Real Estate Report presented by Christine Schneider - Broker

February 2018 Report

Single Family Homes in Santa Cruz County, All Cities, All Neighborhoods Change >

Median Price
Average Price
No. Sold
Pending Properties
Sale/List Price Ratio
Days on Market
Days of Inventory

Market Barometer

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Market Commentary

Home Prices & Sales Dip to Start the Year

Sales of single-family, re-sale homes in January were off by 4.4%, year-over-year. This is after a 30% rise in sales for the last quarter of 2017.

There were 109 homes sold. The average number of homes sold in a month since January 2003 is 160.

The median price for homes fell, year-over-year, for the first time since January 2016. It was off 1.7% to $780,000. The all-time high was $867,525 set last May. The average price for homes rose 0.8% to $858,736.

The median price for condos set a new record high in January at $625,000, a gain of 28.9% year-over-year. The average price was up 9.2% over last January.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking continues to hover around 100%: 99.1% for homes and 100.2% for condos.

Homes and condos are selling quickly. It is taking only fifty-seven days from when a home is listed to when it goes into contract. The average since January 2003 is sixty-four days.

Condos are taking thirty-five days. The average is sixty-five days.

All of this is due to an incredible lack of inventory. Since January 2003, Santa Cruz County has averaged 145 days of inventory. Last month it was forty-four. The number of homes for sale as of the fifth of January was 160. The average is 720.

Condos have averaged 224 days since 2003. Last month it was forty-one. The number of condos for sale as of the fifth of December was forty-one. The average is 147.

Getting Your Home Ready to Sell

I know, I know. You’re thinking, “I live in Silicon Valley where everything is selling with multiple offers! Why bother fixing anything?”

Well, not quite. Well-kept homes properly priced ARE selling quickly with multiple offers. Yet, there are still homes that have been on the market for over thirty days. P.S. We are averaging twenty-one days on market.

Homes that have been on the market over thirty days are either over-priced and/or not spiffed up.

Well-maintained homes priced properly will receive multiple offers in this market. Also, a clean, well-kept home will sell for more money than one that is run down.

If you are ready to sell your home, we have some tips for you.

First, make sure people will be enticed into your home when they first look at it from their car. This is called curb appeal. The next time you drive up to your home, look at it as if you were thinking of buying it. What could you do to make it more appealing from the curb? Is the yard neat? The grass green? The bushes trimmed? The kid’s toys put away? Is the front door clean? The garage door? A little paint and elbow grease here ensures more people will visit your home.

Next, you know all those little niggling things you’ve been meaning to fix? The squeaky door. The door knob that doesn’t work properly. The closet door that slides roughly. Fix them!

Go for the spacious look. You are going to be moving, that’s why the house is on the market. Start packing. Pack everything but the essentials, then put them in storage. This goes for the kitchen as well. Take all those appliances and containers off the counter tops and pack them away.

Spruce up your back yard. The back yard has evolved into one of the most important rooms of the house. Buyers will be attracted to back areas that have a nice deck or patio area with plenty of space for dining, grilling, and entertaining. And if you have a section of your yard that is child-friendly -- perhaps with a swing set, sandbox or play area -- play it up as much as possible.

Make your windows sparkle. Make sure your windows are nice and clean.

Keep your walls light. If you're thinking about touching up the paint on your walls before you put your home on the market, keep the colors neutral and light. A light yellow or beige will make the room feel cooler than darker hues, like brick red or dark taupe.

Let the light in. Open blinds and curtains so plenty of light illuminates the home's interior.

Keep the pool clean. If you have a pool or spa, make sure it's clean. If you have a fence, make sure locks and latches are working properly.

All this may seem like a lot of work, and it is, but it means a quicker sale with less hassle and more money in your pocket. Not to mention the pleasure you and your family will receive from living in a well-kept home.

To set the proper price, a seller must be aware of current market conditions, including what has sold recently in your neighborhood, and what is your competition.

Your local REALTOR®, that’s me, can assist you with this. Call me.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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