We are initiating coverage of the Aptos real estate market. Each month, we will look at the activity here and discuss developing trends. This review will encompass three MLS areas (Seacliff, Rio Del Mar/Seascape and Aptos).
In general, the northern California real estate market has been moving toward a more balanced state. For the past few years, sellers have had the upper hand, as buyers aggressively bid on properties, driving prices rapidly higher. The current market is more normal, with buyers being more discerning and willing to take their time.
Demand remains strong in Aptos, evidenced by the fact that homes are selling, on average, for about their asking price. Prices continue to rise from a year earlier and while that rate has slowed in recent months, the median sales price was 25% higher in August than in was a year ago.
Inventory has risen sharply this year, increasing from 45 at the end of January to 148 at the end of August, a 330% increase. During that time, pending sales have remained relatively flat, averaging 19.5 per month.
Median Sales Price
The median sales price in August was $916,000m down $61,500 from July’s $977,500 but $185,500 higher than August 2015’s $730,500. August’s price per square foot of $678 was the highest ever here, up 5% from $628 in July and 13% from $598 a year ago. The average sales in August closed for 99.6% of the list price, slightly higher than July’s 99.2% but lower than August 2015’s 100.4%.
Closed sales, like pending sales, have been relatively flat this year, averaging 20.5 a month. However, they have been on the rise the past few months, increasing form 17 in June to 20 in July and 26 in August. 28 sales closed a year ago. Typically, sales will decline as we enter autumn.
For Sale vs. Pending
As mentioned, inventory has increased sharply this year. 148 homes were actively listed at the end of August, 24 more (19%) than July’s 124 and eight more than August 2015’s 140. 22 sales went pending in August, up three from 19 in July but six fewer than went to contract a year ago. Inventory relative to pending sales was little changed, from 6.5 months at the end of July to 6.7 months at the end of August. One year ago, there was a five month supply available.
Days to Sell
From March through July, the average time on the market was only 14 days. August’s sales were listed for an average of 28 days, up from 13 in July. August 2015’s sales were also on the market for 13 days, on average.
Analysis by Price Range
We will look at the market in three separate segments. Homes priced under $800,000 have comprised 16% of the inventory here during 2016 and 24% of pending sales. Homes priced from $800,000 to $1,299,999 made up 46% of inventory and 56% of pending sale. Properties priced at $1.3 million and up have accounted for 38% of 2016’s inventory and 20% of pending sales.
The inventory of homes priced under $800,000 increased 53% at the end of July to 26 at the end of August. That was 18% of Aptos’ total inventory and represented a 6.5 month supply. The supply was 3.5 months at the end of July. This segment accounted for 18% of both inventory at the end of August and pending sales during the month.
$800,000 to $1.3 million
Both inventory and pending sales of homes priced from $800,000 to $1,299,999 increased in August. Pending sales were up three, to 13 during August. Inventory also increased three units to end August with 60. Those 60 homes represented a 4.6 month supply, down from 5.7 months at the end of August. 41% of Aptos’ inventory at the end of August and 59% of pending sales during the month were in this price range.
$1.3 million or over
The $1.3 million+ market segment made up 42% of August’s inventory and 23% of pending sales. Five sales went to contract during August, one more than in July. Inventory increased by eight units to end August with 62 properties actively listed. Supply relative to pending sales was little changed at 12.4 months.
Check out these other Real Estate Market Conditions Reports for August 2016:
- Los Altos
- Los Altos Hills
- Los Gatos
- Menlo Park
- Mountain View
- Palo Alto
- Santa Cruz