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Santa Cruz Real Estate 2023 Recap & 2024 Predictions

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Real Estate Agent with Coldwell Banker - Santa Cruz BRE 01455690

SANTA CRUZ REAL ESTATE - 2023 RECAP & PREDICITIONS FOR 2024

 

If someone had told me 2 years ago that interest rates would hit 8% in 2023, I would have predicted that home values in Santa Cruz would drop but by much more that they actually did - which in 2023 was 5.1%.  This is the first time that we have had a decrease in home values since 2011 but it could have been worse. What kept our prices up was the lack of inventory.  Even with super high rates and less buyer demand, the lack of homes for sale played just as important of a role.

 

 

Santa Cruz Real Estate Report - 2023

 

Year over Year Depreciation of Home Sale Prices: 5.1%

 

Average Home Sale Price:  $1,395,000

 

Average Days on Market:  35

 

Sale Price to List Price Ratio:  97.8%

 

Total # of Home Sales: 1,197

 

Another statistic that jumps out to me is that we had so few home sales - with just under 1200 homes sold in the entire county in 2023, that is the fewest since 1992!  This is not surprising given how few homes came on the market.

 

Moving into 2024, we have interest rates that are trending lower than the end of last year and that will help some buyers be able to get into this market.  The California Association of Realtors predicts that home prices will rise in the state by as much as 6%.  I do think that if interest rates continue to soften, we should see home prices in Santa Cruz county start to increase again.

 

Let me know if you have any questions, I am here to be your resource whether you are buying or selling a home this year or in the future.

 

Jessica Wallace - Your Santa Cruz Realtor

 

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