Once again, the stats for March show a market that overwhelmingly favors Sellers over Buyers. The median price for Santa Cruz county continued to climb upward to $1.10M. The amount of multiple offers and bids over list price has also increased with an average list price received being 105% over list price. In some cases, we are seeing Buyers bid hundreds of thousands of dollars over list price. Inventory also continues to remain low with just 2 months of inventory on the market, which means if no more listings came on the market, there would be ZERO homes left to buy in two months at the rate homes are selling.

The good news for our clients wanting to buy is that interest rates remain very low. This helps offset the high prices. Also, we have been able to help our clients purchase homes by finding properties that are not yet on the market. We have also helped clients prevail in multiple offer situations by structuring their offers to be compelling to the Seller based on their needs.

If you know anyone thinking of selling, I have not seen a better market in my 18 years to do so. This is an especially great time to sell properties that have some challenging aspects, such as: fewer desirable locations, busy roads, steep lots, obsolete floor plans or deferred maintenance. Buyers are often willing to pay a premium for properties that would be more challenging to sell in a "normal market". At the same time, the properties in prime locations and/or condition and style are selling for record setting prices.

We welcome you to contact us with questions and to strategize on how you can take advantage of these historic market conditions.

Mike