Median Price for Homes Falls in September
After setting a new record high in August, the median price for Santa Cruz County single-family, re-sale homes tumbled 10.6% in September, a year-over-year loss of 5.3%. The average price dropped 9.6%, a loss of 2.6% year-over-year.
The median price for condos fell 8.2% to $467,500, an annual loss of 6.5%. The average price dropped 3.6% to $551,477, up 8.4% year-over-year.
Home sales were down 16.8% from August, off 14.9% year-over-year. Condo sales were off 50%, month-over-month, down 38.9% compared to last September. Year-to-date, home sales are down 12.8%.
Inventory dropped last month, with single-family homes down 2.9% from August, and down 2.8% year-over-year. Condo inventory was down 5.9% month-over-month, and off 13.8% year-over-year.
The sales price to list price ratio for homes dropped 1.5 points to 96.3%. The ratio for condos fell 0.7 of a point to 97.1%.
Days on market rose 16 days to 89 for homes, and was up 43 days to 107 for condos.
Our days of inventory indicator rose 47 to 332 days for homes. It rose 164 days to 350 for condos.
The sales chart below shows the historic inventory versus sales ratio since January 2000. Click on the chart to expand it, then click your browser's back button to return.
The chart below tracks the change in median and average prices since January 2001. Click on the chart to expand it.
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