April 2014 Santa Cruz Market Update

April 2014 Santa Cruz Market Update The median list price in Santa Cruz this week is $795,000. The 137 properties have been on the market for an average of 103 days. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we're in the Seller's zone. Watch for changes in the MAI. If the MAI resumes it's climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.  Characteristics per quartile Median Price Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these.   Quartile Prices Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action index before prices move from these current levels. Price per Square Foot The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels. Inventory of Properties Listed for Sale Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply. Market Action Index The SANTA CRUZ market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 30.78 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly. Market Action Index per Quartile Not surprisingly, all segments in the market are showing high levels of demand. Watch the quartiles for changes before the whole market changes. Often one end of the market (e.g. the high-end) will weaken before the rest of the market and signal a slowdown for the whole group. Days on Market The properties have been on the market for an average of 103 days. Half of the listings have come newly on the market in the past 49 or so days. Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. This Month's Video Tap Our Expertise Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call! Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month?  Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free.  Oh, and please tell a friend or neighbor too!   Check it out and see what you think at Free Market Snapshot P.S.: Remember to visit my blogs for Local and National real estate and related information and updates! We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help! Frank Murphy 831-457-5550 1414 Soquel Avenue Santa Cruz, California 95062 BRE License #01014048 Frank@FrankMurphy.net www.LiveInSantaCruz.com	Contact me, your local real estate expert, for information about what's going on in our area. Frank Murphy Keller Williams Realty 831-457-5550 Frank@FrankMurphy.net BRE License #01014048
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