Westside Santa Cruz Homes for Sale - We are in a real housing crunch!!
Every year on the Westside of Santa Cruz for the past several years we are seeing less and less homes coming on the market which is one reason that the home prices on the Westside of Santa Cruz are rising so much. There is just not even close to enough homes for sale for all of the people that want to buy a home in Santa Cruz. I live and work on the Westside of Santa Cruz and am very in touch with this market. I am working with several active buyers on the Westside that just are not seeing any homes coming on the market that fit their needs.
As of today there are only 17 single family homes for sale on the Westside of Santa Cruz. To give you an idea of how low that number is, last year at this time we had 36 homes for sale on the Westside of Santa Cruz, and we had low inventory then! In September 2017 we had an average of 30 active homes for sale, whereas in September 2016 we had 40. You get the idea that we are in a very tight housing market.
What is the low number of homes for sale on the Westside of Santa Cruz doing to home prices?
As you can imagine, the home prices on Santa Cruz's Westside are going up, and quite dramatically. Here is how the prices have risen over the past several years.
Median Home Price on the Westside of Santa Cruz:
2017 Year to date: $1,050,000
If you bought a home in the past few years on the Westside of Santa Cruz, or have owned a home for a long time, those numbers are good news for you. If you are trying to buy a home, not so much. You can see what the big issues are in the Santa Cruz housing market - low inventory + high demand = Big price increases and many buyers, especially local people, being priced out of the market rapidly.
I do not know when this Seller's market on the Westside of Santa Cruz will calm down. Maybe with a rise in interest rates or a change in the strong economy of Silicon Valley, but for now this is where we are at.
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