Santa Cruz County Market Update – February 2023

Feb. ‘23

Santa Cruz County Market Update – February 2023


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

– Active Inventory decreased by 3.8% from January ’23 to February ‘23. Active Inventory is up 17.4% from February ’22.
– The median SFH sales price for February was $1.21M, up 3.5% the month prior. February ’23 median home price is down 12% from February ’22.
– Number of Sales decreased by 6.5% from January ’23 and is down 37% from February ’22.
– Days on Market in February ’22 was 23. Days on Market in February ’23 was 58.

January was considered a major outlier in Santa Cruz Real Estate when it came to activity. Well, turns out, so was February. Major storms continued to hammer our coastline well into January. Real Estate data is a trailing indicator so much of the February numbers were the result of business that occurred in mid to late January. If sellers could afford it, they preferred to wait out the storms. Another impact on both supply and demand is the continued high-interest rates. Sellers don’t want to sell in this environment if they have to buy after, and until recently many buyers didn’t either. Moving forward, buyers are starting to return to the market in a significant way. As a result, we are starting to see increased competition for homes and therefore upward pressure on pricing. Buyers’ expectations adjust over time and many have come to realize that a temporary rise in interest rates provides an opportunity to get a reduced price with the ability to refinance down the line.

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