Santa Cruz County Market Update – March 2022
Below are the Santa Cruz County Market Statistics for the month of March ’22. Here are the highlights:
- Active Inventory continued its upward climb. March had four consecutive weeks of increasing active inventory.
- The median SFH sales price increased to $1.61M from $1.365M the month prior. March ’22 is up 43.75% from March ’21.
- Number of Sales increased by 52.2% from February but is down 7.3% from March ’21.
- Days on market decreased from 35 in March ’21 to 16 in March ’22.
March was a month of new records. Indications of a slowing market are not present. In fact, we seem to be accelerating as demand strengthens and supply stays aligned with seasonal trends. March ’22 was the highest average and median home price ever in Santa Cruz County. 16 days to sell is close to historic lows (June ’21 was 13). Price to list ratio broke records as homes sold for 9.2% over asking price, on average. The 218 SFH new listings is in line with historic March averages. March showed a continuation of high demand and minimal supply. Increasing interest rates will certainly have an effect on demand, although the effect likely won’t be significant enough to result in a reversal of market trends.
If you have any questions or would like to discuss further, please give us a call.