Santa Cruz Real Estate Market Update May 2014

Seb FreyLocal, Santa Cruz Real Estate

We’re now halfway through spring and well on our way to summer, which many people think of as the peak of the home buying/selling season. How are things shaping up with the Santa Cruz real estate market, now that we’re 4+ months into the year? The median price of single family homes in Santa Cruz county in April 2014 was $622,500 – that’s an increase of 2% compared to a year ago (when the median price was $610K) – but it’s a decrease of 2% compared to March 2014, a month ago, when the median price was $635K. Sales volume was pretty much flat year-over-year, with 170 homes having sold in April 2014, compared to 169 a year ago in April 2013…but month-over-month, sales volume was up a robust 38% in April as compared to May. And, good news for home owners – the sales-to-list-price ratio in April again topped 100%, coming in at 100.2%. Sweet! While sales volume was up sharply compared to the month prior, inventory was also up. We closed out April with 428 homes available for purchase county-wide, up 17.6% compared to a month ago…but still 20.9% lower than it was a year ago. Pending sales (homes under contract, but not yet sold) were up 6% month over month but down 24.1% year over year. The crucial metric for future pricing would be the Days of Inventory – which is down considerably compared to both a year ago and a month ago. We ended April with just 73 days of inventory available, … Read More

Santa Cruz Real Estate Market Update – April 2014

Seb FreyLocal, Santa Cruz Real Estate

Winter – such as it was – is now squarely in the rear-view mirror and spring is in full bloom in Santa Cruz. It looks like the rains – such as they were – are now behind us and it’s nothing but blue skies from now on. But can the same thing be said for the Santa Cruz real estate market? Let’s dig in to the numbers. The median home price in March 2014 for single-family homes was $630,000 – that’s up a healthy 13.5% compared to a year ago (when the median price was $555,000) and up 5.4% compared to the month prior. Keen readers of this newsletter may note that the month-ago and year-ago numbers reported here differ from when those same numbers were reported as a month and a year ago – as will sometimes happens as errors are corrected or missing data is added. While the median price was up month over month, the sales volume was flat compared to last month. Last month, 123 homes closed escrow; this month, 122 homes closed escrow…however this compares to 183 closings a year ago, for a year-over-year decrease in volume of 33.3%. It looks to have been a lean winter for the real estate, mortgage, and title/escrow business! Inventory also increased modestly compared to a month ago: we closed out March with 357 homes available for sale county-wide, up 2.3% compared to a month ago, but still considerably lower (15.8%) than a March 2013 when 424 homes were available at the end of the … Read More

Santa Cruz Real Estate Market Update – March 2014

Seb FreyLocal, Santa Cruz Real Estate

At last, some rain has fallen, and spring is in the air! Trees are in bloom, the grass is green, and everything’s looking good – especially the Santa Cruz real estate market, depending on your perspective. The real estate bubble and bursting thereof seem to already have faded in the minds of many. Real estate prices have made a very strong recovery, which continues to hold two months into the year. The median home price in February 2014 for single-family homes was $625,000 – that’s up an astounding 37.4% compared to a year ago (when the median price was $455,000) but up just 0.8% compared to the month prior. The average price was $680,310 – up 22% compared to a year ago, but down 12.8% compared to the prior month when the average price came in at a remarkable $780,000. Last month, we noted that the sale-to-list-price ratio had dropped slightly, and that the average days on market had increased as well. This month, both those numbers again pointed to a weaker market: Sales price vs. list price ratio dropped a full 0.7% to 98.1% vs. 98.8% the prior month The average days on market increased by 17.2% to 75 from 64 While inventory rose in February to 286 units available at the end of the month (an increase of 10.4% in a month, and 2.5% higher than this time a year ago) – the sales volume also rose in February, with 109 homes sold…that’s an increase of 3.6% compared to January, but down 9.9% compared … Read More

Santa Cruz Real Estate Market Update – April 2013

Seb FreyLocal, Santa Cruz Real Estate

Spring has sprung – and with it, a raging seller’s market.  The first two months of 2013 showed a market that appeared to be moderating after steady price increases throughout 2012 – recall that the median price declined for the first two months of 2013…but in the third month of 2013 – wow.  The median home price in March of 2013 soared to $583,500 – up 18.6% year-over-year, and up a gi-normous 28.2% from February 2013, the month prior.  What is going on? A lot of things are going on – there’s a lot of moving pieces to this real estate market.  But please watch the video below to get a quick summary of where we are at. Aside from the median price, there are some other interesting numbers to look at – such as inventory, which remained virtually unchanged at the end of March, at 277 available units county-wide (vs 279 units at the end of February).  The sales volume did pick up strongly in March, with 156 homes having closed escrow  – an increase of 28.93% over the month before, but a decrease of 8.2% from a year ago, March 2012. Last week I attended a conference where the keynote speaker was Leslie Appleton-Young, a VP and the Chief Economist of the California Association of Realtors.  Leslie gave a very well received presentation about the state of the national and California real estate markets.  As you might expect from someone as high up in the Realtor® organization as Leslie, she is very bullish on the California … Read More

Santa Cruz Real Estate July 2012 Market Update

Seb FreySanta Cruz Real Estate, Uncategorized

July 2012 Santa Cruz Real Estate Market Statistics It’s time once again for the Santa Cruz Market Trends Newsletter! The latest market numbers for June 2012 show the market moderating, with the median price coming in at $487,500 – this is down 8.3% from the year-ago median price of $537,500 and also down 3.7% from the May 2012 median home price of $517,500. Not only was the median price down, but the unit volume was also down. In June 2012, 162 single-family residences closed escrow in Santa Cruz county – that’s down about 8% from the year ago number, when 174 units closed escrow in June 2011, and down a whopping 26% from the previous month, May 2012, when 216 homes closed escrow. If you’ve been paying attention to what the national media is saying about the real estate market, you may have heard mention that a) prices are coming up and b) we have hit the bottom of the market. While both of those things may be true, what’s absolutely true is that now is the best time in over 5 years to sell your house in Santa Cruz. If you are thinking about selling any time in the near future, my advice is to strike while the iron is hot and get your property on the market ASAP. 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 … Read More

Santa Cruz Real Estate Forecast 2012

Seb FreySanta Cruz Real Estate

It’s a new year, so it’s time to blow the dust off the ol’ blog and provide to all those who find it with an update on the Santa Cruz Real Estate market for 2012.  But before we get too far into 2012, let’s discuss oh-so-briefly how we did in 2011.  Perhaps it’s no surprise, but we ended 2011 with a median home price that’s down 7.2% to $485,000 as compared to the December 2010 median home price of $522,500.  But that’s a lot better than the median home price in November – which hit bottom at $416,500, the lowest median price of the year.  In fact, every month of 2011, single-family home prices were lower in 2011 than they were in the same month the previous year, with the exception of June (which was up 5.3% over the previous June). It is pretty clear that 2011 was not a great year for real estate in Santa Cruz – but then, it wasn’t a great year anywhere, except for a few neighborhoods where a handful of newly minted dot-com millionaires are looking for digs. Of course, the kind of price declines we saw in 2011 were mild compared to what we had seen in years past, when the market dropped with dizzying speed.  Clearly, the rate of decrease has slowed down, which I think all will agree is a positive sign. To check out all kinds of whizzy charts and graphs for our market, check out my Santa Cruz Real Estate Market Data page – you … Read More