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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) remains the Eastside (95062) with an index of 49 and a median list price of $1,869,000.
- 24 properties sold in the county this week with an average sale price of $1,312,854.
- There are 500 active for sale properties on the market here in Santa Cruz County. (it was 497 last week). Inventory growth has reached a stasis between buyer and seller demand. If rates continue to drop, inventory will decrease respectively.
- Compared to last year at this time, market in Santa Cruz has seen a 17% increase in the average sale price and an 8% increase in the median sale price. This could be due to the fact that right now buyers are showing a preference for larger homes as opposed to an increase in home values.
- Transaction volume in Santa Cruz is down 10% from this time last year.
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Architects describe 6-story apartment proposal on Mission St. in Santa Cruz
A proposed six-story apartment building on Mission Street would provide college students and other tenants with the “right kind of housing” and would free up more single-family homes for families, the project’s architect said at an online meeting attended by several skeptical neighbors on Monday.
The project dates back to 2021, when 1811 Mission St. and 1815 Mission St. were purchased with the intent of demolishing them and constructing a three-story, 27-unit building on the site. At the time, the proposed project included:
- Ground-floor shops.
- Twenty-three single-room occupancy units and four units with flexible densities.
- Twelve parking spaces.
In June 2023, the Santa Cruz Planning Commission approved permits to demolish the two single-family homes and approved permits for design, special use and boundary adjustments. Construction was expected to start in early 2024.
The project’s developer, Mission Studios Santa Cruz LLC, later decided that plan wasn’t financially viable, Cannon said at Monday’s meeting. In June 2024, a third single-family home at 1819 Mission St. was purchased for $1.6 million as part of the project.
A pre-application filed the following month called for a significant expansion of the project. Under the new plan, the three homes would be demolished and a six-story building with 68 residential units would be constructed. The proposed project now includes:
- Ground-floor commercial space, plus an outdoor seating area and residential lobby.
- Fourteen parking spaces including 12 spaces for electric vehicles and two handicapped spaces.
- Thirty-four two-bedroom apartments, including 14 “double” units designed for two roommates in each room.
- Thirty-four studio apartments.
- A sixth-floor roof terrace.
- Ten units are expected to be rented to tenants with very low, low and moderate incomes, Presley said. State authorities set income limits annually.
The average size of all units would be 460 square feet.
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Consumer Confidence in Housing Market Reaches Highest Level in Two Years
Consumer confidence in the housing market increased in September, as per Fannie Mae’s Home Purchase Sentiment Index (HPSI), which rose to a score of 73.9, the highest in two years.
The share of survey respondents who say it is a good time to buy a home increased 2 percentage points (19%) in September compared with August, while the percentage who say it is a bad time to buy decreased from 83% to 81%.
Conversely, the percentage of respondents who say it is a good time to sell a home (65%) remained unchanged compared with August, while the percentage who say it’s a bad time to sell (35%) increased 1 percentage point.
“Although most consumers continue to think it’s a ‘bad time’ to buy a home, the recent shift in attitude toward mortgage rates is pushing overall housing sentiment higher, and a growing share are now pointing to high home prices rather than high mortgage rates as the primary sticking point for affordability,” says Mark Palim, senior vice president and chief economist for Fannie Mae, in a statement. “Increased positivity that mortgage rates will continue to fall has driven the HPSI to a 30-month high, but we’ve yet to see consumers’ newfound rate optimism translate into a meaningful increase in home sales activity. Instead, as we noted in our latest housing forecast, existing home sales are on pace to record their lowest annual total since 1995.
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-Santa Cruz City Council rejects plan to loosen accessory dwelling rules: Rental restrictions on the 550 accessory dwelling units (ADUs) built in the city of Santa Cruz before 2020 will continue after the city council rejected a proposal to allow property owners to build and rent-out their ADUs without needing to live on the property.
-US home foreclosures down 13% annually in Q3: According to ATTOM's newly released Q3 2024 U.S. Foreclosure Market Report, a total of 87,108 U.S. properties had foreclosure filings in the third quarter of 2024, representing a 2 percent decrease from the previous quarter and a 13 percent decline from the same period last year. The report also shows that 29,668 properties had foreclosure filings in September 2024, down 2 percent from August and 19 percent from a year ago.
-Despite lower rates, US mortgage applications dip in late : New data from the Mortgage Bankers Association's Weekly Applications Survey for the week ending September 27, 2024, shows a 1.3 percent decline in U.S. mortgage applications compared to the previous week.
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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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Housing Recovery Threatened by Mortgage Rate Pop.
- Home prices have risen due to lower mortgage rates, but this could reverse with recent economic strength driving rates up.
- The 30-year mortgage rate jumped to over 6.5%, ending a brief refinance surge.
- Despite last year’s weak sales, current home sales show some improvement due to falling mortgage rates.
- Home prices increased four weeks in a row, now 5% higher than last year.
- Inventory of unsold homes has risen by 36.7% year-on-year.
- Some Sun Belt states, like Arizona and Texas, show significant inventory growth.
- Buyers' urgency remains low, even with price stability; mortgage rate hikes may reduce demand further.
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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. | |
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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 | |
Kevin Morby Presents: This is a Festival
A one-day music festival curated by Kevin Morby is coming to The Quarry Amphitheater in Santa Cruz, on October 12th. This very special lineup features performances by Kevin himself, Jessica Pratt, Youth Lagoon (Solo), Makaya McCraven, Ben Kweller, and Blackstarkids.
Saturday October 12, 2:30PM
Gates open at 1PM
Quarry Amphitheater
1156 High St, Santa Cruz, CA 95064
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Capitola Wharf Fireworks Extravaganza
The 27th annual Monte Foundation Fireworks Extravaganza is back! Finish off your beach town weekend with a grand finale over the newly restored Capitola Wharf. This show is free and fantastic!
October 13 @ 7:00 pm - 9:30 pm PDT
Wharf Road, Capitola, CA 95010
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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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