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SANTA CRUZ HOMES SALES - REAL ESTATE MARKET REPORT

Looking back at Santa Cruz County Homes Sales over the past 2 years we have seen some changes, both good and bad.  Comparing 2009 to 2010 in the Santa Cruz Real Estate Market may tell us a bit about where we are heading for 2011.

With the First Time Home Buyer tax credit last year and record low interest rates, First Time Home Buyers made up a lot of the Santa Cruz home buying market.  Even with those incentives there were still less Santa Cruz Home Sales in 2010 than in 2009.  In 2010 there were 1588 home sales in Santa Cruz County.  In 2009 there were slightly more Santa Cruz homes sales - 1754.

A positive trend in the Santa Cruz Real Estate Market comparing 2009 to 2010 is that the average days on market has gone down.  In 2009 the average days on market for a Santa Cruz home sale was 105 DOM.  In 2010 the average days on market in Santa Cruz County was down to 87 days. 

Home prices in Santa Cruz County in 2010 were slightly up on average from 2009.  In 2010 the average home price in Santa Cruz County was $576,000.  In 2009 the average Santa Cruz home sale price was less at $548,000.

So where are we heading for 2011 for Santa Cruz Homes Sales?  We will probably be seeing more foreclosures come on the market.  Many foreclosures in Santa Cruz tend to be aggressively priced, sometimes drawing multiple offers and going for over asking price.  These Santa Cruz foreclosures offer First Time Home Buyers a great opportunity to enter into home ownership at a lower price.  I predict that First Time Home Buyers will continue to make up the majority of the home buying market.

Interest rates while still historically very low have begun to creep up a bit.  This may spurn buyers who have been waiting to buy to get into the Santa Cruz Real Estate Market before interest rates go up and push their buying power down. 

With the foreclosure and short sales still making up a large portion of Santa Cruz home sales I don't see a big upswing in home prices.  Maybe a slight uptick but nothing drastic in 2011. 

For more details about Santa Cruz homes for sale or Santa Cruz Real Estate Market Trends, please feel free to contact me.