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2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
If you can qualify, now is an exceptional time to buy a home in Capitola. Call now for more information at 831-247-0922
Average Sold Home Price: $800,000

Average Time on Market: 60-90 days

Best Selling Price Range: $800,000 - $849,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Increasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: No Change

Multiple Offers? Yes

Multiple Offers Commentary: Multiple offer situations are 100% dependent on the listing price. There are enough buyers familiar with the pricing of homes in Capitola, that if a property is underpriced, the price will be driven up close to the market value.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Lower prices with good selection and competitive interest rates creates a perfect time to buy in Capitola! Excellent vacation and beach homes.

Nearest Metro Area: Santa Cruz

Housing Hot Spots: Most coastal communities within the Santa Cruz County area are considered Housing Hotspots

Average Sold Home Price: $800,000

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Ben Strock
831-247-0922
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15 year fixed rate: 3.85%
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15 year jumbo rate: 3.69%
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Real Estate Professional, Ben Strock Ben Strock
Strock Real Estate
Specializing in Capitola Real Estate
251-A Center Avenue
Aptos, California 95003
831-247-0922
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Ben Strock for current Capitola, CA market conditions before acting on this information.)
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