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Keeping you up to date with Santa Cruz Real Estate
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Weekly Market Update
- The hottest zip code in the county in terms of the Market Action Index (ratio of inventory/homes selling) is Ben Lomond with an Index of 56 and a median list price $998,000.
- 22 properties sold in the county this week with an average sale price of $1,225,131.
- There are 438 active for sale properties on the market here in Santa Cruz County (This number has been staying relatively flat for the last few weeks).
- Expect a dipping in listing a buying activity through 4th of July weekend which is very typical every year.
- If rates continue to stay in the high 6%-low 7% range through the rest of the year, we are likely to see market activity slowly decline through the rest of the season, and we are likely at the seasonal activity peak right now. If rates drop, expect to see the market react quickly. The more quickly rates change lower, the more quickly you can expect the market to heat up.
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I am excited to share with you that I have made the move to Sotheby's International Realty. I have enjoyed the 6 years I have spent at David Lyng. They are family to me and I have nothing but good things to say about my time with them. Sotheby's is a firm that I always saw myself working for eventually and I was recently given the opportunity to get in at the ground floor here in a growing location in Santa Cruz County and that was a chance I could not pass up. I am excited to continue my career with a very strong company that has incredible resources and leadership and I look forward to sharing that value with you. Onward and upward! | |
1485 Dougmar Drive in Santa Cruz. My client Tom who lives in New York approached me about selling his property here in Santa Cruz about 3 months ago. There were three tenants living in the place and it had over 20 years of deferred maintenance issues, including a funky forced air heating system that had ductwork on top of the roof. I helped him navigate the tenant situation which was challenging at times (not all of the tenants wanted to move out) and I also brought him an offer off-market from a client of mine. We were able to get him a great price of $1,005,000 and my client took the property as-is with no reports and also took over responsibility for fixing the sewer lateral. We are now going to work fixing this place up and you will see it back on the market in 6-8 weeks. Congratulations Tom! It was a pleasure working with you. | |
Home Buyer Opportunities Appear to be Opening Up
More homes are for sale, yet home buyers don’t appear to be in a rush. Pending home sales fell 2.1% in May, and are down nearly 7% from a year ago when home choices were much slimmer, according to the National Association of REALTORS®’ newly released Pending Home Sales Index, a forward-looking indicator of home sales based on contract “Supply and demand movements suggest easing home price appreciation in upcoming months,” Yun says. Median existing-home sales prices in May surged to the highest price ever recorded—reaching $419,300, NAR reports.signings. “Persistently high mortgage rates in May kept many prospective buyers on the sidelines,” says Carl Harris, chairman of the National Association of Home Builders. “However, significant unmet demand exists, and we expect mortgage rates to moderate in the coming months, which will bring more buyers into the market.” Despite monthly blips, economists predict a robust housing market for this year and next.
“The first half of the year did not meet expectations regarding home sales but exceeded expectations related to home prices,” Yun says. “In the second half of 2024, look for moderately lower mortgage rates, higher home sales and stabilizing home prices.”
NAR released its latest outlook for 2024 and 2025.
Existing-home sales forecast
- 2024: 4.26 million (up from 4.09 million in 2023)
- 2025: 4.92 million
Median existing-home prices forecast
- 2024: $405,300 (up from $389,800 in 2023)—and reaching a record annual high
- 2025: $412,000
REALTOR Magazine June 27, 2024
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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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What to Expect in the Real Estate Market for the Rest of the Year.
- In general we can expect to see fewer and fewer sellers through the rest of the year.
- We are likely at the peak of market activity and can expect it to decline slowly through the rest of the year.
- Inventory is 39% greater right now then this time a year ago.
- Inventory might continue to expand through October.
- The longer mortgage rates stay higher, the closer we can get back to pre-pandemic inventory levels.
- The rest of the year's outlook will be closely connected to interest rates. If rates drop, buyer activity will accelerate quickly.
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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.
Open House Sunday June 29, 1-4PM
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 | |
Shark's Cove Classic
Sharks Cove Classic is BACK! A community fundraiser event that passes on all proceeds to families with children battling cancer.
This year the Sharks Cove Surf Classic benefits Carla Alfaro-Mata, a young girl battling Langerhans Cell Histiocytosis (LCH)-a very rare childhood cancer. All proceeds from sponsorships, entry fees, and raffle tickets will be donated to Carla's family to help them get through this trying time.
Competition Day
Registration starts at 7 a.m. on the beach at Sharks Cove.
Competition begins at 8 a.m.
Lunch, sponsored by Pizza My Heart will be served to all participants.
Be sure to bring a board that you don't mind SHARING with someone else!
Sunday, July 7 · 7am - 1:30pm PDT
East Cliff Drive Sharks Cove Santa Cruz, CA 95062
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Help other home sellers and buyers find me by leaving a 5 Star review on my Google Business page.
To leave a review, and be entered in the drawing, you can click the button below or scan the QR code to the left.
I am so grateful for your trust, referrals and business.
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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
Email Me
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