Santa Cruz Housing Market Update - 2021

By
Real Estate Agent with Coldwell Banker - Santa Cruz BRE 01455690

 

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.  

Comments (5)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jessica Wallace this is valuable information for both Buyers and Sellers in your area.

May 19, 2021 04:36 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Jessica,  Thanks for sharing the market report for Santa Cruz.  This is great information for buyers and sellers.  Low inventory seems to be a theme in many areas.

May 19, 2021 04:52 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

May 20, 2021 01:48 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Jessica! Yeah, I think my marketplace would have to have 5 times the inventory to shift the inflation. Crazy year

May 20, 2021 08:26 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jessica and great video and information for buyers and sellers and us here in the Rain.  Make it a great day!

 

May 20, 2021 10:39 AM