Home Sales Prices Dip
After setting a new high in April, the median sales price for single-family, re-sale homes in Santa Cruz County dropped 3.4% in May. It was up 7.2% from last year. The average sales price fell 7.9% from April, but it was up 0.7% year-over-year.
The sales price to list price ratio dropped one-half point to 99.3% last month.
Home sales were down, year-over-year, for the tenth month in a row. There were 134 homes sold in Santa Cruz County last month. The average since 2003 is 158.
Inventory continues to expand. It has been higher than the year before eleven months in a row. Last month, it was up 26.7% over last year.
As of June 5th, there 356 homes for sale in Santa Cruz County. The average since January 2003 is 681.
Days of Inventory was at eighty. The average since 2003 is one hundred and thirty-nine.
It took only thirty-four days to sell a home last month. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were up last month from the month before. The median sales price rose year-over-year by 8.6%. The average sales price rose 10.2%.
Condo sales were down 24% year-over-year.
Inventory continues to expand. It has been higher than the year before eleven months in a row. It was up 32.2% over last May.
As of June 5th, there were 78 condos for sale in Santa Cruz County. The average since January 2003 is 141.
Days of inventory rose to sixty-two.
It is taking thirty-three days to sell a condo.
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