Market Update- The numbers for the end of August show that we are still in a strong Real Estate Market. On average, it is taking properties a little longer to sell but the median price is still well about above what they were a year ago at the same time.
Below are a few SCZ County market graphs to illustrate/update what’s happened with Median prices, which have climbed dramatically, pending/closed sales and also month’s supply of inventory. I have included the graphs for condos/townhomes and for single family home. The stats I will be quoting are for single family homes.
Number of Closed Sales- Although we saw an uptick in August, overall, a lot less properties sold over the summer compared to last year at the same time. One of the key conditions is the fact that overall Santa Cruz County closed transactions are down -14% this year to date (2016) as compared to the same period in 2015. for the months of May – July of 2016 vs. May – July of 2015, there were 212 fewer closings for the three-month period this year as compared to last (612 vs. 812).
Median Price is Up: August turned a median sales price of $820,000, up from $701,000 the same time last year.
More Days on Market: The average days on market was up a bit to 41 days, compared to 29 days for the same time last year. But they are still selling on average for 100% of list price. This means that it is taking a bit longer for a home to sell, but when it does it is for full price on average.
Good News For Fall: We have seen a bit of an uptick in August closings (243 this August/2016 vs. 228 August of prior year) and the pending pipeline for Santa Cruz looks healthy for September and this is a good indicator of overall market conditions heading into fall.
Should you have any questions call me anytime. 831-588-1588.