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Aptos Update - August/September 2017

September 17 2017
September 17 2017

Aptos Life Article – August/September

Summer is over, but Aptos real estate is still going strong. There are 77 homes, 18 condos, and 6 townhomes on the market right now (9/17). That compares to sales in the past 90 days of 72 homes, 18 condos and 9 townhomes, so we are running at about 3 months inventory. This compares to  Santa Clara County inventory which right now is at 16 days and average Days on Market over the hill is <10! On 9/01, a Sunnyvale home closed for $720,000 over list price ($1.6M list, $2.3M sell) after receiving 20 competing offers - Crazy!

Aptos home sales in the past 90 days averaged $1,154,600 and Median Sales Price was $1,044,350. For Townhomes, the Median List and Sales price was $649,000. For Condos, Median List was $569,000 and Median Sales price was $562,000. While prices go up, mortgage rates continue to stay low. Currently you can get a 30-year fixed mortgage at well under 4.0%.

Rents continue to rise as well. A quick review of Craigslist-Aptos reveals ads for 3 studios- $1433 average price, 7 one-bedrooms – Avg. $1868, 13 two-bedrooms – Avg. $2695, 10 three-bedrooms – Avg. $2997, and 7 four-bedrooms – Avg. $3906. So, if you could come up with the 20% down, purchasing a home is actually less payment than renting right now, at least for condos, townhomes, and some homes. For example, say the home sales price is $600,000 and you have saved (or been “gifted”, which is a whole other article) the 20% down payment of $120,000. Your loan amount is $480,000. A 30-year fixed loan at 4.0% is $2,291.59. That is much less than $2695 monthly rent for a two bedroom. You do have to add in annual Property Taxes (approx. 1.25% of purchase price), which in this case would be around $7500 and annual Insurance approx. $1000, but you also get to write off your Interest Paid as a Mortgage Deduction. So it is definitely better to own than rent – but you have to be able to get the down payment which is the really hard part of the equation. Talk to your lender about “gifting” and other lending options.

There is some good housing news on the horizon. ADU’s (additional dwelling units) are now being promoted by our County as a means to provide affordable housing, and soon, homeowners should be able to build a small housing unit on their property and then either rent it out or move into themselves and rent out their primary house. Our county and many others are now actively pursuing this as a partial solution for the housing crisis.

As I often say, “The only constant in life is change”, and in Aptos, change is afoot. The Rancho Del Mar center begins construction in October. The Aptos Village is well under construction and plans to start offering homes for sale in January. And, I’m happy to report that after 9 fabulous years with Thunderbird Real Estate, I have moved to Sereno Group-Aptos (smack dab between the two construction zones). My new commute is less than 3 minutes from my home and the Walkability factor = 10!

Fall is a fabulous time of year in Aptos. As Karen Hibble, Aptos Chamber says, “Please shop local whenever you can”!  Enjoy the season.


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