Santa Cruz Real Estate Market Update: April 2022

Curious about the Santa Cruz real estate market? If you bought your home more than two years ago, you have been gaining equity at a rate over three times what was predicted. According to the data from FHFA, the national average over the last year was 17.5% home appreciation. And the five year national average is 54.5%.

Hi, I’m Shemeika Fox, your Santa Cruz real estate expert. And I’m going to show you what’s happening in our local as well as our national market and why your home is worth so much right now.

We see that home prices are definitely on the rise, but what does that mean for supply and demand? We have been in a steady seller’s market for a while now and we don’t see that changing according to realtor.com, 77% of people believe that we have a housing bubble where they live, even though the data does not support this belief. This is leading to a decrease in the percentage of homes going on the market, but buyers are not taking their foot off the gas. The long term financial benefits of owning a home, as you have been experiencing, is what all buyers want right now. You see the amazing equity you have built in your home recently and buyers are after that very same thing. With all the uncertainty in the market and in our world right now, it can be hard to see through the headlines and see the actual true data, but supply and demand is what is driving our market.

So let’s check out what the local Santa Cruz real estate market is doing. According to real estate experts and advisors, any time you have inventory levels that are at six months of inventory or below, that indicates we are in a seller’s market. It’s all about supply and demand. And when there is a limited supply, like there is right now, then the prices simply go up.

So let’s see what inventory levels are doing right here locally in Santa Cruz in the real estate market. Is it a good time to sell your Santa Cruz home?

Let’s look at what happened in the month of March. In Santa Cruz County, we currently, at the time we shot this video, have 201 homes that are active on the market with both single family homes and condos and townhomes. Of the the 272 homes that sold in March, the average days on market was 15 days and the median sales price is, this is gonna blow your mind, $1,612,500 for single family homes and $810,000 for condos and townhomes. New listings is up from 59 in December 2021, which was an all time low to 198. So there are a few more homes to choose from. Sales price to list price ratio is up to 110% for single family homes and 107% for condos and townhomes. All these factors show that we are in a strong seller’s market right here in Santa Cruz County. We have very low inventory and very strong buyer demand.

If you have any questions or would like to discuss how the Santa Cruz real estate market will affect you and your real estate goals, feel free to reach out for a confidential complimentary consultation. I’m Shemeika Fox, your Santa Cruz real estate expert. And as always, I’m here to help.

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