Santa Cruz Homes - 2009 Annual Report
Well ... the data is in. We can now create a 2009 Annual Report on the state of Santa Cruz Homes sales.
There are a number of positive indicators to report.
• For starters, the number of sales in 2009 was up 23.1% over the number of sales in 2008.
• The median price of a single family home in Santa Cruz County reached $560,000 in December. This was up 24.4% over December the year before.
• The year ended with the lowest amount of active inventory since March of 2005.
• Accordingly, the Days On Market indicator is at 97 days. This is the lowest it's been since 2004 when it was a strong Seller's Market.
The chart below illustrates a relationship between Median and Average Sales prices as compared to the number of actual Single Family sales.
Signs remain positive for the coming year. The housing recovery is expected to continue, in part, do to continued government incentives.
The Obama administration extended the First Time Home Buyer Tax Credit through April of this year. Qualifying homebuyers are eligible for a credit of up to $8,000. In addition, they expanded the program to include move-up Buyers. An eligible move-up Buyer could qualify for a tax credit of up to $6,500.
Short Sales and Foreclosures are expected to stay with us and represent a significant portion of Santa Cruz Home Sales through 2010.
Interest rates have been at historical lows and are expected to stay competitive, at least for the time being. Lender underwriting requirements have become increasingly difficult but not insurmountable. "Full Documentation" is the name of the game in today's lending world.
A government attempt to enhance the integrity of the home appraisal process was adopted in May 2009has come under significant fire, being called a failure by some. This program, known as the Home Valuation Code of Conduct (HVCC), came with an unexpected consequence. The program allows out of area, and sometimes unqualified appraisers the opportunity to appraise homes in areas they're not familiar with. As a result, many appraisals have been coming in under value.
In conclusion ... as it applies to Real Estate, the best thing about 2009 is that it's over! We're looking forward to 2010 to be a great year.
My goal is to be a Real Estate resource to all Homeowners, Home Buyers and Home Sellers in Santa Cruz County. I have over 23 years experience locally and regarded as an expert in all aspects of Residential Real Estate.
If you or someone you know would benefit from my services, contact me at Santa Cruz Homes For Sale. You can email me at Mike@SellingSantaCruz.com or simply call at 831-818-5111.
Best regards,
MICHAEL WHITING
David Lyng Real Estate
Comments(1)