Seascape real estate and homes for sale in the Rio Del Mar area showed a dramatic increase for the month of July. This came after three straight months of sales declines in April, May, and June.
Seascape Real Estate Market Report:
The number of homes sold in this upscale beach community of Santa Cruz County on the California coast also rose, ending a disturbing performance for the month of June of only 4 units. May 2011 saw 12 units registered as sold and was nearly matched by the July number of 11 units.
But the properties under contract – a leading indicator of real estate activity – brought even more encouraging news.
As the graph below shows, the number of homes getting offers of purchase can change dramatically from month-to-month. As it was, the local real estate market in the first part of 2011 had a difficult time finding a direction.
Seascape Real Estate Under Contract - July 2009 to July 2011
March showed some real promise as the springtime selling season was just getting underway.
But, then came steady declines for the next couple of months.
With all that was going on in the world – from debt crises around the world to on-again, off-again weather – it is not difficult to understand why.
But, after all of that, July came in like a lion!
There is other good news:
• Median Sales Price of homes sold rose to $722,900, substantially higher than the $600,000′s of the past two years.
• Fewer new properties are coming on the market
• Fewer homes are available for sale
• Fewer homes are expiring rather than selling, suggesting an active market is absorbing realistically priced homes.
But the best news of all can be seen in the graph below, the months of Inventory graph:
Seascape Real Estate Months of Inventory from July 2009 to July 2011
This shows a steady drop in the number of homes available per market activity.
It is compiled by taking the number of homes and dividing them by the number of sales per month to come up with the number of months it would take to absorb the current inventory. This is probably one of the best indicators of a Seller’s Market, a Buyer’s Market, or a Neutral Market. It is generally agreed tha a figure of three months or less is a Seller’s Market.
Seascape and Rio Del Mar is currently at four months – another big improvement from only a few months ago!
In spite of the uncertain times – both in our country and around the world – and the unsettled real estate data we see every day, it seems that Rio Del Mar and Seascape real estate is happily enjoying the Summer at the beach!
