Santa Cruz CA Real Estate Statistics
Santa Cruz CA Real Estate continues it's recovery ... The Median Home Price for single family homes was up for the third m
onth in a row, 25.9% over the same period last year and November was up 6.2% over October.
Sales of Single Family Home units was up an astonishing 43.9 % over November of last year and so far, year to date sales have averaged out to be 17.6% over the same period last year.
Inventory of Single Family Homes has continued to drop for the 16th month in a row. The Days of Inventory indicator is down to 114 days. In other words, it would take 114 days to sell all the current inventory at the current rate of sales. A Balanced Market is said to be between 5-6 months of inventory. Above that is considered a Buyers' Market and at the current level of just under 4 months of inventory we find ourselves comfortably in Sellers' Market territory. The graph to below reveals that we haven't seen a Sellers' Market since the first half of 2007.
Additionally, the days of inventory for Condo Sales currently stands at 171 days, down 34.9% over the same period last year. This figure is just below the 6 month mark, indicating a balanced market. November Condo sales were up 8.3%% over October and up a modest 2.7% this year over last.
If these statistics aren't specific enough, you can search an individual community within Santa Cruz County to determine specific trends in your own back yard. Santa Cruz, Scotts Valley, Live Oak, Aptos, Capitola, Soquel, La Selva Beach, Larkin Valley, Watsonville all have their own unique qualities and sales activity can vary greatly. Go to Search Santa Cruz Real Estate, then click on the Sales Statistics or Newsletter links to start your search.
In summary, what does this all mean to the consumer ..? In short, it's good news ... but you need to remember, the real estate market is very hard to generalize. It's made up of many micro markets. We are clearly seeing strong signs of a recovery in Santa Cruz County prompted by a number of factors. Interest rates continue to be very attractive. The government has extended it's $8,000 tax credit for first time home buyers and even created a modified version for repeat buyers. Consumer confidence is on the increase, bringing growing numbers of buyers into the market. And certainly, the age old adageof "supply and demand" applies here. With decreased inventories of available listings and increased buyer activity, a recovery should come as no surprise.
This is not to say there will not be some bumps in the road along the way. There are still record numbers of Foreclosures expected to hit the market. If lenders release these to fast, flooding the marketplace, this could have an adverse affect, particular on values.
For more information on Santa Cruz CA Real Estate Statistics or other Real Estate related topics, feel free to contact me though my website at Santa Cruz Real Estate. I can also be reached by email at mike@mikewhiting.com or at 831-818-5111.
Best regards,
MICHAEL WHITING
David Lyng Real Estate
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