Bay Area home prices jumped 11% compared to a year earlier. With little supply and high demand the housing market continues its robust price gains. Click on the link to read the full article: http://www.bizjournals.com/sanfrancisco/news/2017/03/24/bay-area-home-prices-pop-oakland-houses-sell-fast.html
The median home price in Santa Cruz County was $775,000 in March of 2015. This us up a whopping 15.7% from a year earlier. The number of sales in March were 123 which is 7% higher than a year earlier. There are currently 255 active listings which is down 35.6% from a year earlier (where is that inventory of homes????). We are still in a sellers market and until we get more inventory it should stay that way.
Corelogic released its November San Francisco Bay Area housing market report today. Home sales dropped to the lowest level for the month of November since 2008, the result of a limited number of homes for sale, cautious buyers, a challenging mortgage market and a quirk of the calendar that resulted in a relatively low number days for recording deals. The single-digit, year-over-year rise in the median sale price was the lowest since May 2012. See below for a chart of the # of homes sold and median prices per county.
| Homes Sold | Median Sale Prices | |||||
| All homes | Nov-13 | Nov-14 | Percent Change | Nov-13 | Nov-14 | Percent Change |
| Alameda | 1,469 | 1,246 | -15.20% | $518,500 | $585,000 | 12.80% |
| Contra Costa | 1,250 | 1,145 | -8.40% | $410,000 | $435,500 | 6.20% |
| Marin | 287 | 265 | -7.70% | $741,250 | $870,000 | 17.40% |
| Napa | 110 | 98 | -10.90% | $455,000 | $562,750 | 23.70% |
| Santa Clara | 1,517 | 1,450 | -4.40% | $667,500 | $715,000 | 7.10% |
| San Francisco | 544 | 434 | -20.20% | $843,000 | $1,072,500 | 27.20% |
| San Mateo | 581 | 499 | -14.10% | $700,000 | $818,500 | 16.90% |
| Solano | 430 | 433 | 0.70% | $275,000 | $305,250 | 11.00% |
| Sonoma | 471 | 433 | -8.10% | $418,750 | $447,250 | 6.80% |
| Bay Area | 6,659 | 6,003 | -9.90% | $550,000 | $601,000 | 9.30% |
Single Family Residential Report
Values for single-family homes in Santa Cruz County continue to rise, but the number of active and pendings reached a four-year high last month. The following is a snap shot of recent market statistics covering the single family housing market in Santa Cruz County. The analysis presents a broad-brush overview of market indicators such as median sales price, month’s of inventory, and sales volume.
Here is Pacific Appraisers Real Estate Market Update for the Salinas residential market:
19 active listings under $250k
121 active listings between $250k- $500K
47 active listings between $500-$750K
20 active listings between $750k-$1,000,000
16 active listings over $1 million
The Salinas market is very active in the $250,000 to $500,000 range. The number of homes for sale under $250,000 is about the same as the number of homes for sale between $750,000 to $1 million. The median home value for Salinas rose 21.38% from August of 2013 to August of 2014. The current median home value is $352,000.
In summary, the overall single family market has been strong over the last 12 months and the Salinas market is not showing any signs of slowing. It will be interesting to see what happens over the next several month. If you have any questions, please feel free to call us anytime at (831)607-3800.