Santa Cruz County Home Prices Continued to Rise in May

The median price for single-family,
re-sale homes rose 4.7% from April.
The median price was off 23.9%
year-over-year. The average
price fell 9% month-overmonth,
and was down
30.2% compared to last
May.
Sales of single-family, resale
homes were up, yearover-
year, by 10.3% in May.
Year-to-date, home sales
are up 21%.
Inventory was down 39.8% from
last May. This is the thirteenth
month in a row inventory has declined
year-over-year.
The drop in inventory and the rise
in sales combined to push our Days
of Inventory indicator down 21 days
to 156 days. In a balanced market,
the supply of homes is usually
around five to six months. For condos,
the indicator rose thirteen days
to 172 days.
The sales price to list price ratio
rose 0.8 of a point to 98%.
Pending sales, a leading indicator,
were up 35.1% year-over-year.
Condo sales were up 3.4% yearover-
year. Year-to-date, condo
sales are up 28.3%.
The median price for condos
rose 17.5% from the month
before, but was down 9.2%
compared to last May.
Condo inventory was down
34.4% compared to March
2008.
Pending sales for condos is
up 25% year-over-year.
The real estate market is very hard
to generalize. It is a market made
up of many micro markets. For
complete information on a particular
neighborhood or property, call me.