Weekly Stats

New week, new real estate update. Active Inventory reached another new high for the year, the 3rd time in four weeks that the high has been reset. It’s also the highest since I began pulling the data in late 2021. New Listing numbers were strong this week with 75. Mortgage rates stayed fairly flat compared to last week. Homes under contract hit 45, a new high for the year. Homes closed were 28. As for the 30-day numbers, the Median home price was 1.4M, up 2.38% from last week’s 30-day. The Average Price was up 1.69% compared to last week. Days on Market ticked up slightly but remained close to last week’s year-low. Price/List continues to push toward 100%, reaching 99.92% this week. Price/Sqft soared past the $900 mark hitting $941 for the first time.

This week was a continuation of the expected seasonal trends. Active inventory continues to push toward new highs. This is because the number of new listings exceeds the number of homes going into contract. This has been the case for every week of the year! It’s an interesting phenomenon that gives buyers more options and reduces the frenzy on each individual home (in theory). That said, the 30-day numbers indicate that competition is still quite fierce. Prices are again approaching all-time highs. Homes are selling faster and faster and are selling near the asking price, on average. All this indicates that seasonality in the form of increasing buyers is offering a formidable counterbalance to the increasing options for buyers.

Market Stats

May, 2024

Below are the Santa Cruz County Market Statistics for April ’24. Here are the highlights:

– Active Inventory increased by 31.9% from March ’24 to April ‘24. Active Inventory is up 23.6% from April ’23.
– The median SFH sales price for April was $1.42M, up 7.6% from the month prior. April ’24 median home price is up 11.9% from April ’23.
– Number of Sales increased by 36.0% from March ’24 and are up 59.2% from April ’23.
– Days on Market in April ’24 was 30. Days on Market in April ’23 was 38.

When compared to 2023, this market is turning out drastically different. Prices continue to elevate, approaching the April ’22 all-time highs. Sales are also up significantly compared to last year. However, zooming out 10 years, we are still below the 10-year April average of 149. Active Inventory is also up considerably from 2023 but remains in the 200’s, which is historically low. Interest rates are still a factor in our market and have been for over a year and a half. That said, recent inflation numbers have reduced the optimism surrounding rate cuts and will likely have more buyers adjusting expectations, skipping the wait, and jumping back into the market.

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