Santa Cruz County Market Update – July 2022
Below are the Santa Cruz County Market Statistics for the month of July ’22. Here are the highlights:
– Active Inventory hit another new high for the year in July. Active inventory is up 2.38% from the month prior.
– The median SFH sales price decreased to $1.25M from $1.33M the month prior. July ’22 median home price is up 5% to July ’21.
– Number of Sales decreased by 15.4% from June and is down 36.7% from July ’21.
– Days on market in July ’21 was 15. Days on market in July ’22 was 20.
The Market has certainly changed. Buyers and sellers alike are attempting to navigate the muddy waters, with some deciding to take a break until the path is defined. The bottom is not falling out, just compare this July to 12 months ago. Median and Average home prices are up over July ’21. Homes are taking longer to sell and the price-to-list ratio isn’t nearly as strong as last year. The price per sq/ft is almost $100 more this July compared to last. On the supply side, new listings have underperformed historical averages. In fact, the July numbers were a 12-year low. Active inventory has continued to climb as toward our seasonal inventory peak. Homes are staying on longer which means more options for buyers at any given time. As we head deeper into the year, we should now start to see a downward trend in inventory. On the demand side, interest rates have certainly cooled the frenzy. That said, many on the sidelines are starting to reengage in the market now that it has become more “affordable”. With some signs of cooling inflation, we may be back into a frenzied market sooner than some anticipate.