The Real Estate Report

Posted by Lauren Spencer on Monday, September 21st, 2009 at 2:24pm.

Trends At a Glance

Aug 2009Previous MonthYear-over Year
Median Price$500,000$540,391 (-7.5%)$577,150 (-13.4%)
Average Price$534,600$545,152 (-1.9%)$659,537 (-18.9%)
No. of Sales162178 (-9.0%)157 (+3.2%)
Pending Properties365278 (+31.3%)182 (+100.5%)
Active723746 (-3.1%)1,271 (-43.1%)
Sale vs. List Price98.5%97.3% (+1.3%)97.3% (+1.2%)
Days on Market8571 (+20.4%)71 (+19.7%)

Inventory Declines, While Pending Sales Continue to Rise

Inventory of single-family, re-sale homes fell for the thirteenth month in a row in August, and it is now down 43.1% year-over-year.

Pending sales, meanwhile, climbed 31.3% from July, and were up 100.5% compared to August 2008.

The median price for single-family, re-sale homes lost 7.5% in August. Year-over-year, the median price was off 13.4%

Sales of single-family, re-sale homes were up, year-over-year, by 3.2% in August. Year-to-date, home sales are up 16.6%.

Days of Inventory rose seven days to 129 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator dropped ten days to 176 days.

The sales price to list price ratio rose 1.2 points to 98.5%.

Condo sales rose 3.6% month-over-month, but were off 9.4% compared to last August. Year-to-date, condo sales are up 9.5%.

The median price for condos fell 28.1% from the month before, and was down 26.9% compared to last August. Don’t read too much into this as the small number of condo sales each month exaggerates the swings.

Condo inventory was down 35.4% compared to August 2008.

Pending sales for condos was up 35.8% 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.

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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