Aptos, California, is an unincorporated area in Santa Cruz county made up of several small communities in the northern area of the state. The combined population of the communities that make up Aptos is estimated at around 25,000. There area is surrounded by beaches, mountains and forest, and is a popular destination for those looking for homes in the area in smaller, more residential areas.
Like so many other communities in the Santa Cruz real estate market, the Aptos real estate market took quite a hit with the onset of the economic recession in 2008. As housing prices fell across the country, so too did they fall in Aptos. Many homeowners were personally affected by the crisis and found themselves unable to pay for the homes they had purchased, thus causing the number of foreclosures in Santa Cruz to rise, adding to excess inventory.
In the past year or so, the Aptos market has shown some signs of improvement, but its most recent statistics show that it is still a very volatile market, with prices repeatedly rising then falling. According to the Santa Cruz County Real Estate Association, which tracks real estate figures for cities in the county, June 2010, the most recent month for which Aptos statistics are available, showed year-over-year declines in almost every category in single-home sales. Inventory of homes for sale in Aptos rose annually to 73 in June versus 60 a year earlier. The number of monthly sales fell annually from 13 to eight; nonetheless June's sales showed an improvement over May's, when only two Aptos homes were sold. The number of days homes spent on the market before selling rose as well, standing at 190 days in June versus 108 a year earlier, and suggesting that those interested in or needing to sell their home in Aptos should be patient. Both the median and average prices of homes sold in June fell from a year earlier: The average sales price was $565,600, down form $666,000, while the median price was $582,500, down from $621,000 a year prior.
The market for condominiums and other community complexes in Aptos fared better in June than did single-family homes. Inventory of these properties has fallen to just five for sale on the market, down from 18 a year earlier. With the small inventory, sales have also remained small, with just a single property sold in June, similar to May and only changed from last year's two sales by a single figure. The number of days properties spent on the market fell, triggered by the rapid sale of June's only sale after just seven days on the market. The median price for these homes saw a slight rise from a year earlier. In June, it stood at $490,000, up from $485,500 a year earlier.