๐๐๐๐ ๐๐ ๐๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ: Somewhat surprisingly, the third quarter of 2023 is likely to be a decent quarter for the U.S. economy. While most market watchers and economists thought that we would have drifted into the long-awaited recession by now, most of the third-quarter data is fairly strong. All things considered, the prospects for the fourth quarter of 2023 are good, with the probability of a recession shifting to the first half of 2024.
๐๐๐๐ ๐๐ ๐๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐จ๐ฎ๐ฌ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ: The national housing market continues to be dominated by high mortgage interest rates, the highest since 2002, and the impacts to both supply โ in terms of the iron grip of mortgage rate lock-in, as evidenced by the lack of new listings, and on demand โ by pushing the monthly home mortgage payment out of the reach of many potential buyers and showing itself in very low closed sales.
๐๐๐๐ ๐๐ ๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ: The MLSListings area is one of the areas that has suffered the most from rising interest rates, both in terms of the immediate impacts on the housing market and from interest rate related impacts on capital markets.
๐๐๐๐ ๐๐ ๐๐จ๐ฎ๐ฌ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ ๐๐ง๐ ๐๐ข๐ ๐ก๐ฅ๐ข๐ ๐ก๐ญ๐ฌ: After a tough first half year, the third quarter of 2023 was a bit of a bright spot for the MLSListings area, especially in terms of prices. Both median and average prices were generally up across the region, and homes sold at or above listing price. Sales remain slow, constrained by both high rates and low inventories, and days on market has remained relatively stable. Still, a recent study by Bank of America shows that San Francisco and San Jose saw the largest outflow of people during the pandemic, and they remain the two cities with the highest rates of outward migration even now.
๐๐๐ง๐ญ๐ ๐๐ซ๐ฎ๐ณ ๐ง๐ฎ๐ฆ๐๐๐ซ๐ฌ ๐๐จ๐ซ ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐: For single family homes in Santa Cruz County, the sales-price-to-list-price ratio increased slightly from 98.3% in October to 99.3% in Novemberโฆ which is down from 100.4% a year ago in November of 2022. The average days on market for single family homes for the month of November was 28 days, which is down from 30 days on market in October and which is down from 35 days on the market a year ago, in November of 2022. The number of active listings for the month of November for single family homes came in at 259 homes, and the number of single family homes that sold in Santa Cruz County was 259, with the median sales price increased from $1,219,000 million in October to $1,280,000 in November 2023, which is up from $1,230,000 million a year ago in November of 2022. Iโm thrilled to have you here for our November 2023 Santa Cruz real estate update. The Santa Cruz market is alive and well and with the right advisor and strategy it is a great time to take advantage of our real estate market. In the Santa Cruz Real estate market, opportunities are everywhere, whether youโre a buyer looking for your dream home or a seller ready to make a big impact on the market. Itโs all about understanding the trends and filtering out the noise to make savvy decisions. Stay on top of the Santa Cruz real estate game by liking and subscribing to our channel. By doing so, youโll dive into a world of regular updates, expert insights, and exclusive content. With this insider knowledge, youโll feel like a real estate pro! Thanks for tuning in! Call me today to schedule a confidential, complimentary consultation. Donโt forget to subscribe & turn on notifications!
Shemeika Fox: Your Santa Cruz County Real Estate Expert.
My passion for helping people achieve their Santa Cruz Real Estate dreams is complimented by my strong work ethic. Our focus is to help you sell your Santa Cruz County California property faster and for more moneyโฆ and to help you find and buy the perfect home with little hassle.
Shemeika Fox Santa Cruz
Realtor & Personalized Real Estate Concierge
eXp Realty of California Inc.
Fox Realty Group Inc.
831.588.2334
sfox@YourSantaCruzRealEstate.com
https://www.yoursantacruzrealestate.com/
DRE: 01479629