October has brought a steady rhythm to Santa Cruz County’s real estate market, with stable pricing, a gradual increase in inventory, and a more balanced pace between buyers and sellers. Here’s what you need to know about the latest trends in the area.
Average and Median Pricing Trends
In terms of pricing, both single-family homes and condos/townhomes are showing consistency. Single-family homes hold a median price of around $1.4 million, reflecting minimal fluctuation month-over-month.
Condos and townhomes are still ranging between $800,000 and $900,000, appealing to buyers seeking more affordable options than single-family homes.
Days on Market (DOM) Trend
The median days on market (DOM) has seen a slight uptick, signaling a moderate approach from buyers. Single-family homes are averaging 15-25 days on the market, indicating steady interest but a careful selection process.
Condos and townhomes hover around 20-30 days, showing similar buyer behavior. This gradual pace aligns with a market that is neither rushing nor slowing drastically.
Sale Price vs. List Price Ratio
The sale-to-list price ratio remains consistent, with both property types close to their asking prices. Single-family homes are selling at approximately 99% of the list price, illustrating a stable negotiation range.
Condos and townhomes reflect the same stability, at around 98-99% of the list price, making this an equally balanced environment for buyers and sellers.
Closed Sales Activity
Closed sales figures are steady, with slight month-over-month adjustments. Single-family homes experienced 80-90 closed sales, keeping pace with recent activity. Condos and townhomes reported 20-30 closed sales, in line with current trends.
This consistent performance highlights a resilient market, with ongoing interest from both buyers and sellers.
Inventory Levels
Inventory continues to rise, giving buyers more options to consider. Single-family homes now have close to 350 units available, reflecting a significant increase that benefits buyer flexibility.
Condos and townhomes have reached around 100 units on the market, similarly providing variety for potential buyers. The growth in inventory points toward a more relaxed buying environment.
Months to Sell: Time on Market
The months-to-sell metric has edged up, as more inventory becomes available. Single-family homes are taking around 3 months to sell, while condos and townhomes are averaging 2.8 months.
This upward trend in time to sell suggests that buyers are carefully exploring options, giving sellers a reason to price strategically.
Insights for Buyers and Sellers
For buyers, the growing inventory and steady prices create an ideal environment to explore properties with more choice and less pressure.
This is an opportunity to negotiate thoughtfully and find the right fit without the urgency seen in a more competitive market.
For sellers, it’s crucial to price competitively and ensure your property stands out, as the rising inventory means buyers have a wider selection.
A well-prepared, accurately priced home will attract genuine interest in this balanced market.
Ready to Make a Move in Santa Cruz County?
If you’re looking to buy or sell in Santa Cruz, Capitola, Aptos, or Soquel, now is a great time to take advantage of these steady market conditions.
Jessica Wallace is here to guide you, providing personalized insights tailored to your goals. Her local expertise and market knowledge ensure you make informed decisions every step of the way.
Reach out to Jessica Wallace at Jessica@sellorbuysantacruzhomes.com or call (831) 419-9345.
Your next chapter in Santa Cruz County awaits!
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