The following market analysis is provided by Kathie Gomes of the Mulhern & Gomes Know Homes team at Keller Williams Realty. Mulhern & Gomes were voted the #1 Santa Cruz Realtor in 2013 & the Best Team and Best Senior Real Estate Specialist in 2014 by Good Times readers. Kathie is a listing specialist who works exclusively with sellers.
While the chart below shows just a 2% increase in inventory from March 2013 to March 2014, there was a 37% increase in the heart of Santa Cruz County in just one month!
From February to March 2014 we went from 233 single family homes for sale to 321 in the areas of Scotts Valley, Santa Cruz, Capitola, Soquel, and Aptos.
What does this mean for you? Let’s find out.
Single Family Homes
| March 2013 | March 2014 | % Change | |
|---|---|---|---|
| Inventory | 476 | 487 | 2% |
| New Inventory | 203 | 225 | 11% |
| Sales | 161 | 113 | -30% |
| Avg. Sales Price | $559,218 | $657,301 | 10% |
| Median Price | $585,000 | $635,000 | 9% |
The recent influx of inventory made March one of the biggest listing months we have seen since June 2012.
It’s no wonder sellers are entering the market 2-3 months earlier than normal. With a $98,000 increase in average sales price over the last year, it is very inviting to those who are retiring and/or leaving the area.
For those who are looking to buy, the Santa Cruz market continues to be very desirable. Location matters and homes that are in good condition and priced well continue to receive multiple offers.
The price range under $800k has the most activity. The West side of Santa Cruz, Capitola, and Rio del Mar being the most desirable.
Single-level homes and properties are very much in demand. As our population ages, we do not want to be climbing stairs.
Properties with a second unit are also very desirable. They give owners the option of renting a unit or allowing aging parents or adult children to stay with them.
Condo’s & Townhomes
| March 2013 | March 2014 | % Change | |
|---|---|---|---|
| Inventory | 153 | 116 | -24% |
| New Inventory | 67 | 61 | -9% |
| Sales | 44 | 35 | -20% |
| Avg. Sales Price | $386,887 | $439,654 | 14% |
| Median Price | $367,500 | $419,000 | 14% |
As our prices continue to climb, many buyers are being priced out of single-family homes. They are turning to the condo market as you can see in the decrease in inventory and the 14% increase in average sales price from 2013 to 2014.
As with our single-family homes, the condo inventory in the County has increased. It has gone from 91 in February to 123 in March; a 30% increase.
The giant economic engine on the other side of the Hill continues to have an effect on Santa Cruz. Prices have inflated so much in Silicon Valley that we are seeing more and more Santa Clara County buyers at our open houses. Additionally, the wealth created by the IPOs has increased the number of second home buyers.
Contact Kathie Gomes
Keller Williams Realty
CalBRE #01332742
Office: 831 457-5555
Direct: 831 457-5540
Website: mg4homes.com
Email: kgomes@mg4homes.com
Like Mulhern & Gomes on Facebook
Read Mulhern & Gomes reviews on Yelp.
Are you a Realtor or Broker in Santa Cruz County? Contact us if you are interested in writing an upcoming market analysis for Santa Cruz Life.
Data courtesy of Santa Cruz County Association of Realtors.
