July Santa Cruz Real Estate Market Update

Closed & Pending Sales Continue to Fall

Home sales were down, year-over-year, for the eleventh month in a row. There were 156 homes sold in Santa Cruz County last month, a drop of 0.6% compared to last June. The average since 2003 is 158.

Pending sales were also down, year-over-year, for the eleventh month in a row. One hundred and ninety-nine homes went into escrow last month, a drop of 15% compared to last June.

The median sales price for single-family, re-sale homes dropped 5.7% in June from May. It was down 6.5% from last year. The average sales price rose 5.1% from May, and it was up 3.6% year-over-year.

The sales price to list price ratio dropped 0.3 of a point to 99.0% last month.

Inventory continues to expand. It has been higher than the year before twelve months in a row. Last month, it was up 32.6% over last year. 

As of July 5th, there were 407 homes for sale in Santa Cruz County. The average since January 2003 is 681.

Days of Inventory was seventy-six. The average since 2003 is one hundred and thirty-nine.

It took only thirty-one 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 down last month from the month before. The median sales price rose year-over-year by 1.7%. The average sales price fell 6%.

Condo sales were down 28.3% year-over-year. 

Inventory continues to expand. It has been higher than the year before twelve months in a row. It was up 15.1% over last June.

As of July 5th, there were 84 condos for sale in Santa Cruz County. The average since January 2003 is 141.

Days of inventory rose to seventy-four.

It took thirty days, on average, to sell a condo last month.

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