July 2024 in Santa Cruz County shows a real estate market that's finding its balance, with steady home prices and more inventory coming into play. Whether buying or selling, it's a great moment to move into this beautiful coastal area.
Pricing Trends
The real estate market in Santa Cruz County remains competitive, with July 2024 seeing continued fluctuation in pricing. Single-family home median prices have stabilized around $1.4 million after a high in April 2024. Meanwhile, condos and townhomes are experiencing median prices of just under $900,000, reflecting consistent demand in these sectors.
Market Days
Homes in Santa Cruz County are selling quicker than they did earlier in the year. The median days on the market for single-family homes have decreased, now averaging around 15 days, while condos and townhomes see a slightly longer duration of about 20 days. This trend indicates a brisk market, particularly for single-family homes.
Sale Price vs. List Price
On average, homes are selling close to their list prices. The sale price to list price ratio hovers around 100%, suggesting that sellers are pricing their homes appropriately, and buyers are willing to meet those prices. This trend is consistent across both single-family homes and condos/townhomes.
Closed Sales
The number of closed sales has increased slightly from the previous months. Single-family homes saw a rise in transactions, with 140 closings in July 2024. Condos and townhomes, while still lagging, show steady activity with around 40 closed sales.
Months to Sell
The months-to-sell metric shows slight increases for both single-family homes and condos/townhomes, indicating that while demand is strong, inventory is catching up. Single-family homes are currently at about 2.8 months to sell, while condos/townhomes are around 2.5 months.
Inventory Levels
Inventory for single-family homes has seen an increase, now reaching around 300 units, the highest level in the past year. Condos and townhomes are also seeing a rise, though less dramatically, now at about 50 units. This rise in inventory may help balance the market in the coming months.
Strategic Insights
For those considering a house for sale in Santa Cruz, CA or nearby areas like Capitola, Aptos, or Soquel, now is a pivotal time to act. The market shows signs of leveling out, with prices stabilizing and inventory on the rise. Jessica Wallace, Realtor, and the Best Realtor in Santa Cruz, CA, is ready to help navigate these trends, offering expert insights and top-tier service. Whether you’re buying or selling in areas like Westside Santa Cruz, Seabright, or Rio Del Mar, aligning with a Top Agent in Santa Cruz is key to success.
For more details and personalized advice, contact Jessica Wallace, Realtor of Coldwell Banker Santa Cruz at Jessica@sellorbuysantacruzhomes.com or call (831) 419-9345.
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