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Extreme lack of inventory drives home prices up in Santa Cruz

EXTREME LACK OF INVENTORY DRIVES HOMES PRICES UP IN SANTA CRUZ

While the dead of winter is not typically a time we see a lot of homes for sale in Santa Cruz, this year there is a particularly acute 'drought' of homes for sale in Santa Cruz, especially on the Westside of Santa Cruz.  Maybe it is the El Nino storms that are keeping some homeowners from putting their homes on the market.  Last January in 2015 we did not receive a single drop of rain in Santa Cruz while this year it is raining almost every day and we are grateful for that!

 

Westside Santa Cruz homes

 

The weather is not keeping homebuyers from making offers and viewing homes.  There was a home listed for sale on the lower Westside of Santa Cruz just after the New Year that received 40 showings in 3 days - 10 offers ended up coming in with 5 of them being all cash. The craziness continues . . .

Currently there are just 9 active homes for sale in all of the Westside of Santa Cruz, upper and lower.  Only 4 of those homes are priced under 1 million dollars.  That's it just 4 homes.  Imagine the competition you face as a buyer if you are qualified to buy a home under 1 million dollars on the Westside of Santa Cruz.

There are 14 homes in escrow on the Westside of Santa Cruz - more homes are in escrow than are currently active on the market.  

There are a lot of different types of home buyers in Santa Cruz - everyone from first time buyers, retirees from Silicon Valley, vacation home buyers, and investors.  Santa Cruz has so much to offer all of these types of buyers from our weather, strong rental prices, beautiful beaches and dynamic community.  People want to live here, vacation here and invest in Santa Cruz.  

This year is certainly starting out with a bang!  While the typical mindset is that Spring is a perfect time to list your home for sale, with these current market conditions Sellers are controlling the market and are in a great position to get the highest possible price for their home with the heavy amount of competition from buyers.

 

Curious about the value of your home?  Visit here for a Free Online Santa Cruz Home Valuation by a local Realtor who knows the market or contact Jessica Wallace at 831.419.9345 or yoursantacruzagent@gmail.com

 

Visit here to see all homes for sale on the Westside of Santa Cruz.

 

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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 • January 30 2016 12:20PM

Comments

Home prices continue to advance this year in L.A. since the inventory is so low. 

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Los Angeles CA (Barcode Properties) about 1 year ago

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