March's Stats for Santa Cruz County Real Estate | April 13, 2020

Santa Cruz County Monthly Real Estate Update

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County Breakdown Time for a monthly synopsis of the local real estate market. Keep in mind, these stats reflect properties that went into contract about a month or so ago – just when things were starting to get “serious” around here. While it is important to look at the month as a whole, it's key to keep perspective on a smaller scale as well. At the end of this month’s update I have included a closer look, a comparison week by week. Last month’s numbers are in and the median home sale price (single family residential detached) for all of Santa Cruz County per the SC Association of Realtors for March was $925,000, up from February. The Condo/Townhome median sale price was $595,750, also up from February. Homes on average were selling for 100.5%of the listed price(compared to 98.6% of the “original listed price”) and the median days to receive an accepted offer for the county was 12 days. The real estate inventory was 2.4 months for the county, still quite low.

In the News Below you will find four helpful links to the following information:  Wells Fargo made their jumbo loan guidelines substantially stricter amid current market surrounding COVID-19. Unemployment numbers continue to climb, jobless claims increased by 6.6 million and now 10% of the workforce has been put out of work in the last 3 weeks. Resources for Unemployment insurance relief FAQs about SBA CARES Act and Paycheck Protection Program see the links below as well

Santa Cruz County Real Estate Compared I've put together some graphics to illustrate comparisons. I've broken down the last 4 weeks, and then highlighted the last week. So, let's compare whats been going on in real estate over the past several weeks. Have there been changes since the COVID-19 outbreak ? If so, what does that look like? The things to look out for would be drastic changes in price reductions, transactions falling through, and removed listings. What do you notice? For reference: "TFT" means "transaction fallen through" or canceled escrow. "C/W/E" translates to Canceled, Withdrawn or Expired listings, meaning removed from the market.

Current Interest Rates as of April 13th, 2020. Interest rates are subject to change daily. Current interest rates shown are indicative of market conditions. Individual rates may vary upon borrowers qualification and loan terms. Source: Wellsfargo.com

Area Break Downs See below for valuable information regarding your neighborhood market! I have included the median home sale price, months of inventory, median days to sell, the sale price to list price ratio and the average price per square foot broken down into the different areas in the county (including all single family residential detached sales) . Source: MLSlistinggs, INC

What is “months of inventory?” This number reflects how fast listings are being absorbed by the market. The number represents how many months it would take for all of the homes for sale to be sold if no homes were added to the market, based on the rate that homes are selling. The lower the number, the lower the inventory.

Kaelin Wagnermarsh | Realtor CalBRE 01945819 | 831.419.6538| Kaelin@KaelinRealEstate.Com | eXp Realty of CA | www.yourstreetrealestate.com

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