Local Real Estate July 10, 2022

Santa Cruz Real Estate Market Update

Want to know what’s happening here in our local Santa Cruz Real Estate Market? I get asked about the state of the local market all of the time! Is now a good time to sell in Santa Cruz California? I also get asked if we are we going to see a crash, and what should people do with their home? It’s hard to keep up 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. 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 moving forward. So let’s see what the market looks like here locally. Is it a good time to sell here in Santa Cruz or on the Westside of Santa Cruz 95060? Well, let’s look at whats happening so far in the month of July.
In Santa Cruz we currently at the time of this video we have 67 single family homes that are active. The average time to sell is only 10 days, with homes selling at 107% on average of list to purchase price. 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 20 active single family homes on the market and the median sales price hovering just under $1.7 million. So here in Santa Cruz we have very relatively low inventory and we still a have relatively strong buyer demand.
However, the market is shifting right now, we are currently seeing more homes on the market than in recent months, and we aren’t seeing as many offers on homes come in, as we were seeing just a few weeks ago and also, homes aren’t being bid up as high and buyers are not willing to remove contingencies as much as they were. Pricing your home right is very important in this market, as we’ve also seen price decreases on homes. It is still 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 along with inflation worries. If you’re thinking of selling now would be a good time before rates 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 cost or 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.