A lot of people have been asking me what’s going on in the real estate market, so I wanted to send out a quick update. I would love to hear from you if you have any questions or want to discuss “the market”. I have attached a graph showing the trends for price per square foot in Santa Cruz as well as for median prices in 3 local counties
- All Zip codes have been trending up in price per square foot
- The Zip-codes with the highest price per square feet are 95010 (Capitola) and 95062 (Live Oak)
- Median Price has trended up significantly in all three counties since 2011.
- Although Santa Cruz as a whole has not surpassed peak market values from pre-recession days, there are areas within the county that have passed peak values, and many other areas are approaching peak values.
- San Mateo and Santa Clara counties have Median Prices higher than peak values before the recession. Historically, Santa Cruz market trends tend to trail those in Santa Clara and San Mateo counties by about 6-12 months.
- Most areas across the country are experiencing low and declining inventory (number of homes for sale)
- Nationwide, prices have increased for 27 months in a row, growing 20.7% over the last two years
- Experts predict prices to climb 3% in 2015 and 2% in 2016
- The number of distressed sales (foreclosures and short sales) continues to decline
- Buyers expect to live in their homes for 12 years.
- Homes sold for an average of 97% of list price