Real Estate Report presented by Christine Schneider - Broker

March 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

Prices Up, Sales Down in February

The median price for single-family, re-sale homes eked out a small gain last month, year-over-year. It was up 0.3% to $797,500. The all-time high was $867,525 set last May. The average price for homes fell 2.6% to $906,647, a 5.6% gain over January.

Sales of single-family, re-sale homes in February were off by 1.1%, year-over-year.

There were 94 homes sold. The average number of homes sold in a month since January 2003 is 160.

The median price for condos set a new record high in January at $625,000. In February, the median price was down 6.0% from January, but it was up 10.8% year-over-year. The average price was up 9.9% over last February.

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%: 100.4% for homes and 102.5% for condos.

Homes and condos are selling quickly. It is taking only forty-five 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 twenty-four 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 fifty-five. The number of homes for sale as of the fifth of February was 192. The average is 720.

Condos have averaged 224 days since 2003. Last month it was fifty-nine. The number of condos for sale as of the fifth of February was fifty-two. The average is 147.

Deed vs. Title: What's the Difference?

By: Audrey Ference

Deed vs. title: What's the difference? Most people use the terms interchangeably, but there's a significant difference between the two— a distinction that's important to understand when you're ready to purchase a home. So let's look at what distinguishes deed from title.

Deed vs. title: The difference between these 2 real estate terms

"A deed is a legal document used to confirm or convey the ownership rights to a property," explains Anne Rizzo of Title Source Title Clearance. "It must be a physical document signed by both the buyer and the seller."

Title, however, is the legal way of saying you have ownership of the property. The title is not a document, but a concept that says you have the rights to use that property.

So when you buy a property, you will receive the deed, a document that proves you own it. That deed is an official document that says you have title to the real estate.

How to get the deed and take title of a property

To get the deed and "take title," or legally own the property, your lender will perform a title search. This ensures that the seller has the legal right to transfer ownership of the property to you, and that there are no liens against it. If everything is clear, then at closing the seller will transfer the title to you, and you become the legal possessor of the property.

The title or escrow company will then ensure the deed is recorded with the county assessor's office or courthouse, depending on where you live. You'll generally get a notification a few weeks after closing that your deed has been recorded. If you don't, check with the professional who did your closing and ensure that the paperwork has been filed. At that point, you have the deed and title to the real estate and the property is all yours.

What is title insurance?

Even with all of the due diligence a title company does before closing, there are rare instances when title problems can pop up later (e.g., missed liens and other legal issues that can be very costly to resolve). To protect against any financial loss, two types of title insurance exist: owner's title insurance and lender's title insurance.

"Unlike other types of insurance that protect the policyholder from events that may happen in the future, an owner’s title policy protects the buyer from events that have happened in the past," says Rizzo. "That may jeopardize their financial interest, such as title defects from fraud or paperwork errors, unpaid liens against the property, or claims that someone else is the real, legal property owner."

On the other hand, when you secure a mortgage, your lender or bank will require that you purchase lender's title insurance to protect the lender's investment in case any title problems arise. Lender's title insurance essentially protects the lender's interest in your property, which is typically until your mortgage is paid off.

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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