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Santa Cruz Real Estate Year in Review 2014

2014 Year in Review –  Santa Cruz Real Estate

 

I thought 2013 was a crazy year for the real estate market in Santa Cruz and 2014 beat it by far!  In terms of ‘crazy’ I mean continued super low inventory leading to rising prices, bidding wars and fast paced sales.  

 

The Average Sale Price in Santa Cruz county for single family homes in 2014 was:  $763,980.   In 2013 it was $649,755 and in 2012 $566,250.  Quite a jump.  The median number of days on market in 2014 was just 25 days to sell a home!  In 2014 over 80% of my listings sold for at or over our original asking price in less than 10 days!  

 

Why did we have such a rise in home prices in 2014?  The basic law of supply and demand – we have a very low number of homes for sale and many buyers in the marketplace.  In December 2014 we had just 284 homes for sale in all of Santa Cruz county – compare that with December 2012 when we had 456 active homes for sale.  Homes come on the market and if priced right they will sell quickly and the inventory is being absorbed at a fast pace. 

 

With our proximity to the strong economy of the Silicon Valley and an improving economy in Santa Cruz county, we have many qualifed buyers in the marketplace.  It is no secret that Santa Cruz is a wonderful place to live and highly desired by many for primary residences as well as vacation homes.

 

So what is in store for 2015?  I believe we will continue to see a low number of homes for sale but perhaps a bit more inventory than we saw in 2014.  The big question is when and how much will interest rates rise.  Interest rates have a big effect on affordability and it is inevitable that they will go up at some point, some believe this Spring but depending on the global economy, oil prices and other factors they may remain low through 2015. 

 

I am very grateful to have helped so many people buy and sell homes in Santa Cruz in 2014 and looking forward to a positive 2015 - If I can help you or any of your friends and family don't hesitate to contact me at:  yoursantacruzagent@gmail.com or 831.419.9345, I am happy to be your resource!  

 

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Authored by Jessica Wallace, Santa Cruz Realtor

 
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Jessica Wallace
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License #: 01455690
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Comment balloon 1 commentJessica Wallace • January 06 2015 11:22AM
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