In August 2024, the Santa Cruz County real estate market continued to evolve, offering valuable insights for both buyers and sellers. Over the past month, we observed notable shifts in sale prices, listing trends, and overall market activity for both single-family homes and condos/townhomes. Here’s an in-depth look at the key highlights and trends shaping the Santa Cruz County real estate landscape:
Average Price Trend
The average price trend for August shows a continuation of July’s stability.
Single-family homes continue to hover around $1.5 million, following a slight correction earlier in the year. This suggests the market has found its footing after the sharp price escalations of 2022, with more measured growth now in place.
Condos and townhomes, on the other hand, are showing steadier movement, with prices fluctuating between $800,000 and $900,000 over the past few months.
This trend shows that while single-family homes continue to dominate the higher end of the market, condos and townhomes remain an appealing, more affordable alternative for buyers.
Sale Price vs. List Price Trends
In July 2024, we observed that the sale price as a percentage of the list price was stabilizing around the 99% mark for both single-family homes and condos/townhomes.
This trend continues in August 2024, with minimal changes, indicating that properties are selling at or slightly below asking prices.
This is a notable departure from the highly competitive market we saw in mid-2022, where sale prices often exceeded list prices by as much as 10%. The stabilization suggests that the market has balanced out, creating more predictable conditions for both buyers and sellers.
Average and Median Pricing Trends
As of August 2024, average and median home prices for both single-family homes and condos/townhomes show a slight upward adjustment compared to July. The single-family home median price is holding firm around $1.5 million, while the average price for condos/townhomes has increased to about $900,000.
Single-family home prices have stabilized after minor fluctuations in June and July. Condos and townhomes have shown more price stability, indicating healthy buyer interest.
Inventory Trend
The inventory levels in Santa Cruz County have been steadily increasing through 2024, particularly in August. Single-family homes have reached nearly 350 units, a significant increase from earlier months, signaling more options for buyers and less pressure on inventory scarcity. This rise in available homes may help balance the market, giving buyers more leverage as the selection grows.
Condos and townhomes have also experienced a gradual increase in inventory, with available units now approaching 100. Though the condo/townhome market has historically had lower inventory compared to single-family homes, this steady growth shows more movement in this segment, offering potential buyers a better variety of options.
Closed Sales Trends
Closed sales in August 2024 have maintained a similar volume to July.
Single-family homes are seeing between 80 and 100 closed sales per month, reflecting a stable yet lower transaction volume compared to the highs of 2022.
Condos and townhomes remain consistent with around 20 to 40 closed sales each month, with little fluctuation from the previous month.
Median Days on Market (DOM)
The median number of days properties spend on the market has slightly increased in August 2024.
Single-family homes now have a median DOM of around 20 days, while condos and townhomes have a median DOM of about 25 days.
While this is an increase from the fast-paced market earlier in the year, homes are still selling relatively quickly compared to historical norms.
Months to Sell Trend
In August 2024, the "months to sell" metric had increased slightly for both single-family homes and condos/townhomes.
Single-family homes now take approximately 2.8 months to sell, while condos and townhomes take around 2.6 months. This rise reflects the increased inventory levels in the market, giving buyers more options and slightly more time to make decisions.
What This Means for Buyers and Sellers
The rise in inventory, coupled with longer days on market, gives buyers more opportunities to find the right property without the pressure of quick decisions. With prices stabilizing and inventory growing, it's a good time to explore the market and negotiate more favorable terms.
For sellers, pricing and preparation are key. While the market is still strong for sellers, the growing inventory means more competition. Pricing your home competitively and ensuring it’s well-prepared for showings are crucial to attracting buyers in a market that is starting to favor those taking their time.
Take Your Next Step in Santa Cruz Real Estate
Thinking about buying or selling a home in Santa Cruz, Capitola, Aptos, or Soquel? With prices leveling off and more homes on the market, now is a great time to make your move.
Work with Jessica Wallace, one of the top realtors in Santa Cruz, for expert guidance. From Westside Santa Cruz to Seabright and Rio Del Mar, Jessica will help you navigate the market and achieve the best outcome.
Contact Jessica Wallace at Coldwell Banker Santa Cruz at Jessica@sellorbuysantacruzhomes.com or call (831) 419-9345 today. Get expert guidance and personalized advice for your next move!
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