Memorial Day Weekend tourists shop for Central Coast housing
It’s a busy holiday weekend here on the Central Coast with people from all over celebrating Memorial Day weekend.
But not everyone is here just for our scenic views or beaches, they’re also looking for a place to call home.
“I’m looking for something that can fit my kids and changing lifestyle,” said potential buyer Lisa Napier.
But Lisa Napier is not the only one eyeing custom built properties.
“These homes that are over a million dollars are in demand because they are on the west side, close to Uc Santa Cruz, or here in a great commute location,” said Keller Williams real estate agent Sandy Wallace. “They have more property, they are more modern.”
Real estate agents said the demand is being driven by Silicon Valley and Bay Area residents looking to retire or relax on the Central Coast.
“They can have it as a vacation rental and then when it’s not being rented to someone else they can have it as their vacation home,” said Wallace.
More demand means higher prices. According to a recent report by Real Options Realty, half of the 320 active house listings in Santa Cruz last May were priced at a million dollars.
“Last time I looked for houses it was underbidding, it was easy to do and expected,” said Napier. “Now there are bidding wars over the asking price.”
Buyers are also flocking to homes under seven figures.
“The median home price is about $800,000 and that’s for a basic three bedroom, two bath home,” said Wallace.
Even those are going up. Studies show the average price for a single family home in April 2016 was $881,000, which is nearly $50,000 more than it was last year. But the price hike is not turning away buyers, its actually doing just the opposite.
“There was one in our neighborhood and I was like oh fantastic and it was gone,” said Napier. “I don’t even think it was on the market a full day.”
The price of condos are also going up. Realtors told KION they are very popular right now because they’re more affordable for families and people who want to downsize.
