The Felton housing market, part of the larger Santa Cruz County real estate market, saw a slower rate of growth in the month of June despite much stronger signals in the month of May 2010. Experts are hopeful that the pace of the market will recover and regain strength in the upcoming weeks. According to a July 14, 2010 article from KSBW News, “In Santa Cruz County the housing market sprang to life in May, but sales slowed in June and now realtors said they are hoping the market will improve during July and August. The median home price in Santa Cruz County during June was $503,750, down 3.1 percent compared with last year. Condominium sales, meanwhile, were up 11.8 percent in June with a median price of $369,000, according to state data. Despite lower prices and low mortgage rates, Natasha Feldthouse of Santa Cruz said she plans to wait until winter before buying her first home. "I think there there's a lot of inventory, and I think that it's OK to be looking in the summer, but I think it's better to make a transaction during the winter," Feldthouse said…Mortgage consultant Noel McCord said interest rates are at the lowest rate he has seen in the past couple of years. A 30-year fixed loan rate is currently set between 4.374 and 4.5 percent. McCord said that the problem for people is that getting a loan is tougher than it has ever been…McCord said it is also a good time to refinance, but that underwriters will want a lot of information.”
In a sign that the housing market may have hit its bottom, the average value of Felton homes for sale and other Felton properties has begun to stabilize. According to a July 12, 2010 report from the Mercury News, “The chance to protest your property tax bill has arrived. But with thousands of homeowners already winning a tax break over the past two years - as home values plummeted - fewer requests for a reduced property assessment are expected during this year's filing window, which opened this month. For one, the real estate market appears to be stabilizing, meaning less reason for county assessors to revalue property. And two, the county has begun charging to apply for a property reassessment, a service that was previously free but now entails a $30 fee to cover handling costs.”