Santa Cruz County Market Update – April 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.
