West Coast Housing Gaining Momentum

Santa Cruz Sentinel says the median home price in Santa Cruz, Calif. as of Nov. was $510,000 for a two bedroom on the west side of this Pacific Ocean border town. The same 510k would get you a three or four bedroom home in other parts of the city. Listings have been shrinking—down a full third from two years ago to 598 and some buyers in this area south of San Francisco are unable to find what they want. Gary Gangnes of Real Options Realty says the median price has been above $500,000 for five consecutive months; and 14 of the last 15 months sales have been above the previous year’s. Default notices dropped 25 percent from 2011, and the unsold inventory index fell to 3.5 months, half of what it was in 2010, and the lowest since 2005. As MHProNews has learned, ordinarily any number below six months will lead to increased prices.

(Photo credit: Rick Puckett/santacruzpictures)

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