Santa Cruz County Market Update – October 2024
Below are the Santa Cruz County Market Statistics for October ’24. Here are the highlights:
– Active Inventory decreased by 3.0% from September ’24 to October ‘24. Active Inventory is up 17.4% from October ’23.
– The median SFH sales price for October was $1.33M, up 3.5% from the month prior. October ’24 median home price is up 7.8% from October ’23.
– Number of Sales increased by 36.4% from September ’24 and is up 22.7% from October ’23.
– Days on Market in October ’24 was 42. Days on Market in October ’23 was 31.
October produced some interesting albeit unsurprising data. Seasonality is the core cause for decreasing active inventory and it will continue to decrease as we march toward winter. The Median Price remains strong, continuing the trend of stronger prices than last year. This is despite a continued elevation in interest rates. The number of sales rebounded after an abysmal September. While the sales numbers are projected to perform better than last year, we are still on pace for the second-lowest number of sales on record. The suppressed demand overall has increased the Days on the Market. The Price/List ratio metric used does not provide an accurate representation of market data, as this particular metric uses the current price divided by the sale price which doesn’t factor in price cuts. A better metric is Price/Original List Ratio which is at 96.6% indicating that, on average, homes are selling 3.4% below their original ask.
