Market Trend Report for December 2009

Posted by Lauren Spencer on Thursday, February 4th, 2010 at 2:36pm.


 Trends At a GlanceDec 2009Previous MonthYear-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 Sales144141 (+2.1%)117 (+23.1%)
Pending Properties221286 (-22.7%)154 (+43.5%)
Active467553 (-15.6%)974 (-52.1%)
Sale vs. List Price98.1%97.4% (+0.7%)96.3% (+1.9%)
Days on Market7883 (-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.

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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