Santa Cruz County Market Update – December 2023

Dec. ‘23

Santa Cruz County Market Update – December 2023

Below are the Santa Cruz County Market Statistics for December ’23. Here are the highlights:

– Active Inventory decreased by 22.2% from November ’23 to December ‘23. Active Inventory is down 8.4% from December ’22.

– The median SFH sales price for December was $1.05M, down 17.9% from the month prior. December ’23 median home price is down 8.7% from December ’22.

– Number of Sales increased by 17.4% from November ’23 and is down 4.7% from December ’22.

– Days on Market in December ’22 was 36. Days on Market in December ’23 was 44.

On the surface, December produced numbers that could be tells of a coming decrease in the value of homes. A quick analysis of the sales themselves tells a different story. Sample size is an important consideration because small sample sizes (like the number of homes sold in December) are disproportionately impacted by outliers. December produced an overly large percentage of sales in the lowest quartile of price. This can partly be attributed to an increased likelihood of distressed sales at lower price points. Homeowners with time and money flexibility are much more likely to wait until the new year before listing their homes for sale. Early January data confirmed the theory that activity, demand, and sales would quickly rebound.

Read about 2023 Real Estate in Santa Cruz Here:

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