Community Updates

Hello again! I hope you had a wonderful Thanksgiving. We are back for another Dax`s Data Market Update. This was a week of SLOW. Let us start with the weekly numbers. Active Inventory decreased to a new 5-month low. New Listings were abysmal at 20, a predictable outcome given the holiday. This is the lowest new listings week since the first week of January. Mortgage rates barely budged a welcome outcome given the recent drops. Homes under contract were the lowest since the first week of the year while homes closed is the lowest since April. As for the 30-day numbers, all decreased compared to last week. The sample size is very small with only 69 SFH closing in the last 30-days! That is the lowest since late February. The Median Price decreased slightly to $1.249M. The Average Price swung down nearly 4.5% as some high-priced outliers made their way out of the data set. Days on Market decreased back below 30 days. % over asking price decreased again, pressing the -6% mark. Price/Sqft stayed flat.

When it comes to real estate shopping, holidays create distractions and distractions create inaction. That was certainly the case this week as just about every metric took a downward swing. While this week can be chalked up to Thanksgiving, we have approached a time of year when activity screeches to a snail`s pace. While many potential sellers are eyeing 2024 to list their homes, active buyers are left with minimal inventory to choose from. The result is fewer new homes and less sales. If the weekly numbers next week are comparable to this week`s then we have a pretty good indication we are in for a slow winter. To alter Warren Buffet`s famous quote for buyers in our market, be active when others are hibernating, and hibernate when others are active.

Dax Nollenberger
Brezsny Associates
DRE 02136870
831-227-5847
Christie’s Sereno

#brezsnyassociates #realestatemarket #homeowners #marketstats
#realestateinvesting #realestateinvestors #marketupdate #daxsdata #SantaCruz ...

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Dax Nollenberger
Brezsny Associates
DRE 02136870
831-227-5847
Christie’s Sereno

#ADUs #JADUs #SantaCruzRealEstate #DaxsData #RealEstateTips #PropertyInvestment #SantaCruzCounty #HousingSolutions #RealEstateGuide ...

Welcome back for another edition of Dax`s Data Market Update. This marks the 100th market update since starting to pull up-to-date market data. Let`s start with the weekly data first. Active Inventory dropped by 26 this week, the lowest since July of this year. The new listings number was the lowest weekly number since March. Mortgage rates also had a big drop this week, reaching the lowest rate in nearly two months. Homes closed and homes under contract each decreased by one compared to last week. As for the 30-day numbers, Median Price increased by 10k compared to last week`s 30-day numbers. The Average Price increased by nearly 11%! The likely result of high price outlier sales. Days on Market increased by 3.85 days, comparable to the 30-day number seven weeks ago. % over asking decreased to its lowest total since February.

There were quite a few notable metrics to highlight this week. First, Active Inventory took a significant 26 dip. This means fewer available options for buyers. If this continues, it may put upward pressure on pricing. New Listings are also worth noting because seasonality combined with long-term supply shortages are going to put a big squeeze on homes available over the next few months. Mortgage rates gave us a nice reprieve this week. In a matter of 6 weeks, mortgage rates jumped to their highest point in 21+ years then dropped 70 basis points to its lowest point since late August. Rate fluctuation makes it all the more important to get pre-approval to take advantage of these swings. The 30-day numbers were quite interesting as well. While prices increased, so did the time to sell. Meanwhile % over asking price dipped significantly. In translation, the homes in the sample size are going for more in total but are taking longer to sell and go for less as a percentage of the asking price. A reasonable outcome given the small 30-day sample size (78 SFH sold).

Dax Nollenberger
Brezsny Associates
DRE 02136870
831-227-5847
Christie’s Sereno

#brezsnyassociates #realestatemarket #homeowners #marketstats
#realestateinvesting #realestateinvestors #marketupdate #daxsdata #SantaCruz ...

Here are the market stats for Santa Cruz County for October 2023



#realestate #salesstats #countymarketstats #santacruzcounty ...

We are back for another edition of Dax`s Data Weekly Market Update. Active Inventory barely budged compared to last week, increasing by only 1. New listings decreased by 5, expect decreasing new listings as we head toward the "slow" season. Mortgage rates jumped back up 19 basis points after a .5% decrease last week. Homes under contract were 33 this week, 3 more than last. Homes closed also increased, up 6 to 22. As for the 30-day numbers, the Median Price increased by 3.36% and is now the highest since early August. The Average Price also increased to its highest point since early August. Days on Market improved for the third week in a row. % over asking price also improved (from a seller`s perspective) after a 9-month low last week. Price/Sqft is up to $842, the highest since August.

Winter is coming, and with it comes decreased sales. In fact, the 87 SFH sales in the 30-day period was the lowest total since late April. Expect decreased activity for the next 3+ months. This decrease in data points does increase the influence of outliers which is why Median Price becomes increasingly important. One notable metric worth discussing is % over asking price. The 4.28% below asking that we saw last week was the lowest since February, which was an extremely slow month for Santa Cruz real estate. We did see a .45% increase this week but it`s worth noting that buyers are negotiating better deals than they have at any point in the last nine months.

Dax Nollenberger
Brezsny Associates
DRE 02136870
831-227-5847
Christie’s Sereno

#brezsnyassociates #realestatemarket #homeowners #marketstats
#realestateinvesting #realestateinvestors #marketupdate #daxsdata #SantaCruz ...