Santa Cruz County Market Update – January 2022
Below is the Santa Cruz County Market Statistics for the month of January ’22. Here are the highlights:
- Active Inventory rebounded slightly from the all-time low in December ’21.
- The median SFH sales price increased to $1.25M from $1.21M the month prior. January ’22 is up 12.6% from January ’21.
- Number of Sales saw a dramatic dip in January; down 32% from the month this time last year.
- Days on market decreased from 36 January ’21 to 31 January ’22
Median home price regained its upward momentum after a slight dip in December ’21. Historically, December and January are the slowest months of the year. That was particularly true this January. With only 86 homes closed, January had the second-slowest sales month in 12+ years (behind only Jan ’19). With minimal inventory and plenty of buyers still in the market, the lack of balance had its expected effect of increasing pricing, increasing price-to-list ratio, and decreasing days to sell. If seasonal trends hold, we can expect inventory to begin a steady upward climb until peaking in the summer months. If January is any indication of how the market is going to unfold, expect a continuation of the highly competitive market we have come to know.
If you have any questions or would like to discuss further, please give us a call.
