SANTA CRUZ 12TH HOTTEST REAL ESTATE MARKET IN THE NATION!
In a recent survey by the National Association of Realtors, Santa Cruz, CA came in as the 12th hottest real estate market in the entire nation! As a Realtor in Santa Cruz, CA I was slightly surprised by this even though I have seen how strong our market has been this past year. To be ranked 12th in the whole United States really speaks to how our market has been this year. California in general has had a very strong year in real estate, more than half of the top 20 strongest markets were in California with San Francisco coming in first.
Why is the real estate market in Santa Cruz setting records and going so strong? In large part it is due to our proximity to Silicon Valley and San Francisco whose real estate markets have been off the charts. The extreme rise in home prices and rents 'over the hill' have driven many of those Silicon Valley workers to go further in their search for housing. If you are going to have to commute why not live by the beach? Santa Cruz has fantastic weather and is the best beach town close to Silicon Valley.
I have seen a large number of all cash homes sales this year in Santa Cruz county. Many of these all cash buyers are people who have sold a home in Silicon Valley for a huge number and come over to Santa Cruz and have no problem writing a check for a million dollar home, which probably seems like a bargain to them compared to the home prices in Silicon Valley and San Francisco. These are both retirees and commuters who have decided to make Santa Cruz home.
Not only have home prices risen dramatically in both Santa Cruz and Silicon Valley but also rents have become astronomical. I hear of people renting single rooms in San Francisco for $1800 a month!
When and how this crazy real estate market in Santa Cruz will slow down is anybody's guess. I don't see it slowing down significantly any time soon unless there is a major crash in the tech boom in Silicon Valley. Interest rates are bound to rise this coming year and that should have some effect but Santa Cruz home prices appear to be poised to remain stable and continue to climb.
Contact Jessica Wallace - Your local Santa Cruz Realtor for more information at 831.419.9345 or yoursantacruzagent@gmail.com
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