Santa Cruz County Market Update – June 2022
Below are the Santa Cruz County Market Statistics for the month of June ’22. Here are the highlights:
– Active Inventory hit another new high for the year in June. Active inventory is up 17.51% from the month prior.
– The median SFH sales price increased to $1.33M from $1.31M the month prior. June ’22 median home price is up 13.2% to June ’21.
– Number of Sales decreased by 9.1% from May and is down 35.3% from June ’21.
– Days on market in June ’21 was 20. Days on market in June ’22 was 13.
Interest rates continue to put a damper on demand. Although Median home price may have found its level, jumping 2% after three consecutive months of decreasing prices. Average home price also jumped. Price per Sq/Ft and % over Asking Price decreased significantly as did the number of closed sales. On the supply side, decreasing demand continues to increase Active Inventory. This means more options and leverage for buyers. New inventory is not keeping up with typical June trends indicating that there are fewer buyers AND sellers in the market. Days on Market jumped 38.5% from May and should continue to rise as homes stuck on market begin to close. % Over Asking Price is down nearly 5%, another indication of decreasing demand. Months of Inventory hit 1.9, its highest total since May of 2020. With the June Inflation numbers indicating that prices are still out of control, expect the FED to increase its aggressive interest hikes. In the short term, this should continue to pour cold water on demand.