Capitola Real Estate

Capitola, located in Santa Cruz County in California, has, like so many regions in the Golden State, seen its real estate market take a wild ride since the sector crashed near the end of 2008, with foreclosures rising to all-time highs, prices plummeting and many homeowners finding themselves owing more on their homes than they are now estimated to be worth.

At the end of 2009, according to statistics compiled by the Santa Cruz Association of Realtors, there were five sales in Capitola, up from four sales in November and just two sales a year ago. Because the Capitola real estate is a rather small market, statistics must be closely examined, as they can wildly fluctuate month to month with the sale of one or two low- or high-priced outliers.

At the end of 2009, there were 15 Capitola homes for sale still on the market, down by nearly half from the end of 2008, when it stood at 28 homes. In December, there were two new listings brought to market in Capitola, down from five a year ago. At the end of 2009, homes were spending an average of 176 days on the market before selling, the third-highest average in Santa Cruz. This figure represents a rise from December 2008, when the average days on the market was just 57 days.

One shining spot in the Capitola market is an increase in general in sales prices, which is in contrast to most other area markets. In December 2009, the median sales price for a home in Capitola was $727,000, up from just $617,500 one year ago and from $637,000 in November 2009. Average prices show similar trends. In December 2009, the average price was $812,400, up from $617,500 from the same month of 2008. The median sales price for Capitola condos in December was $309,500. In December 2008, it was $337,000, though that figure was based on just a single sale, whereas December 2009’s figure was based on four sales.