Santa Cruz County Market Update – March 2024

Mar. ‘24

Santa Cruz County Market Update – March 2024


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

– Active Inventory increased by 12.0% from February ’24 to March ‘24. Active Inventory is up 7.0% from March ’23.
– The median SFH sales price for March was $1.38M, up 9.0% from the month prior. March ’24 median home price is up 11.0% from March ’23.
– Number of Sales increased by 32.8% from February ’24 and is down 9.2% from March ’23.
– Days on Market in March ’24 was 35. Days on Market in March ’23 was 47.

March typically marks the point at which activity begins to increase in our real estate market. That was no exception this year. Despite the year projecting out to be very low in terms of new listings and sales, compared to previous months, March was a welcome sign for buyers. Within the data, there are clear signs of increasing buyer activity. First, Prices taking a significant 9% jump from February and an 11% jump from last March. Average Days on Market also decreased, another indication of increasing buyer demand. Finally, the Price/List ratio improved from February to March. So, while seasonality is a factor, the pace of buyer demand has increased faster than that of supply. Long-term, interest rates will remain a sticky point for some buyers, but the data shows there are plenty of buyers still in the market willing and able to spend.

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