March 2019 Report
Single Family Homes in Santa Cruz County, All Cities, All Neighborhoods Change >
Average Price$1,022,780
+15.6%
Pending Properties144
+30.9%
Sale/List Price Ratio97.7%
-0.6%
Days of Inventory67
-31.7%
Trends at a Glance
| Trends At a Glance |
Feb 2019 |
Previous Month |
Year-over-Year |
| Median Price |
$916,000 (+11.6%) |
$820,645 |
$797,500 (+14.9%) |
| Average Price |
$1,022,780 (+15.6%) |
$884,721 |
$906,647 (+12.8%) |
| No. of Sales |
84 (+29.2%) |
65 |
94 (-10.6%) |
| Pending |
144 (+30.9%) |
110 |
161 (-10.6%) |
| Active |
209 (-1.9%) |
213 |
192 (+8.9%) |
| Sale vs. List Price |
97.7% (-0.6%) |
98.4% |
100.4% (-2.7%) |
| Days on Market |
63 (+25.7%) |
50 |
45 (+40.2%) |
| Days of Inventory |
67 (-31.7%) |
98 |
55 (+21.8%) |
Market Commentary
2019 is slated to produce a long list of multi-billion-dollar IPOs from San Francisco Bay Area heavyweights like Lyft, Uber, Palantir, Pinterest, Airbnb, Slack, Postmates, and Instacart. The result will be a massive and sudden injection of liquid cash into a region already infamous for having the nation’s priciest real estate, according to Patrick Howell O'Neill, writing for Gizmodo.
One of the projections in his article is the IPOs will produce 211 techie buyers to purchase property above $10 million, while thousands more are expected to buy above $1 million.
While these IPOs won’t have as much effect in Santa Cruz County, nevertheless, there are people who commute from here to Silicon Valley.
To read the full article, go to https://tinyurl.com/y45rc6qy
In the meantime, buyer exhaustion is still evident in the Bay Area. Home sales were down, year-over-year, for the seventh month in a row. There were 84 homes sold in Santa Cruz County last month. The average since 2003 is 158.
Sales prices, meanwhile, bounced back after dropping in January. The median sales price for single-family, re-sale homes was up 14.9% in February from last year. The average sales price rose 12.8%.
Inventory continues to expand. It has been higher than the year before eight months in a row. Last month, it was up 8.9% over last year.
As of March 5th, there were 209 homes for sale in Santa Cruz County. The average since January 2003 is 681.
It is taking sixty-three days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were down last month from the month before, but they were up year-over-year by 0.2%. The average price gained 8.6%.
Condo sales were up 50% year-over-year.
Inventory continues to expand. It has been higher than the year before eight months in a row.
As of March 5th, there were 59 condos for sale in Santa Clara County. The average since January 2003 is 141.
Days of inventory dropped to forty-four.
It is taking sixty-four days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.