Santa Cruz County Market Update – Janurary 2024

Jan. ‘24

Santa Cruz County Market Update – Janurary 2024


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

– Active Inventory decreased by 7.6% from December ’23 to January ‘24. Active Inventory is up 6.0% from January ’23.
– The median SFH sales price for January was $1.16M, up 10.5% from the month prior. January ’24 median home price stayed flat at 0.0% change from January ’23.
– Number of Sales decreased by 28.4% from December ’23 and is down 6.5% from January ’23.
– Days on Market in January ’22 was 54. Days on Market in December ’23 was 47.

January is historically one of the slowest months of the year. It provides the first indication of how this year’s real estate market is going to play out. January ’23 was historically slow, both from a new listings perspective and a sales perspective. While new listing numbers improved in January ’24, sales did not. We saw only 58 SFH sales compared to 62 this same time last year. This has many implications. First, this means that we are likely on pace for another year of low supply. Second, the buyers didn’t show up to start the year. This is partly because they didn’t have many options to choose from and rates continue to be inflated. What we are seeing of the homes that are selling is that they are selling closer to the list price and faster than last year. The coming months will provide much more clarity on the 2024 market.

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