Wow what an interesting year! We started off with a bang and the housing market in Santa Cruz was super hot, with homes selling with as much as 25 offers and prices rising so rapidly it was head spinning. Then interest rates doubled, inflation increased and the stock market got bumpy. This did slow down the housing market in Santa Cruz, but overall we saw 10% appreciation in home values county wide in 2022. We were heading for closer to 20% before the market cooled off.
Check out my video on the latest in the Santa Cruz Real Estate Market here:
Here is the real data on our Housing Market in Santa Cruz county in 2022:
Single family home price appreciation: 10%
Average sale price: $1,471,162
Average days on market: 24
Total number of home sales in 2022: 1,480 (vs 2,089 home sales in 2021)
With the changing economic indicators many are wondering how home prices in Santa Cruz continue to be stable to rising. The answer is that we just do not have enough properties for sale to meet the demand. There is less demand due to higher interest rates but there remains enough strong demand to live in our beautiful area to keep home prices up. Until we have much more homes on the market, double or triple what we have now, home prices will remain stable.
I know there are a lot of news stories about prices dropping and homes sitting for longer, and this is true in many cases. However, in Santa Cruz county to start the year in 2023, even with catastrophic storms, I am seeing very strong buyer demand in our marketplace right now. Multiple offers are still happening and over bidding can still occur on some properties.
If you are curious about what your home is worth today, simply email or text me your address and I will send you a detailed report. The online valuations are not very accurate in Santa Cruz county so if you want a good idea of what your property is worth, I am happy to provide the service.
If you are thinking about buying or selling this year, let's make a time to chat soon and I can answer all of your questions. As I buyer I can help you strategize to find the best opportunities in this market and let you know about coming soon listings. As a seller I can help you prepare your home for sale well ahead of time so that you can get the highest possible price.