Santa Cruz County Market Update – November 2022

Nov. ‘22

Santa Cruz County Market Update – November 2022


Below are the Santa Cruz County Market Statistics for the month of November ’22. Here are the highlights:

– Active Inventory dipped 14.2% from October ’22 to November ‘22. Active Inventory is up 70.4% from November ’21.
– The median SFH sales price decreased to $1.24M from $1.35M the month prior. November ’22 median home price is down 2.6% from November ’21.
– Number of Sales decreased by 12.9% from October and is down 47.0% from November ’21.
– Days on Market in November ’21 was 19. Days on Market in November ’22 was 35.

The theme of November was low activity. Santa Cruz is a seasonal market so this is mostly expected. As we head toward the January, activity decreases substantially and then starts to pick back up in early March. Compared to last year, buyers have a lot more options because homes are staying on the market longer. That doesn’t mean that new inventory is up. In fact, November new listings are down 10.3% compared to November ’21 and we are on pace for our lowest number of new listings in a single year on record. Partially as a result, the Number of Sales is also down significantly. Compared to November ’21, November ’22 saw 47% fewer sales. We can expect a continuation of slowed activity as we head into the new year. The coming inflation reports will have a huge impact on how strong the real estate market is in 2023.

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