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Keeping you up to date with Santa Cruz Real Estate
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Weekly Market Update
- The hottest zip codes in the county in terms of the Market Action Index (ratio of inventory/homes selling) are Ben Lomond and Felton Indices of 53 and median list prices of $1,100,000 and $798,888 respectively.
- 28 properties sold in the county this week with an average sale price of $1,228,246.
- There are 446 active for sale properties on the market here in Santa Cruz County (This number is up from 438 last week).
- As sales have stalled amid elevated mortgage rates and home prices, one silver lining has emerged—more resale inventory enters the market, which has begun to put some downward pressure on the pace of home price growth.
- Considering the amount of downward pressure on home prices in the form of higher rates and insurance premiums, nthe market has shown incredible resilience.
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Client satisfaction is my number one goal and I value relationships over transactions. Tom has been a relationship I have valued for years and when it came time to sell I was able to provide much more than real estate help. Through sticky tenancy issues, sewer lateral problems, broken down vehicles, and long distance (New York), we were able to get this deal done and closed on time. Thank you Tom for trusting me with your business and congratulations on your home sale! | |
Housing Market Predictions for 2024: When Will Home Prices Be Affordable Again?
What many had hoped would be a rosy spring home-buying season ended as a thorny challenge for many prospective home buyers already demoralized by a frustrating market. Yet, even as sales stalled amid elevated mortgage rates and home prices, one silver lining emerged—more resale inventory entered the market, which has begun to put some downward pressure on the pace of home price growth. Other good news for home shoppers is the decline in the median price for a new home—now below the median resale home price—even as builders continue offering incentives to lure buyers. Nonetheless, experts say the housing market will only see renewed momentum once mortgage rates drop enough to ease buyer affordability obstacles and incentivize homeowners locked in at low rates to move. Experts insist the housing market will improve despite high mortgage rates, out-of-reach home prices and sluggish sales transactions amid dampening demand. For a housing recovery to occur, several conditions must unfold:
- “For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher", says Keith Gumbinger, vice president at online mortgage company HSH.com. "This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
- He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.
As already-high home prices continue trending upward, you may be concerned that we’re in a bubble ready to pop. However, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024. Moreover, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having substantial home equity.
“In 2024, I expect we’ll see home appreciation take a step back but not plummet,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
Forbes July 3, 2024
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I am pleased to introduce the next iteration of the Sotheby’s coveted Luxury Outlook℠ report. The 2024 Mid-Year Luxury Outlook is a comprehensive examination of the forces and trends impacting high-end residential real estate markets across the globe for the remainder of the year. This year, policy shifts and elections in nearly 80 countries are likely to impact property markets as voters hit the polls, and the trajectory of U.S. interest rates remains a key watchpoint for buyers, sellers, and international observers. Meanwhile, cultural investments like new museums and major art projects continue to mold desirable neighborhoods and bolster property values. We know that buyers and sellers are eager to make wise financial decisions, and staying informed is key to making that happen. | |
Local Market Data
ALTOS Research Market Report
ALTOS RESEARCH MARKET REPORT IS AN INTERACTIVE, REAL-TIME REPORT. IT DISPLAYS THE CURRENT ACTIVITY FOR ANY MARKET YOU WISH.
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Housing Market Sees More Price Cuts As Inventory Continues to Grow
- Inventory is 40% greater right now then this time a year ago.
- Inventory is up 1% again for the week and continues to grow everywhere in the country.
- We are seeing more sellers each week and the same amount of buyers, therefore inventory continues to grow.
- We are seeing 8% fewer sales this week than this week last year.
- We are seeing slowly fewer sales since early May.
- There are no indications in the data to point to negative home prices in 2024, we see flat to up a little but.
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4930 Cliff Drive, Capitola
This luxurious oceanfront property in the heart of Capitola is the most affordable oceanfront single family home in Santa Cruz County! This one-of-a kind home is one of only four single family homes located oceanside above the wharf and at the perfect angle to give you panoramic views of the entire Monterey Bay. On clear days you can even see all the way to the point at Big Sur. Spectacular views and easy access to the best parts of Capitola are just a few features that make this home so amazing. Add to that meticulous maintenance, tasteful renovations, and a layout that really maximizes the view and you have a home that is truly a masterpiece.
3 Bedrooms, 2 Bathrooms, 1,288sqft
Listed at $3,999,000
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1460 Lockhart Gulch Rd, Scotts Valley
This 1 bedroom home is 730 sqft with a 300 sqft additional dwelling unit that includes a full bath and kitchenette. This home is well maintained and updated with hardwood floors, granite countertops, high ceilings, and two fireplaces. Outside is a partial wrap around deck with a hot tub. It also includes a 24 hour backup battery in case of power outages. It's vicinity near Mission Springs in Scotts Valley puts you in a great commuting location to Silicon Valley
1 Bedrooms, 1 Bathrooms, 730sqft w/ 300sqft ADU
Listing at $810,000
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Events in Santa Cruz This Weekend | |
Skypark: Hop N' Barley Beer Festival
The 14th Annual Hop N' Barley Beer and BBQ Festival is a Beer and Cider Tasting event with over 60 different beers and ciders to taste. There is also a wide array of foods from BBQ, Tacos, Brick oven pizza, and many vegetarian options. There are more than 50 classic VW's to admire scattered about the Beer, Cider, merchandise vendors and two music stages. Join the festivities once and you will always want to return.
This family and dog friendly beer festival is celebrating fun in the sun with craft brews from far and wide!
From San Diego’s Modern Times Beer to Eureka’s Humboldt Cider, makers from across California will be in attendance. Santa Cruz’s booming craft beverage scene will also be heavily represented by breweries and cideries new and old including: Santa Cruz Mountain Brewing, Discretion, Humble Sea, East Cliff Brewing, Shanty Shack, Santa Cruz Cider Company, Tanuki Cider, and Soquel Cider.
So bring the whole family and enjoy amazing live music, fantastic food, over 60 beers and ciders to taste and so much more!
Saturday, July 13 · 11am - 5pm PDT
361 Kings Village Road
Scotts Valley, 95066 United States
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At Collins Properties we value relationships over transactions. It doesn't matter to me when you buy or sell. My goal is to help you when the time comes.
My Message to You:
This email is created personally by me every single week and hopefully provides value for you. Your info will NEVER be sold or given away for any reason. Thank you for reading this market update. This is created by yours truly and is not some "canned" data you get elsewhere.
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If you have any questions or would like to schedule a viewing, are in need of renovation guidance, would like to sell your home, or are just in need of a good plumber, feel free to call or email me anytime...seriously
Jesse Collins
831-227-9987
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