March Madness

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For those of you who are readers of my Santa Cruz Real Estate Market Trends Newsletter, this isn’t going to come as any surprise…but if you are not a regular subscriber to this free (and worth every penny!) e-zine (sent to you monthly via e-mail), this may come as news to you:

Santa Cruz Home Sales surged 53.3% in March 2006, from February 2006.  Yes, February was a dismal month in Real Estate land, but in March we saw a strong rebound in sales.  However, home sales were down 15.9% from March 2005…which was a banner month for home sales, as anyone who was trying to buy a home in Santa Cruz back then will attest.

And what about prices?  As compared to March 2005, home prices in March 2006 have increased modestly – from a median of $725,000 in ’05 to $740,000 in ’06 – a gain of around 2.1%.  Phew!  Not what you would call a massive rise in home values, but not a drop, either, as many Chicken Littles have been screaming about. 

What’s also worth nothing is that the listing-price to sales-price ratio has dropped to 96.9% – in other words, sellers are taking about 3% less than what they’re asking for.  If you see a home priced at $600,000 you can expect that really, the sellers will end up getting only around $582,000 for it.  Also, days-on-market has risen to an average of 75 or so…if you’re interested in a home that’s been on the market longer than that, you might be able to squeeze the seller out of even more of a discount than that.

 

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