Boulder Creek is a smaller community nestled in the Santa Cruz Mountains near San Jose in Northern California in the San Lorenzo Valley. The area has seen the U.S. financial crisis and recession take a toll on its economy, including the Boulder Creek real estate market, which has seen prices adversely affected. Despite the troubles, the market has been slowly crawling back and 2010 may be the year it stabilizes.

According to Boulder Creek realtors Jessica Wallace, the Boulder Creek market saw prices decline seven times in 2009 and rise five times, making following the market last year a bit like taking a ride on a roller coaster: lots of unpredictable ups and downs. The overall median price for the year was $320,000, down from 2008′s median of $428,000, and monthly prices ranged from as high as about $430,000 in March to as low as about $230,000 in April.

However, as prices of homes fell, sales activity picked up considerably in 2009 as buyers who previously thought themselves unable to afford Boulder Creek homes for sale found themselves able to take advantage of the lower prices. Many buyers were also encouraged by stimulating government policies offering hefty tax rebates for home buyers who met specific qualifications.  There were 104 homes sold in Boulder Creek in 2009, versus just 76 in 2008.

According to fellow local realtor Mary Wold, the median price in Boulder Creek in February 2010 was $400,000, up more than 30% from figures from a year ago, when the price was just over $306,000. The average price was just under $382,000, up from over $308,000 a year ago. These figures were based on the seven homes sold in February. In February, there were 23 pending sales and 36 active listings, which were spending an average of 123 days on the market, an increase of more than 23% from a year ago, when that average was just 100 days.

A generally high-priced market, the supply and demand of real estate in North Virginia has undergone significant changes since the U.S. began suffering economic woes and found itself in a full-blown recession. The market seems to have fared better in 2009 than 2008 though, and as the year comes to a close, onlookers are optimistic that 2010 will be better.

According to the Northern Virginia Association of Realtors, in November, there were 1,567 homes and condos sold in the area, an increase of more than 42% from last year. Most of the increased volume has been brought upon by buyers looking to take advantage of the government stimulus measure offering up to $8,000 in tax rebates to qualified first-time home buyers. The program was so successful that Congress recently extended it past its Nov. 1 deadline and opened it up to a broader range of buyers.

The average days homes for sale in North Virginia are spending on the market has fallen as well, to just 50, a decline of 45%, from 91 in 2008. Pending home sales, too, are up, to 1,534 in November this year from 1,458 of last year. Year to date, 2009 is on schedule to outpace 2008 in terms of sales volume. There have already been 17,686 homes sold in Northern Virginia in 2009, more than 2008′s total of 16,070.

Most real estate markets, though also experiencing increases in activity, are seeing declines in home prices. However, North Virginia real estate is actually seeing a stabilization and even slight increases in home values. In November, the average sales price was $428,581, up 1.3% from last year’s average. Meanwhile, the median sales price was $374,000, up 11.6% from last year’s median. http://nvar.com/LinkClick.aspx?fileticket=lSCx34qhmsI%3d&tabid=574&mid=1454