Santa Cruz Real Estate Market Update – August 2012

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August 2012 Santa Cruz Real Estate Market Statistics

It’s time once again for the Santa Cruz Market Trends Newsletter! The latest market numbers for July 2012 show the market has been gaining strength – with the median home price for July 2012 for Single Family Residences in Santa Cruz County up a whopping 22% from a year go, to $585,500! That’s also up from June 2012 when the median price was $480,000.

While the median price was up, the sales volume was also up from a year ago – by 25.6%, when in July 2011, just 122 homes were sold. This is, however, down a bit from June 2012, when 160 homes closed escrow.

All of this sounds like it is right in line with the news stories we’re seeing, reading, and hearing from sources all across the country – the real estate market is well on the road to recovery! I have been looking for signs of this in our own market – the median home price, after all, is only a spotty indicator of what home prices are actually doing. That’s why there’s the Case-Schiller Index, which attempts to check the resale prices for the very same homes – checking, to see, what a home sold for in 2008 and what the very same home sold for in 2012 as a way to measure what’s going on with prices, home-by-home and area-by-area, rather than just regurgitating the national home price statistics cited by the National Association of Realtors.

I have started to see evidence of the resurgence in home prices here in Santa Cruz – that is, I am seeing the very same homes purchased in 2009-2010 now coming on the market in 2012 at prices considerably over what they were bought for – and in many instances, they are actually selling at big premiums over the purchase price. This isn’t uniform, however – I also see some homes purchased in 2008-2009 now being listed as short sales, often times for considerably less than their purchase prices of a few years ago, well after the market had peaked. The lesson here is that it’s important to buy smart – lock in as good a price as you can when you buy a property, as that purchase price is what ultimately will determine how much money you make – or lose – when one day you go to sell your home.

To get the full newsletter, broken down by different areas of the county and also by Single Family Residences as well as Condominiums, click here to download the full the Santa Cruz Real Estate Market Trends newsletter.

Please share my newsletter with anyone you think is interested in what’s going on with the Santa Cruz real estate market – just send them the link and they can sign up to receive an e-mail every month when the newsletter is ready. Thanks for your support!

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