Northern Monterey Co. new destination for housing

Realtors say right now is a great time to buy because the interest rates are so low, but unfortunately on the Central Coast there is not much to choose from.

“It’s pretty scary, there’s nothing to purchase,” said Candie Noel, president of Santa Cruz County Association of Realtors.

Noel said as of right now there are only 294 homes on the market in Santa Cruz.

“I went back about 10 years, that’s the lowest we’ve ever been during in 10 years,” said Noel.

Out of the 294, only about 23 of are affordable for someone who makes $65,000 a year.

“The average median price of a home is $799,000,” said Noel. “If they only make $65,000 and the price that they can afford is $400,000, there’s no inventory there for them.”

Whopping prices and tight inventory are pushing buyers to northern Monterey County, to Aromas, San Miguel Canyon and Prunedale.

“Whenever a nice property pops up they’re going to consider driving more to their jobs or driving out to the kid’s schools, just to be able to purchase something,” said Keller Williams real estate agent Kristin Hurley.

But unfortunately the inventory in Northern Monterey is starting to decrease as well.

“There’s not much anywhere in this area,” said Hurley.

Realtors also say the competition is fierce.

“Right as the property comes on the MLS that day they’re calling to see when it’s available to show,” said Hurley.

It’s especially tough for millennials and first-time buyers, who don’t have a lot of cash for a down payment.

“I think it is daunting to think that you’re going to be able to get into a property if you’re just a young family or a single person,” said Hurley.

If you’re one of those people looking to buy on the Central Coast realtors say hang in there, be persistent and find a realtor who really knows the market.