Hi everyone, my name is Jessica Wallace, your Santa Cruz Realtor and I am here with your latest update on the Santa Cruz housing market. It’s almost May of 2021 and I have to tell you, it’s crazy out there!
Everyday I am looking at the hot sheet and I am seeing what’s selling and honestly, it’s blowing my mind. The housing crisis in Santa Cruz County has gone up dramatically, even in the last 6 months.
So what’s going on here is the classic story again of supply and demand. We do not have nearly enough homes for sale in Santa Cruz County to satisfy the demand of everybody that wants to be here.
Right now, it would take only one month to sell all the homes that are on the market in Santa Cruz County. So we have a one month supply of inventory.
A balanced market is a 6-month supply, we have a 1-month supply. Most homes are selling for over the asking price. Right now the sale price, to list price ratio, is a hundred and five percent across the board in Santa Cruz County.
Most homes are selling for more than the asking price. Sometimes, hundreds of thousands of dollars more. I’ve seen as much as a half a million dollars above an asking price, with multiple offers in this County.
So what’s going on again is the low number of homes for sale. We have about a hundred and seventy homes in the market in Santa Cruz right now. We have two hundred and thirty homes that are in contract, that are in escrow.
So we have more homes in pending and in escrow than what we actually have on the market. A lot of people have been talking about the big jump at home prices and when is the market gonna slow down? When is this market gonna stop? When is it going to crash?
And what would really need to see a significant slow down of home prices in Santa Cruz is a lot more homes on the market. Not just a hundred but hundreds of homes on the market, more homes on the market.
We would need at least triple the current amount that we have. So until that happens, which I do not predict to happen, this year our prices are going to remain stable to rising in Santa Cruz County.
That’s the latest on the housing market in Santa Cruz. Give me a call or text if you have any questions.