|Trends At a Glance||Dec 2009||Previous Month||Year-over Year|
|Median Price||$560,000||$550,000 (+1.8%)||$450,000 (+24.4%)|
|Average Price||$607,159||$626,278 (-3.1%)||$527,657 (+15.1%)|
|No. of Sales||144||141 (+2.1%)||117 (+23.1%)|
|Pending Properties||221||286 (-22.7%)||154 (+43.5%)|
|Active||467||553 (-15.6%)||974 (-52.1%)|
|Sale vs. List Price||98.1%||97.4% (+0.7%)||96.3% (+1.9%)|
|Days on Market||78||83 (-6.0%)||74 (+4.6%)|
|Median Home Price Ends Year at Highest Level Since August 2008|
|The median price of single-family, re-sale homes in Santa Cruz County reached $560,000 in December, a gain of 24.4% compared to December 2008.|
Home sales were up 23.1% year-over-year.
We expect sales to be strong through the Spring selling season because of the extension, and expansion, of the first-time home buyers tax credit of $8,000 for buying a principal residence. First-time buyer is a buyer who has not owned a principal residence in the three-year period prior to the purchase. There are some income limits. For full information, see: http://federalhousingtaxcredit.com.
In addition, the tax credit was expanded to include move-up buyers. The tax credit for move-up buyers is $6,500. A move-up buyer is a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. Again, for full info, see the web site cited above.
P.S. The tax credit expires April 30th. You need to have a signed contract by then and close the sale within 60 days to qualify for the credit.