Santa Cruz County Real Estate Market Update

The Santa Cruz Market continues to see the same trend in Santa Cruz County Real Estate Market of an increase in Median Price, Buyer Demand, and Percent of Properties Under Contract and Closed Sales. At the same time we are seeing continued decrease in Inventory. Buyers are feeling that the bottom of the market is behind us and are looking at historically low interest rates. Buyers want to buy and there just is not enough inventory to satisfy them. Therefore we again are seeing multiple offers on many properties across the county, especially in the most desirable locations. The stats we are seeing are the strongest we have seen in the past couple of years. A key stat to watch is the Months’ Supply of Inventory which has dipped down to 2.8 months’ supply. This means if no more properties came on the market we would ZERO properties for sale in 2.8 months at the current rate of sales. Another key stat to watch is the Percent Under Contract, which was 24.3% at the end of May. This is almost double two year average is 13% and a 5-6 year high.

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