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Record Low Number of Santa Cruz Homes for Sale Causing Prices to Rise

RECORD LOW NUMBER OF SANTA CRUZ HOMES FOR SALE CAUSING PRICES TO RISE -  IT'S A SELLERS MARKET!

This past March saw the lowest # of homes for sale in Santa Cruz county in 18 years!  Wow!  Inventory is even lower than last year and there are still many qualified buyers in the marketplace making aggressive offers.  As of the beginning of April there were 514 single family homes for sale in Santa Cruz.  Compare that to 2010 when there were 896 homes for sale in Santa Cruz.

Our Santa Cruz Unsold Inventory Index was at 4.5 months in March 2014 - this is the # of months it would take to sell all the homes currently on the market.  At 4.5 months we are definitely looking at a Seller's Market here in Santa Cruz.

What is causing this low inventory and Hot Seller's Market in Santa Cruz?  

1.  Our location next to the Silicon Valley and the booming economy that is taking place there.  The econonmy in Silicon Valley is very strong with our tech industry and startups.  There is a lot of money 'over the hill' and it does trickle over to Santa Cruz with people looking to retire by the beach or buy a second home here.  Many of these buyers are paying all cash for homes.

2.  Interest rates are still at historically low levels and can be well under 5%.  The lower the interest rate the higher purchase price a buyer can qualify for.  We are all expecting interest rates to edge up eventually and when that happens it will edge out some buyers or result in them qualifying for a much lower loan amount.

3.  Some sellers are still holding out to get the price their home would have sold for in the height of the market (2005-2007).  There are some areas where we are almost at those price ranges now.

4.  Rents are going up and finding decent housing in the rental market is a challenge.  It is not easy to find a decent rental in Santa Cruz county, there are many, many applicants for each rental property.  If you are looking to make Santa Cruz county your long term home it really can make sense to buy rather than continue to rent.

5.  Who would not want to live in Santa Cruz? 

santa cruz sellers market

 

Last year home prices in Santa Cruz county went up about 15% overall, in some areas more than that, particularly close to the beach.  This year they are projecting about a 6% appreciation for single family homes in Santa Cruz.  We had a big spike in home prices last year in Santa Cruz and the market is still going strong.  I don't see any of the factors I listed above changing soon except perhaps interest rates which will have an effect on the housing market.

Bottom line:  If you have been considering the sale of your home in Santa Cruz county it may be time to take a serious look at your options in this market that is so favorable to sellers.

Call Jessica at 831.419.9345 or email yoursantacruzagent@gmail.com for a consultation and to see what your home is worth in today's market.

You can also visit here for a Free, Online Home Valuation

Please read my Client Reviews, Santa Cruz Market Insider or

see a current list of Homes for Sale in Santa Cruz County.

 

 

 

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Authored by Jessica Wallace, Santa Cruz Realtor

 
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Jessica Wallace
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831 419 9345
Licensed In: Ca
License #: 01455690
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Comment balloon 1 commentJessica Wallace • April 29 2014 02:03PM
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