When it comes to the real estate market in Santa Cruz, this beautiful coastal city continues to be one that’s highly-desirable. Home to scenic views, unique boutiques, excellent restaurants, and the University of California Santa Cruz campus, there’s a multitude of reasons why many are choosing to make the move here.
But is it better to buy a home or to rent? What’s the market like overall? We outline everything you need to know below, in order for you to make an informed decision.
Current Market Statistics
If you’re considering moving to the Santa Cruz area, one of the first things you’ll want to know is the overall performance of the real estate market. In general, Santa Cruz and Santa Cruz County is an appealing area for a number of different lifestyles: from the Silicon Valley professionals to the ambitious students. As a result of this, property is quite desirable, and the real estate market reflects that.
The Santa Cruz County Association of Realtors has reported some interesting statistics, which can be compared to the first half of the year, as well as this time last year. These statistics are county-wide and are in regards to single-family homes only.
Median Sales Price: In contrast to the past few months, the median sales price of a home in Santa Cruz County has fallen slightly—however, this number is still higher than the start of the year. In short, housing prices continue to steadily rise over time, so now may be the best time to invest, if possible.
Sales Activity: There are a greater number of homes on the market now than they were at the start of the year (which is pretty typical), although inventory has generally fallen a small percentage since last year.
Time On The Market: Homes in Santa Cruz County tend to take a longer amount of time to sell, up almost 40% since this time last year. This is likely a result of a number of factors, including the intense storms that have caused some significant damage just a few months back,
California Comparison: In comparison to the housing market state-wide (as reported by the California Association of Realtors), Santa Cruz County has a higher median sales price: about one and a half times the average. As well, homes spend a longer time on the market (an average of 10 days longer).
Rental Prices: Santa Cruz & San Francisco
Recently, Santa Cruz has made headlines across a number of publications, as rental prices have soared. By how much? According to a report conducted by the National Low Income Housing Coalition (a non-profit concerned with the rising costs of living across the country), Santa Cruz County average rents have now surpassed San Francisco—making this county the most expensive in the country.
Like the data in the previous section, prices fluctuates—location, such as city and neighborhood, as well as property size, are significant factors. Regardless, it can be concluded that prices for rentals (in this case apartments) are quite high and will likely continue to rise in the future.
To Rent Or To Buy?
It can seem a bit unfair to compare these two reports; after all, the former analyzes single-family homes while the latter examines rental prices for apartments. These are often different buyers. So how can the question, to rent or to buy, be answered?
While housing prices increase—not limited to Santa Cruz County—rental prices seem to be soaring. Plus, available rental properties in the area are becoming more limited. For those considering buying a single-family home, or for those who are new to the region and debating between renting or buying, purchasing a home would be advisable. But to do so, you’ll need a great realtor.
A Great Realtor Can Help
To get the perfect home you’ve been dreaming for, you’ll require an expert with local knowledge, in-depth insights into the real estate market, and a driven, professional outlook.
Contact us today to start your home search in Santa Cruz County.
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