Santa Cruz County Market Update – November 2023

Nov. ‘23

Santa Cruz County Market Update – November 2023


Below are the Santa Cruz County Market Statistics for November ’23. Here are the highlights:

– Active Inventory decreased by 18.0% from October ’23 to November ‘23. Active Inventory is down 1.5% from November ’22.

– The median SFH sales price for November was $1.28M, up 5.0% from the month prior. November ’23 median home price is up 4.1% from November ’22.

– Number of Sales decreased by 38.4% from October ’23 and is down 21.6% from November ’22.

– Days on Market in November ’22 was 35. Days on Market in November ’23 was 28.

Some interesting metrics came out of the November numbers that help tell the story of our current market conditions. Active Inventory is one story worth telling. Although a decrease is expected given the low number of new listings, an 18% decrease is not insignificant. The Median Price of $1.28M is the highest on record for the month of November. Appreciation and small sample size are contributing factors. Speaking of outliers, the Average sales price of $1.68M is the highest for any month ever. This is partly explained due to some very high-priced sales. Sales numbers were abysmal in November and only add to the certainty that 2023 will have the sales numbers and new listing numbers ever in modern Santa Cruz real estate. The homes that are on the market are selling quicker than this time last year. Projecting future conditions, mortgage rates have dropped over 1% in the last six weeks. If that holds, it will certainly have an impact on demand in the new year.

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