Although the Santa Cruz County real estate scene still suffers from too few homes on the market, August saw an uptick in sales. We had 199 closings on single family homes in last month. In July only 148 homes changed hands; In August of 2015 the number was 177. The average price of a home sold last month soared to $944,012. In July that number was $861,671 and August of 2015 saw the number at $797,907. The numbers reflect continued strong demand for higher-priced homes. As summer ends we have seen evidence that houses over one million dollars are staying on the market longer. Consequently, more owners are reducing their sale price. It is not clear whether this is a trend or just a reflection of the seasonal nature of the real estate market.
The condominium and townhouse market remained steady from July to August. Because of high demand for these generally less expensive homes, days on market remained steady: 28 last month versus 27 in July. The average sale price rose $20,000 from $533,418 in July to $553,417 in August. The average price in August of 2015 was $524,025.
I am sometimes asked, “When is the right time to sell my home?” My best answer is, “When you are ready.” Wondering if you are ready now or how to get ready in the near future? I am happy to talk to you about it at any time!