Santa Cruz Real Estate Market Update: May 2020

Santa Cruz Real Estate Market Update: May 2020

It feels like the Santa Cruz real estate market spring home buying season is coming back on track. We’ve been seeing more Santa Cruz homes coming on the market as well as Santa Cruz homes going pending and even closing.

Hi, I’m Shemeika Fox, your Santa Cruz real estate expert. In the last 30 days, we’ve seen 26 new Santa Cruz home listings for single family homes come on the market within all of Santa Cruz County. I know that doesn’t sound like a lot, but if you compare it to the 30 days prior when the shelter in place was initially going into effect, we only saw 11, 11 new listings coming on the market for all of Santa Cruz County.

We have seen 21 Santa Cruz homes go pending in the last 30 days, and 12 Santa Cruz homes that have actually even sold. Again, our numbers are down because the inventory is down, but things are starting to pick back up in Santa Cruz County on the housing market. With interest rates hovering around the low 3% range, which is historically low, buyers have more buying power than ever before.

And for you home sellers that have been waiting to put your home on the market until the shelter in place is lifted, well, we can now show both vacant and owner occupied Santa Cruz homes, as long as we follow the CDC guidelines and as long as both seller and buyer, as well as the agent, sign a PEAD form.

And our absorption rate is at 2.7, which means that it would take 2.7 months to sell completely out of the Santa Cruz homes that are currently on the Santa Cruz real estate market. In a normal housing market, this absorption rate would indicate our Santa Cruz real estate market to be a very strong sellers market with multiple offers and bidding wars. And, yes, we are seeing some of that, but there is also opportunity for Santa Cruz home buyers since interest rates are so low. Santa Cruz home buyers can actually afford more home than they could at the beginning of the year when interest rates were a lot higher.

The median sales price for single family Santa Cruz homes that have closed in the last 30 days is $932,500, and the median sales price for condos and town homes in Santa Cruz County for the last 30 days is $595,000. Our days on market is still paused on the MLS until the shelter in place is lifted. So I’m not currently providing a complete overview of the days on market for the Santa Cruz County home sales, but I can provide that information for specific properties and clients’ needs. But from what I’ve been seeing and from all the data, it seems that the Santa Cruz real estate market is really heating up.

As our Santa Cruz real estate market shifts and finds its new norm, be sure to stay educated and informed if you’d like to discuss how the Santa Cruz real estate market will affect your Santa Cruz real estate goals. Please let us know, we’re scheduling confidential complementary consultations to create a strategy that is specific to you and your needs. And if you would like to see any Santa Cruz homes in person, I’d be happy to schedule some showings for you.

I’m Shemeika Fox, your Santa Cruz real estate expert, and as always, I’m here to help. Hope you’re having a great day.

Westside of Santa Cruz, California

If you are currently wanting to further discuss what the Santa Cruz Real Estate Market is doing during the Coronavirus Pandemic, feel free to reach out to me. I’d be happy to answer any questions that you may have. But on March 28th, President Trump updated the essential business list and added Residential Real Estate. Meaning, that Santa Cruz Realtors are allowed to continue working, while exercising extreme precautions, as mandated by the CDC.

With that being said, if you are currently looking to Buy a Santa Cruz Home, during the Shelter in Place, I would love to assist you in your Santa Cruz Home Search. There is not the usual amount of inventory as we normally see at this time, but mortgage rates are historically low. Now may be a great time to buy, as long as you’re willing to be patient for your dream home to come onto the market.

If you are currently thinking about Selling Your Santa Cruz Home during this Shelter in Place, now may be a great time to put your home on the market. With inventory being low, the demand increases. Meaning, that some homes are seeing multiple offers and bid wars. I’d love to schedule a complimentary and confidential consultation with you to see how Fox Realty Group INC. can creatively market your home!

Shemeika Fox 
Santa Cruz Realtor
David Lyng Real Estate
DRE 01479629

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