Local Events June 20, 2022

Local Santa Cruz Real Estate Market Update – June 2022

Want to know what’s happening here in our local Santa Cruz County Real Estate Market? I get asked this question often! Is now a good time to sell in Santa Cruz Ca. I also get asked if we are we going to see a crash, and what should people do with their home? It can be super confusing with the constant changes in the market to know what the best decision for your family will be. I totally understand, I’ve been in the industry for years and I am here to help you navigate this market. When answering these questions it’s always a good idea to look at the data and what’s happening in the market so that you can make an educated decision. So let’s see what the market looks like here locally. Is it a good time to sell here in Santa Cruz?
Well, let’s look at what is happening in the month of June. In Santa Cruz we currently at the time of this video we have 70 homes that are active. The median days on market is only 8 days, and the median sales price of $1.6 million. Now you may be wondering if it’s a good time to sell on the Westside of Santa Cruz, 95060. On the Westside, we have 19 active homes on the market and homes are receiving 113% of list to purchase price. So here in Santa Cruz we have very relatively low inventory and we still have relatively strong buyer demand. However, the market is pretty volatile right now, we are currently experiencing more homes on the market than the past few months, and we aren’t seeing as many offers on homes as we were seeing just a few weeks ago. Also, homes aren’t being bid up as high and buyers are not willing to remove contingencies as much as they were doing recently, It’s a good time to sell because interest rates are expected to continue to go up and that is the reason for the sudden shift in the market.
If you’re thinking of selling, now would be a good time before they continue to go up even more because remember, as interest rates increase, buyers have less buying power and will have to purchase a home that is less expensive to make up for the difference in interest rates increasing. Feel free to reach out to me at no risk for a hassle-free strategy session. I’m looking forward to hearing from
you and as always Maya Crelan Ray with David Lyng Real Estate and I hope you have a great day.