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Predictions of Housing Recovery

What's going on with Scotts Valley real estate? Many industry professionals believe a fast-approaching housing recovery is in the works. Not only are foreclosures no longer selling at rock bottom prices (and are almost neck and neck with non-distressed properties by some accounts), but houses are indeed selling, selling, selling -- and they are being purchased by buyers in shorter periods of time.

Let's take a closer look at the numbers …

Percentage of Home Sales Increasing

Properties are moving in Scotts Valley, CA. March 2013 data revealed property sales increased twenty three percent over February 2013 sales numbers. When comparing year-over-year figures, no increase in sales could be seen; however, an over twenty percent jump in sales numbers within a one month period indeed shows strong movement in purchasing activity for the area.

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Houses are Selling Faster In Scotts Valley

Market trends also indicate properties are remaining on the market for shorter periods of time, compared to one year ago. Further, many area listings are drawing multiple offers. It's not unusual for a bidding war to take place in some neighborhoods, which is a relief to many sellers who had previously experienced declining equity and underwater values.

To many realty broker offices, it's beginning to feel a lot like pre-housing collapse activity, which is good news for both buyers and sellers.

Median Home Prices Increase over Ten Percent

The median home sales price Scotts Valley the area was $567,000 between February 2013 and April, 2013. That represents an increase of 10.2% from a year ago, per Trulia, when comparing average data collected from 52 area homes for sale.

Price per Square Foot Increases

The average per square foot price for area real estate has increased to $300, which represents an 11.5% increase compared to the previous year -- when figures stood at $269 per square foot.

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