March sales results corroborated three realities that are driving the residential real estate market in Santa Cruz:
1. Inventory remains too low for demand;
2. Buyers find themselves in bidding wars which drive up sale prices;
3. Our county is increasingly attractive to wealthy buyers seeking multi-million dollar homes.
A year earlier, March 2015 saw 145 single family homes change hands with an average price of $798,871. The highest priced house sold that month cost $2,157,500.
In contrast, March 2016 saw only 132 closings. However, the average sale price was $945,055 and the top amount paid for a home was $6,500,000. Moreover, six houses sold last month for over $2,200,000.
The numbers for March continue the trend we saw in February of this year. Only 94 homes changed hands that month (admittedly the month had just 29 days, but it is unlikely 30 or more homes would have sold in 2 days). The average closing price was $952,340 and four houses sold for over $2,300,000.
Best advice based upon these statistics?
Sellers: if you have been on the fence, now is the time to list your home!
Buyers: use all the best tools your Realtor® has to offer to keep an eye on the market, have your financing in place, and be ready to act if you see a property you want.
Please contact me if you would like more market information, advice on listing your home, or help finding a new home.