The wild ride of this Real Estate market continues in Santa Cruz County. The February stats tell the story of a market with high prices, low inventory, and overbids. The median sales price for single-family homes hit a record high of $1,380,000, which was up more than $100,000 from the previous month and over $300,000 from the same time last year. Multiple offers and overbids pushed prices up with sale prices being 106% of list price on average. Although the number of homes for sale has increased since the rock bottom lows of December and January, they were still very low.

March has started to show an increase in the number of listings, but it will likely not be enough to quench the thirst for all the buyers in the market. We are seeing increases in interest rates and downward pressure on the stock market. In a “normal” market this should cool the real estate market, but so far, this is not the case. As buyers get priced out of single-family homes they move to condos and townhomes. This market has also been “blazing hot”, with the median price of more than $200,000 over the same time last year.

In addition to helping sellers get record-high prices for their neighborhoods, we are still having success helping buyers prevail in multiple offer situations. Contact us to find out how.