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Santa Cruz County Real Estate Market Report: March 2024

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

In March, Santa Cruz County's real estate market really picked up.  I am seeing more homes sell with multiple offers so far this year than last year.  Single-family homes reached a median sale price of $1,215,000.  Homes are selling quickly at a median of 15 days on the market.  Many homes are selling with more than one offers and for over the asking price. 

Key Market Indicators:

  • Single-family homes in Santa Cruz County sold for an average of 101% of the listing price, signaling robust demand.
  • The median sale price for single-family homes was $1,215,000. It kept rising, as seen in recent months.
  • Properties are selling quickly. The median days on market (DOM) is 15 days. This suggests that listings are being snapped up rapidly.
  • Inventory levels slightly increased, providing more options for buyers without overwhelming the market.

The Dynamics of Pricing and Sales in Santa Cruz County

a line graph showing the price of a home in santa cruz countySanta Cruz County’s Market Prices and Trends

Santa Cruz County's market remains very strong with property prices on the rise. 

Santa Cruz County Single Family Homes

a line graph showing median price trend in santa cruz county

Single-family homes are the market's pillars. In February 2024, these homes achieved a median sale price of $1,215,000, selling quickly after a median of 15 days on the market and fetching 101% of the list price. We continue to see high demand in Santa Cruz county and with the very limited supply of homes, prices are on the rise.

Are Santa Cruz County’s Homes Selling Above List Price This Year?

Homes in Santa Cruz are frequently selling above the asking price, with sales figures reaching 101% of the list price on average.

This trend spotlights a seller's market where competitive bidding is common and buyers are willing to pay a premium for the right home. It's a clear indicator of a strong demand outpacing the available inventory, even as new properties enter the market.

How Does the Inventory of Homes in Santa Cruz Compare to Last Year?

When comparing the current inventory of homes with the previous year, there's a slight but promising increase. This increment is welcome news for buyers searching for options without the pressure of an oversaturated market. 

A slight uptick in inventory sets the stage for a healthy market, signaling a constant influx of new listings that offer prospective buyers and seasoned investors various options without overwhelming them.

What Is the Trend for Real Estate Sales in Santa Cruz County?

a line graph shows the number of closed sales in santa cruz county

The trend for real estate sales in Santa Cruz County is characterized by a discernible growth in closed sales, particularly a 16% rise year-over-year for single-family homes. This ascending trajectory signals Santa Cruz County's sustained desirability as a location for homeownership and reflects the market's overall health and potential for long-term investment.

How Fast Are Santa Cruz County Condos Selling in 2024?

Condos in Santa Cruz County are also part of the market's success story, averaging 44 days on the market before sale. This steady pace aligns with the overall tempo of the market, illustrating a consistent demand for varied types of housing within the community and offering a different tempo for those not in the race for single-family homes.

Ignite Your Santa Cruz County Real Estate Ambitions

The current market offers insights for many opportunities. 2024 is witnessing an uptick in new listings in Santa Cruz, indicating a healthy real estate ecosystem responsive to buyer demand. This increase provides fresh opportunities for buyers and maintains a dynamic market environment, preventing stagnation and fostering continual growth.

The current statistics show homes selling, on average, for 101% of the list price, emphasizing a market that is both lucrative for sellers and competitive for buyers, 

So, what’s the best time to sell a house in Santa Cruz County? 

Based on the current market dynamics, with homes selling swiftly and often above list price, it appears that the present time is opportune for selling a house in Santa Cruz County. Sellers are in an advantageous position to capitalize on the high demand and competitive environment that is yielding favorable outcomes in terms of both price and time on the market.

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Comments(4)

Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Jessica. Your market in terms of inventory and time on the market closely parallel that of the western suburban Chicago market. Multiple offers are common and sales over asking price a practice. Yet, like your market it is still under control. Enjoy your day.

Apr 11, 2024 04:32 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed your blog page, and I added you as a follower. I would love the follow back. Also, then we both get 50 points. Bill

Bill Salvatore, Realtor- Arizona Elite Properties

Apr 11, 2024 05:53 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jessica Wallace this is really good information for Buyers and Sellers in your area.

Apr 11, 2024 12:05 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

 

Apr 16, 2024 09:38 AM