Real Estate Report presented by Brandi Jones

September 2018 Report

Single Family Homes in Santa Cruz County, All Cities, All Neighborhoods Change >


Median Price
$915,000
+2.1%
Average Price
$992,860
+3.9%
No. Sold
147
-18.8%
Pending Properties
189
-16.7%
Active
381
+8.9%
Sale/List Price Ratio
100.4%
-0.1%
Days on Market
29
+15.9%
Days of Inventory
78
+34.0%

Market Barometer

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Market Commentary

HARP® Ending This Year

HARP® will end December 31, 2018.

Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.

To see if you are eligible, go here:
https://www.harp.gov/

MARKET STATISTICS

Sales of single-family, re-sale homes in August were down 13%, year-over-year.

There were 147 homes sold. The average number of homes sold monthly since January 2003 is 160.

Inventory was up, 11.1% compared to last August.

The median sales price was up 10.9% year-over-year. The average sales price was up 5.5%.

The median price for condos was up 9.6% year-over-year. The average price was up 15.3%.

The sales price to list price ratio, or what buyers are paying over what sellers are asking continues to hover around 100%: 100.4% for homes and 101.1% for condos.

Homes and condos are selling quickly. It is taking only twenty-nine days from when a home is listed to when it goes into contract. The average since January 2003 is sixty-four days.

Condos are taking twenty-seven days. The average is sixty-five days.

All of this is due to an incredible lack of inventory. Since January 2003, Santa Cruz County has averaged 145 days of inventory. Last month it was seventy-eight. The number of homes for sale as of the fifth of September was 381. The average is 720.

Condos have averaged 224 days of inventory since 2003. Last month it was 118. The number of condos for sale as of the fifth of September was 114. The average is 147.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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