From Jan 2021 to Feb 2021 the median sale price dropped precipitously in all Santa Cruz area zip codes, except for 2 (Capitola & Scotts Valley). We're also seeing more inventory come on-line with this past week's new listings tie-ing 2020's # of 96 listings (which had been higher than 2019). These are all good signs if you're looking to buy a home.
Buyers aren't out of the woods yet, though! More than ever, the winning offer is one that is 1) All-cash 2) Without any contingencies, making it difficult for the average consumer to compete with Silicon Valley's robust tech dollars.
The big question now is; Will all of this pent-up demand for Santa Cruz area housing continue as the options for homes increases with the normal supply cycle (which historically peaks around Jun-Aug) -or- will the unusual number of buyers that we had over the fall and winter months reduce the demand that we would normally see in the Spring and Summer months? If it ends up being the latter, then we should see some softening in prices as the competition grows. If not, buckle-up buyers!
Head on over to www.derekscranton.com/market to see the current stats