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Westside Santa Cruz Home Sales - Where has all the inventory gone?

WESTSIDE SANTA CRUZ HOME SALES REPORT - WHERE HAS ALL THE INVENTORY GONE?

If you are looking to buy a home on the Westside of Santa Cruz this year you have probably noticed that there are not many homes on the market right now, and that the well priced homes are receiving multiple offers (sometimes as many as 17) and selling very quickly.  So where has all the inventory gone?

Well priced homes for sale on the Westside of Santa Cruz are selling quickly, so we are absorbing the good inventory fast.  The overpriced homes are still sitting on the market of course and we have been seeing them for months or longer.  But anything aggressively priced is going fast, you really have to be on your toes as a buyer in this market so you don't miss out.  As crazy as this may sound after years of going through this Great Recession- we are transitioning to seller's market on the Westside of Santa Cruz.  Yes I said it, a Seller's Market.

How do I know this is a seller's market on the Westside of Santa Cruz?  The months supply of inventory for March 2012 was 2.1 MONTHS!  That is crazy low, that means it would only take 2.1 months to sell all the inventory that is currently on the market.  See the graph below, the MSI has not been this low in many years!  Historically, if you look at months supply of inventory, if you have under 6 month supply of homes on the market, you are in a Seller's market.  If you have over an 8 month supply, you are in a Buyer's market.

Santa Cruz home sales

So if you are looking to buy a home on the Westside of Santa Cruz - my advice is to be ready!  Make sure you have a solid pre-approval and your finances in order.  If you see the home of your dreams come on the market, be prepared to make an offer that day.  You need to be working with a full-time, pro-active Realtor that is checking the market several times a day for you and calling you when good homes come on the market.

If you are a seller, make sure home is priced right and it will sell quickly and with less hassle for you.  If you are thinking about selling your Santa Cruz home, contact a Santa Cruz Realtor that is really in touch with the tempo of the Westside Santa Cruz market and can give you good advice about how to price your home.  Visit here for a Free Santa Cruz Home Valuation

For more information about buying or selling homes in Santa Cruz feel free to contact me anytime at (831) 419-9345.

Visit here to see WESTSIDE SANTA CRUZ HOMES FOR SALE!

Good luck out there!

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Authored by Jessica Wallace, Santa Cruz Realtor

 
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Jessica Wallace
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Comment balloon 7 commentsJessica Wallace • April 13 2012 02:43PM
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