Santa Cruz Real Estate Market Update – October 2012

October 2012 Santa Cruz Real Estate Market Statistics

I know – I’m beginning to sound a bit like a broken record, forgive me if I sound like I am repeating myself! The latest market numbers for September 2012 show the market continues to go from strength to strength – with the median home price for September 2012 for Single Family Residences in Santa Cruz County continuing to rise, up 16.4% from a year go, to $570,000! We have also seen a small improvement month-over-month, with prices up 2.7% from last months’ median of $550,000.

While the median price was up, the sales volume was also up from a year ago, to 189 closed sales – up by a staggering 27.7%, when in September 2011 148 homes closed escrow…but this was down a bit from August 2012, the month prior, when 194 homes closed escrow. Surely, more homes would have closed escrow in September, had there been more homes for sales…but inventory remains tight.

The continuing story in our real estate market continues to be one of low inventory. The buyers are back, in a big way, fueled by record-low interest rates…but the sellers are nowhere to be found! It is unclear to what extent this lack of inventory has been fueling the price increases, and what will happen once more inventory hits the market. But for now, buyers are having a very rough time of it…and sellers are large and in charge.

To get the full newsletter, broken down by different areas of the county and also by Single Family Residences as well as Condominiums, click here to download the full the Santa Cruz Real Estate Market Trends newsletter.

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