What is on the Horizon for the Santa Cruz Real Estate Market?

If you are considering buying or selling a home in Santa Cruz soon you may be wondering how the real estate market is doing currently and where it is expected to go in the next few months and over the next year. Here are some current real estate market numbers and predictions for where the market is headed in the near future.

What the Santa Cruz real estate market is doing right now

Numbers from Redfin reported in October 2023 showed that Santa Cruz home prices were staying relatively stable with very small changes. Numbers compared to October 2022 showed a very small change in home prices of 0.05% from year to year. Santa Cruz's median home sale price was $1.4 million in October. This shows that properties are holding their value and the market is strong.

What is on the Horizon for the Santa Cruz Real Estate Market?Market analysis has shown that the competition for real estate has been high and homes have been selling at a swift pace. The average number of days on the market for a Santa Cruz home is 28. Several homes are seeing multiple offers and some offers are including waived contingencies. It is not uncommon for Santa Cruz homes to sell above the list price. The average Santa Cruz home has been selling at about 1% above the listed market price.

Another number showing the strong market in Santa Cruz is the sale-to-list price ratio which is currently at 100.2% for 2023. This number shows that the average Santa Cruz home is selling just above the list price. This is an indication that the market is staying competitive and buyers are bringing strong offers to win out over other buyers

Santa Cruz market predictions for 2024

Housing market forecasts are predicting a slight pricing decrease in the median list price for homes in the Metropolitan Statistical Area for Santa Cruz. Numbers showed that home prices on average were down less than one percent year over year in October. It is expected that homes will decrease in price by around one percent by the end of January 2024. Prices are expected to see a decrease of 2.8 percent by October 2024. This is a prediction for a large area as the official Metropolitan Statistical Area includes several counties in California. It includes California's most densely populated areas. 

The MSA takes into account the home values, inventory levels, sale ratios, and more to provide valuable insight and well-grounded predictions for where the real estate market might be headed in the near future. While the predictions are based on recent market factors and data, it is always good to note that the future is never 100% predictable, especially in the real estate world. 

It is always best to consult with a local trusted real estate agent to help you navigate your personal Santa Cruz home buying or home selling goals. They can give you the most up-to-date information and can give you winning strategies for your Santa Cruz real estate needs at the current moment.

Factors that are impacting the market the most

The recent data that has been impacting the market and is leading to the current forecasts include rising mortgage interest rates and economic uncertainty that is still in effect from the aftermath of the pandemic. The increase in inventory has also made an impact on the overall list price of Santa Cruz properties. The market is strong and homes are still selling above the list price though the prices have decreased ever so slightly.

If you are considering the purchase or sale of a Santa Cruz home I can help. I am here to share all of Santa Cruz's real estate and help make the buying or selling process less stressful.

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