July 2020 Santa Cruz County Real Estate Market Update

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Market Activity Soars after Early Spring Decline

Recovering from the initial shelter-in-place drop in sales activity, Santa Cruz County has now jumped well above the highest points of the past 2 years. The first 2 charts below illustrate the big rebound in listings accepting offers in both the general residential market and the higher-price home segment.

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The Bay Area markets with the largest year-over-year increases in the number of listings accepting offers in June 2020 were the 4 outer Bay Area counties of Monterey (up 61%), Santa Cruz (58%), Sonoma (47%) and Napa (37%). They also have among the lowest population densities in the Bay Area. The more urban counties saw more modest y-o-y increases: San Francisco (6%) and Alameda (7%).

The year began with a relatively low inventory of homes for sale, and though that number has been increasing, it is still well down year over year.

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The next 4 charts look at median home sales prices from a variety of angles. Remember that median sales prices are not perfect indicators of changes in fair market value: They can fluctuate due to a number of other factors as well.

Average days on market were quite low in the last quarter, a common dynamic in Bay Area markets. The homes that sold went into contract relatively quickly.

In Q2 2020, the average sales price was 2.5% below asking price.

And interest rates hit another all-time low in early July, adding fuel to buyer demand.

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I've been helping my clients get rich in Bay Area real estate since 2003. My decades of hard-won experience in the Silicon Valley real estate market provide sharp insights and invaluable lifestyle knowledge, empowering clients to make confident, informed decisions when selling, buying, or investing. Contact me to make your next move the best one yet.