365k
|
$362k
|
|
Avg. Days on Market
|
72
|
78
|
39
|
47
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Graham Morland is the producer of SantaCruz-RealEstate.com. He moved to the field of professional real estate after a very successful career as an executive in high technology computing. Currently the broker/owner of Sterling Properties, Graham can be reached by email at Graham@SantaCruz-RealEstate.com or by phone at 831.688.2310.
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