Sales of single-family, re-sale homes were up 58.9% in September compared to last September. This is the third month in a row homes sales have been up year-over-year.
Year-to-date, home sales are off 11.3%.
Statistical home prices continue to fall due to the large number of bank-owned properties being sold. We expect the surge in sales to, eventually, reduce the bank-owned inventory.
The median price for homes fell below $500,000 for the first time since April 2002, reaching $475,000, a decline of 18.88% from August and a fall of 32.4% from last September.
Inventory was down 19.9% from last September. This is the fifth month in a row inventory has declined year-over-year.
Our Days of Inventory indicator is at 215 days. In a balanced market, the supply of homes is usually around five to six months.
Condo sales were up 19.4% from August, and up 68.2% year-over-year.
The median price for condos was down 3.6% from August, and off 13.4% compared to last September.
The bank-owned property is clustered in the condo and entry-level home market. They constitute the largest percentage of sales, thereby driving down statistical prices.
Santa Cruz County Sales Statistics for Single Family Homes
