August 2018 Report
Single Family Homes in Santa Cruz County, All Cities, All Neighborhoods Change >
Average Price$955,608
-5.9%
Pending Properties227
-3.0%
Sale/List Price Ratio100.5%
-0.7%
Trends at a Glance
| Trends At a Glance |
Jul 2018 |
Previous Month |
Year-over-Year |
| Median Price |
$896,000 (-3.1%) |
$925,000 |
$809,000 (+10.8%) |
| Average Price |
$955,608 (-5.9%) |
$1,015,280 |
$917,217 (+4.2%) |
| No. of Sales |
181 (+15.3%) |
157 |
137 (+32.1%) |
| Pending |
227 (-3.0%) |
234 |
210 (+8.1%) |
| Active |
350 (+14.0%) |
307 |
340 (+2.9%) |
| Sale vs. List Price |
100.5% (-0.7%) |
101.2% |
100.2% (+0.3%) |
| Days on Market |
25 (+9.0%) |
23 |
35 (-27.8%) |
| Days of Inventory |
58 (+2.3%) |
57 |
74 (-22.1%) |
Market Commentary
TIP: Click on table above to get year-over-year statistics.
Sales of single-family, re-sale homes in July were up 32.1%, year-over-year.
There were 181 homes sold. The average number of homes sold monthly since January 2003 is 160.
Inventory was also up, 2.9% compared to last July. This is the first time inventory has been higher than the year before since December 2015,
After going over $900,000 for the first time ever in June, the median sales price for single-family, re-sale homes retreated below that in July. Nevertheless, the median sales price was up 10.8% year-over-year.
The average sales price was up 4.2% year-over-year.
The median price for condos was up 7.6% year-over-year. The average price was up 14.8% compared to last July.
Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking continues to hover around 100%: 100.5% for homes and 100.8% for condos.
Homes and condos are selling quickly. It is taking only twenty-five days from when a home is listed to when it goes into contract. The average since January 2003 is sixty-four days.
Condos are taking twenty-two days. The average is sixty-five days.
All of this is due to an incredible lack of inventory. Since January 2003, Santa Cruz County has averaged 145 days of inventory. Last month it was fifty-eight. The number of homes for sale as of the fifth of August was 350. The average is 720.
Condos have averaged 224 days of inventory since 2003. Last month it was sixty-five. The number of condos for sale as of the fifth of August was eighty-two. The average is 147.