|
|
|
Keeping you up to date with Santa Cruz Real Estate
| |
|
Weekly Market Update
- The hottest zip code in the county in terms of the Market Action Index (ratio of inventory/homes selling) remains the Eastside (95062) with an index of 52 and a median list price of $1,707,499.
- 23 properties sold in the county this week with an average sale price of $1,287,874.
- There are 498 active for sale properties on the market here in Santa Cruz County. (it was 501 last week). Inventory growth has reached a stasis between buyer and seller demand. If rates continue to drop, inventory will decrease respectively.
- Forecasters are predicting two more 25 basis point cuts this year, November 7th and December 18th.
- Elevated mortgage rates have zapped both supply and demand for existing homes, as homeowners don't want to give up their sub-4% rates and buyers don't want to lock into a rate above 6%. The frozen existing-homes market is driving up prices.
- Presidential elections typically slow down the real estate market temporarily and the market then picks up quickly afterwards irregardless of who wins the election.
- Combining the potential for lower rates and the passing of the 2024 election could make for a busy housing market over the next six months.
| |
|
12385 Coleman Ave, Felton
I recently helped my client sell their fixer-upper property off-market, providing them with a discreet and efficient solution. By leveraging my network of buyers, I was able to connect with investors looking for renovation opportunities. The off-market sale avoided the hassle of listing and publicly showing a challenging property, making the process more private and streamlined. My client was pleased with the competitive offer they received and the entire transaction was smooth, quick, and tailored to meet their specific needs. Congratulations Bill and Eugene, it was a pleasure working with you both!
| |
|
Citing Housing Crisis, Santa Cruz County Supervisors Take Aim at Vacation Rentals
Santa Cruz County will send a letter to vacation rental platforms including Airbnb and Vrbo demanding they remove all listings without county permits, and a new subcommittee will tweak the county rules hoping to curb the proliferation of unhosted rentals, following a board of supervisors vote on Tuesday.
This turn toward unhosted vacation rentals — residential properties owned by absent landlords for the sole purpose of renting to short-term stays — comes as part of a broader effort to loosen up housing supply in Santa Cruz County, which has been named the most expensive rental housing market in the U.S.
| |
|
California to See Stronger Sales, Rising Prices in 2025, Realtors Forecast
California’s beleaguered real estate industry will get some relief next year, with house sales projected to increase 10% to 304,400 transactions in 2025, the California Association of Realtors predicted on Wednesday, Sept. 25. But even if the forecast proves accurate, next year will still be the third-slowest year since the Reagan administration. The only two years that would be slower are 2023 and 2024, when sales plunged to fewer than 276,000, well below the state’s average of more than 400,000 transactions per year. House prices, meanwhile, are expected to continue rising next year, but at a slightly slower pace than in 2024. CAR economists predicted the median price, or price at the mid-point of all sales, will rise almost 5% to a record high of $909,400. If accurate, house prices will have nearly doubled in the past 10 years.
| |
|
-New California law gives tenants more time to respond to eviction notices: Tenants in California will have twice as much time to respond to eviction notices and potentially avoid losing their homes under a bill signed into law by Gov. Gavin Newsom on Tuesday.
-California Home Sales Hit 7 Month Low in August: Interest rates and the upcoming election have stalled consumers home buying decisions. This pent up demand will likely cause a market rebound post election.
-Signs of housing demand surge after interest rate cut: Redfin analyzed mortgage rate-lock data from Optimal Blue and found that locks have risen 68% this week compared to one month earlier.
| |
|
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.
| Click the buttons for each area below to learn more | | |
|
Why Aren't Home Prices Falling?
- Inventory rose across the country in every state.
- Aside from a few months last year, home prices have not dropped.
- Even though demand is lower, prices are still stable.
- Downside stickiness is a term for
- Median home prices of homes in contract across the US increased 1.6% this week to $389,900.
- This is the second month in a row that the prices of new homes in contract has increased. This is a leading indicator of home price appreciation in the future.
- This increase in home price could be the result of lower rates manifesting in home prices as opposed to sales volume.
| |
Coming Soon: 1485 Dougmar Drive, Santa Cruz- This 2,000 sqft 3 bedroom, 2 bath home was purchased by my client off market and has gone through extensive remodeling and will be on the market shortly. Improvements include: new roof, new flooring, new doors, new windows, new on-demand water heater, new bathrooms, new kitchen, new lighting throughout, landscaping, fresh paint, and much more. | |
|
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.
3 Bedrooms, 2 Bathrooms, 1,288sqft
Listed at $3,999,000
| |
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 $749,000
| |
Events in Santa Cruz This Weekend | |
Capitola Beach Festival
Capitola’s Annual Beach Festival will have something for everyone to enjoy. The wharf repair from last years storms will be complete, so they can hold the Fishing Derby event again! The Paddle Board Race this year is going to be even bigger!
The community event will include a 3-Miler Fun Run hosted by the Wharf to Wharf, a Horseshoe Tournament, the Lighted Nautical Parade, a Sand Sculpture Contest, the Chalk Art Event, live music, Rowboat Races and more!
Head to Capitola for this free, family-friendly, and fun event.
Saturday Sep 28 & 29
8AM-8PM
Capitola Beach, 141 Esplanade
Capitola, CA 95010
| |
|
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.
| | | |
|
|
|
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
| | | | | | |
