Santa Cruz County Home Prices Continued to Rise in May

Posted by Lauren Spencer on Friday, June 19th, 2009 at 1:20pm.

 The median price for single-family, re-sale homes rose 4.7% from April.  The median price was off 23.9% year-over-year. The average price fell 9% month-over-month, and was down 30.2% compared to last May.

Sales of single-family, re-sale homes were up, year-over-year, by 10.3% in May. Year-to-date, home sales are up 21%.

Inventory was down 39.8% from last May. This is the thirteenth month in a row inventory has declined year-over-year.

The drop in inventory and the rise in sales combined to push our Days of Inventory indicator down 21 days to 156 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator rose thirteen days to 172 days.

The sales price to list price ratio rose 0.8 of a point to 98%.

Pending sales, a leading indicator, were up 35.1% year-over-year.

Condo sales were up 3.4% year-over-year. Year-to-date, condo sales are up 28.3%.

The median price for condos rose 17.5% from the month before, but was down 9.2% compared to last May.

Condo inventory was down 34.4% compared to March 2008.

Pending sales for condos is up 25% year-over-year.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me at 831.662.6522 or e-mail me at lauren@laurenspencer.com

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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