Santa Cruz County Real Estate
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Strong Finish to 2020 & Heated Start to 2021
February 2021 Report
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Our January report focused mostly on 2020’s annual statistics. This report will put most of its attention on quarterly and monthly indicators, which better illustrate changes occurring as 2020 progressed and 2021 began: pre-pandemic to initial pandemic crash through the subsequent market recovery. In some counties, such as Santa Cruz, the terrible fires also affected market dynamics to varying degrees.
Low supply and high demand continue to define the Santa Cruz County market.
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The table below reflects market statistics and values for Q4 2020 only, which will often be different than those for the full year 2020. Median sales values can fluctuate for a number of reasons, and are especially prone to do so in markets with low sales volumes.
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Low inventory levels of listings on the market have played a large role in the heat of the market. Listing activity has simply not kept pace with buyer demand.
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In January, the number of listings accepting offers was up approximately 43% from January 2020 - even as the supply of listings for sale declined year over year.
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Month by month, year-over-year comparison of home sales volumes - illustrating the initial pandemic crash in activity followed by the market rebound that saw monthly sales volumes climb well above the levels of the previous year.
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The next chart compares the year-over-year changes in sales for homes selling for over and under $2 million. Sales in the higher price segment saw a huge jump, while sales under $2 million saw a much smaller annual increase. Neither statistic really does justice to the rapid acceleration in market activity occurring in the second half of the year.
The big surge in high-price sales was a common dynamic around most of the Bay Area, though most counties did not see an increase on the scale of Santa Cruz.
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Home sales of $1,500,000 and above by quarter: A tremendous surge in higher-price sales occurred in the second half of the year.
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The 3 classic market indicators following all tell the same story of a market heating up dramatically in the second half of 2020.
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Two of the factors behind the housing market recovery were the dramatic drop in interest rates and the significant rebound in the stock market.
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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