Santa Cruz Real Estate Market Update – September 2012

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September 2012 Santa Cruz Real Estate Market Statistics

It’s time once again for the Santa Cruz Market Trends Newsletter! The latest market numbers for August 2012 show the market continues to gain strength strength – with the median home price for August 2012 for Single Family Residences in Santa Cruz County continuing to rise, up 13% from a year go, to $550,000! This number is however down a bit from July 2012, the month before, when the median price was $585,000.

While the median price was up, the sales volume was also up from a year ago – by 14%, when in August 2011 170 homes closed escrow…but get this! Sales volume was up a staggering 27.6% from July 2012, the month before, when just 152 homes closed escrow.

The big story here though I think isn’t the median home price or sales volume par se – the headline news I think is the low inventory we are seeing in most of the county. Inventory is down 19.7% from a year ago – and there wasn’t a lot of inventory last year, either. Granted, inventory did rise from the month prior, by a healthy 15% – but in much of the county, we are seeing less than 2 months’ worth of available inventory. A balanced market – where supply of homes for sale is considered to “match” buyer demand, is about six months worth of inventory. If you’re a buyer out there in today’s market – it’s tough! Multiple offers are common in most areas of the county, and many homes are selling for over asking price. It’s a seller’s market almost everywhere – provided the home is priced accurately, of course.

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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