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Keeping you up to date with Santa Cruz Real Estate
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Weekly Market Update
- The hottest zip code in the county in terms of the Market Action Index (ratio of inventory/homes selling) is the Eastside (95062) with an index of 54 and a median list price of $1,917,000.
- 18 properties sold in the county this week with an average sale price of $1,370,324.
- There are 461 active for sale properties on the market here in Santa Cruz County. This number is now declining (it was 485 last week).
- Dropping rates have now put a damper on inventory growth.
- For a 30-year fixed-rate mortgage, the average rate you’ll pay is 6.49% today, a decrease of -0.06% compared to one week ago. The average rate for a 15-year fixed mortgage is 5.84%, which is a decrease of -0.05% since last week.
- Jerome Powell has said the time has come to lower interest rates. He said it will happen September 18 but has not indicated the size of the cut.
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Relocation Money Available for CZU Fire Survivors
Some Santa Cruz County residents affected by the CZU Lightning Complex Fire could receive up to $350,000 towards a new home. The goal of the program is to help residents affected by wildfires buy homes outside of areas at high risk of fires.
The ReCoverCA Homebuyer Assistance Program gives low-income households forgivable, zero-interest loans for a down payment and closing costs on homes outside of high-fire-risk areas. The money is available to residents in 10 California counties that were affected by wildfires in 2018, 2020 or both years.
The homebuyer assistance program is funded by the state and managed by Golden State Finance Authority, a public agency.
Participating private lenders determine applicant eligibility and the size of the loan based on family size, the amount of the first mortgage and the new home’s price. The loan is a second mortgage forgiven after five years of home ownership.
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Wildfires and Real Estate Values in California
The increasing intensity of wildfires and the growing exposure to high-risk areas have implications for real estate markets in California. We examine this issue using data from different sources. We use wildfire data from the Monitoring Trends in Burn Severity (MTBS) database of 1,000-plus acre fires, particularly information about each fire’s burn perimeter and ignition date, to measure past fire activity. Housing market data come from annual parcel-level administrative tax records obtained through CoreLogic. These data contain information on each property’s value, characteristics such as lot and building size, and location including zip code. We focus on single-family owner-occupied homes and analyze annual data at the zip code level. To measure wildfire risk, we identify the five wildfires closest to each zip code in each year, calculate the distances between the zip code and these five wildfire burn perimeters, and take an average. We use the geographic center of each zip code to calculate distances to the fire perimeters.
This Letter assesses how living with wildfire risk has affected home values in California in recent years. While wildfire-prone areas offer scenery and green spaces that homeowners seek, measures of changing home values in recent years indicate that the risks may outweigh the benefits, even accounting for potential protection from homeowner’s insurance. This pattern may become stronger in years to come if residential construction continues to expand into areas with higher fire risk and if trends in wildfire severity continue.
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-New-home sales pop, but supply is shrinking: The U.S. Census Bureau and U.S. Department of Housing and Urban Development reported that new-home sales hit a seasonally adjusted annual rate of 739,000 in July. This is a whopping 10.6% jump compared to June and a 5.6% rise year over year
-Jerome Powell says 'time has come' to lower interest rates, no hint on size of rate cut:Noting that inflation is easing while the job market is weakening, Federal Reserve Chair Jerome Powell provided the strongest signal yet Friday that the central bank plans to begin cutting historically high interest rates in September.
-UCSC to sign 30 year lease for 161 new homes off-campus: The problem, said Santa Cruz Mayor Fred Keeley, is that the university has increased enrollment to almost 20,000 students — nearly one-third the population of the City of Santa Cruz — and has “done very, very little” to accommodate the housing needs of those students. These are new homes that could be going to families but instead will be locked up by the university for 30 years.
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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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Inventory is Now Declining in Key Markets
- We are at the seasonal peak of inventory for the summer.
- Last year, inventory peaked until November.
- The market is not deteriorating, lower interest rates are putting a floor on inventory.
- Seller volume is on the way down for the remainder of the year.
- There is no uptick in immediate sales, but the best priced homes are still selling quickly.
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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
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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
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Events in Santa Cruz This Weekend | |
Abbott's Square Market
We have Tim Brady (cement ship) coming through for our second to last Artisan Faire. If you haven't had a chance to check out this event come on down and support local and vibe with us on a sunday afternoon. 21 local vendors selling everything from clothes to soap's, jewelry, art and all other one of a kind pieces. 12-4pm!
Sunday Sep 8
12:00 PM -4:00 PM
725 Front St, Abbott's Square
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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.
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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
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