SANTA CRUZ COUNTY REAL ESTATE MARKET BEGINS TO FIRM
The real estate market in Santa Cruz County is beginning to heat up for three reasons.
First, the rain has finally stopped and spring is upon us! This is the time of year when the market typically becomes more active. Two, mortgage rates are at 15-month lows. Third, IPOs have started creating instant millionaires.
While Santa Cruz County won’t be impacted as much as Silicon Valley and San Francisco by the IPO millionaires, some of them will be able to afford second homes by the beach.
We expect 2019 to be a very strong year for the real estate market in Santa Cruz County.
Home sales were down, year-over-year, for the eighth month in a row. There were 108 homes sold in Santa Cruz County last month. The average since 2003 is 158.
Sales prices, meanwhile, bounced back after dropping in January. The median sales price for single-family, re-sale homes was up 2.4% in March from last year. The average sales price fell 12.2%.
Inventory continues to expand. It has been higher than the year before nine months in a row. Last month, it was up 28.6% over last year.
As of April 5th, there were 265 homes for sale in Santa Cruz County. The average since January 2003 is 681.
It is taking fifty-two days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were down last month from the month before. The median sales price fell year-over-year by 5.5%. The average sales price fell 3.7%.
Condo sales were down 2.6% year-over-year.
Inventory continues to expand. It has been higher than the year before nine months in a row.
As of April 5th, there were 60 condos for sale in Santa Clara County. The average since January 2003 is 141.
Days of inventory rose to forty-nine.
It is taking sixty-five days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.
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