Santa Cruz County Market Update – June 2023
Below are the Santa Cruz County Market Statistics for June ’23. Here are the highlights:
– Active Inventory increased by 18.2% from May ’23 to June ‘23. Active Inventory is down 0.3% from June ’22.
– The median SFH sales price for June was $1.20M, down 11.2% from the month prior. June ’23 median home price is down 11.1% from June ’22.
– Number of Sales increased by 22.0% from May ’23 and is up 4.9% from June ’22.
– Days on Market in June ’22 was 18. Days on Market in June ’23 was 25.
Summer is the HOT real estate season and June often serves as the peak for the year when it comes to sales, active inventory, and new inventory. Although this year has been historically low in terms of sales, June provided a solid 150 SFH sold, outpacing last year’s June total. Prices have held pretty steady over the past 12 months in the $1.2MM to $1.35MM range and settled on the low end of that range this June. Although New Listings outperformed last June’s numbers, they are still 11.3% below the 10-year June average. We continue to be on pace for historically low new listings. One other notable metric is the Price to Original List Ratio. It flipped above 100% for the first time since July of last year indicating more competitive offers and better prices for sellers. Seasonal demand has increased but rates continue to hamper many potential buyers in our market. Once rates settle, buyer demand will spike significantly.