A Wild Year in Santa Cruz Real Estate
The storyline of Santa Cruz Real Estate in 2015 was once again low inventory and not enough listings. Yes that was pretty much the theme for 2014 as well but in the Santa Cruz housing market in 2015 it was even more acute. The lack of homes for sale was the topic of many conversations, whether you were buying or selling a home.
Overall in 2015 in Santa Cruz county we saw more homes sold, at higher prices and in a shorter amount of time than 2014.
Here is what the numbers say about the Santa Cruz housing market in 2015:
The average sale price for a single family home was almost $800,000 for the year - this is up from 2014 when the average sale price was $767,000 and 2013 when is was $650,000!
Inventory was much lower in 2015 vs 2014 depending on location in the county. December is traditionally a slow month in real estate but this December was particularly slow with only 217 active homes on the market in all of Santa Cruz county versus 281 home for sale in December of 2014.
The average days on market for 2015 was 48, in 2014 the average was 54
The number of sold homes went up in 2015 to 2,012, in all of 2014 there were 1888 homes sold in Santa Cruz county.
Average Home Price in Santa Cruz county 2013-2015
In short, what was a strong Seller's market in 2014 turned into a Seller's dream in 2015.
What is ahead for this year in Santa Cruz Real Estate? The Feds did raise the federal funds rate in December for the first time in 7 years, but only slightly from 1/4 to 1/2 percent. This actually did not affect mortgage rates too much as other world events put downward pressure on rates. Most expect that the Fed will raise rates again over the course of this year, but very slowly and depending on our economy and world events.
The big question is will we get more inventory (homes for sale) on the market in Santa Cruz in 2016? Many buyers are hoping so. There are still so many qualified buyers in the marketplace ready to make strong offers.
If you are thinking of selling your home contact me today or visit here for a Free, Online Santa Cruz home valuation
I am grateful to have helped so many people buy and sell homes in Santa Cruz in 2015 and looking forward to a positive 2016 - If I can help you or any of your friends and family don't hesitate to contact me at: yoursantacruzagent@gmail.com or 831.419.9345, I am happy to be your resource!
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