Keeping you up to date with Santa Cruz Real Estate

(Brokered by David Lyng)

Weekly Market Update

• The hottest zip codes in the county in terms of the Market Action Index (ratio of inventory/homes selling) are Felton with an Index of 53 and a median list price $752,000 and Ben Lomond also with an index of 53 and a median list price of $995,000.
• 31 properties sold in the county this week with an average sale price of $1,301,968.
• There are 439 active for sale properties on the market here in Santa Cruz County (up from last week at 437).
• The inventory increases in Santa Cruz and around the country seem to be leveling off and inventory is not running away from demand. This is a leading indicator that prices will probably level off for the rest of 2024.
• The rate lock in effect has been discouraging homeowners from selling their homes as Inventory levels remain stuck near historic lows, standing at just a 3.7-month supply nationally, far below the 6-month supply typical in a balanced market. Looking at these figures from a different perspective, however, inventories were 19% higher than a year ago, at the highest level in four years. Of note, according to the National Association of Realtors, the average mortgage payment is now roughly 50% higher than it was five years ago.

Client Review

Just Sold: 86 Pelican Point

Just Sold 86 Pelican Point in Pajaro Dunes! Back in 2020 I listed this house and sold it to clients that I met at the open house for $807,000. 4 years later they called me up wanting to sell it, but they still wanted to be able to use it for the summer. So I went to work making calls to agents in the area and was able to bring them an offer of $1,425,000 with a 2 month leaseback so they could enjoy one last summer in their beautiful property. We had a very smooth transaction and just closed this week. Congratulations Greg and Vicki and thank you for being such wonderful clients!

Market Matters

My Home Insurance Provider Just Cancelled My policy, What Should I Do?

State Farm has cancelled 2,895 homeowners insurance policies in Santa Cruz County this year.

State insurance regulators can’t force private insurers to renew policies. But they can enforce regulations on non-renewals. 

• Insurers must send a non-renewal notice at least 75 days before the policy expires.
• Insurers must use a risk score to justify non-renewals. Typically, it includes factors like the property’s slope, the proximity to brush and forest, and the distance from a fire department. You’re entitled to ask what your risk score is and how it was created. Insurers cannot drop policies solely based on ZIP code.
• If you’ve taken steps to reduce fire risk on your property, like installing a fire-safe roof or removing bushes around your house, you’re entitled to ask for another risk assessment within 30 days — but insurers still aren’t legally required to continue your policy.
• If your insurer doesn’t follow these rules, you can file a complaint with the Department of Insurance.

Insurance professionals have recommended that people who are non-renewed contact many different insurance companies to see if any can offer another. 

• Working with multiple brokers won’t increase your chance of getting insurance or reduce the cost, said insurance broker Edan Cassidy.
•  That’s because insurance companies will only work with one broker for a given home. Instead, find a single broker you trust, he said.
• Some insurance companies only sell directly to homeowners. Joel Laucher, a program specialist for insurance consumer nonprofit United Policyholders, recommends calling every company on the California Department of Insurance’s list of home insurance providers to seek a direct quote.

Santa Cruz Local May 17, 2024

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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US Market Summary

Collins Properties Updates

Just Listed! 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 $850,000

Events in Santa Cruz This Weekend

10th Annual Pleasure Point Street Fair

Pleasure Point will be buzzing as the community takes to the street to enjoy the Pleasure Point Street Fair. This event will be held on Portola Drive between 41st and 38th Avenues. There will be bike parking available, and admission is free. Local bands will perform a variety of styles of music on two stages including Americana, Blues, Rock, Reggae and Surf Music.

Saturday, June 22, 2024 at 11:00 AM-5PM

Pleasure Point, Santa Cruz, CA 95062

Norcal Crusher Cup Bike Race

Delavaega Park has been the home of the Western Collegiate Mountain Biking Championship held by UCSC Cycling for many years. It features an outstanding XC course with very diverse terrain and trail features. There will be medals for the top three finishers in each class from beginners to pros, prize money for the open and pro classes, as well as a food truck and other vendors there to enjoy your day watching racers and meandering around all the other things to do at the park!

Jun 23 8:00 am - 3:00 pm PST

DeLavega Park

Branciforte Drive

Santa Cruz, California 95065