It’s now front page news, plain as black and white: Homes for Sale at Historic Low in Santa Cruz. It was plastered right across the front page of the Santa Cruz Sentinel this weekend. If you read the article, you’ll see that the inventory level in January is the lowest it has been in the history of the modern MLS, going back to March of 1996. In the first week of February, there were just 250 homes available for purchase in Santa Cruz county – the lowest ever on record. In January, there was just a 2.6 month supply of homes for sale – also the lowest ever.
Watch my take on this Historic Low in Santa Cruz
I’ve written a great deal about the lack of inventory, it’s something I touch on in nearly every Santa Cruz Real Estate Market Update that I write. The public at large thinks that the real estate market is going gang-busters, because they see prices spiking up. Most people though don’t realize that the real story is that nobody is selling their Santa Cruz real estate right now.
Which makes it an AMAZING time to sell. Demand for real estate is incredibly strong right now. Sellers – the few that there are – have very little competition, and are having a field day. Packed open houses. Multiple offers. Crazy overbids. Cash offers, non-contingent offers. It’s an embarrassment of riches!
If you’re thinking about selling your home in the next year or two, ask yourself this: would you rather sell your home when you know it is literally the best time in history to sell, or take a chance that next year might be even half as good? It’s hard to see how this incredible seller’s market can get any better, or even how it can sustain itself another year. To those of you who are on the fence, I urge you to take a look at the writing on the wall. Or the front page headline news, if you prefer.