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Santa Cruz County Home Sales Up Again in November
Sales of single-family ,
re-sale homes were up 26.7%
in November compared to last year.
This is the fifth month in a row homes sales have been up
year-over-year.
●
Year-to-date, home sales are off 7.1%.
● The median price for
homes rose 11% from October, and was down 38.8% year-over-year.
● Inventory was down
18.1% from last November. This is the seventh month in a row inventory has
declined year-over-year.
● Our Days of Inventory indicator
gained 89 days and is now at 284 days.
In a balanced market, the supply of homes is usually around
five to six months.
● The sales price to list price
ratio dropped 0.9 of a point to 96.8%.
● Days on market rose four days to
79 days.
Condo sales were down 3.7% from October, but were up
8.3% year-over-year.
● The median price for condos was
down 14.1% from the month before, and down 42.8% compared to last
November.
● 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.
The Santa Cruz Mortgage Market –
If you are in escrow with one of the new higher-limit, conforming
loans,
or you expect to buy a home before the end of the year, remember, the
new, higher conforming loan limit of $729,750 expires at the end of
the year. You must have your loan funded by then. Starting
January 1st, the conforming loan limit will be $625,000.
Housing Market Summary – The
Santa Cruz County real estate market is very hard to generalize. Not
only do you have many individual, unique cities such as
Santa Cruz,
Aptos,
Capitola,
Scotts Valley,
Los Gatos,
Felton,
Bolder Creek,
and Ben Lomond,
but within each city there are many micro real estate market
such as Santa Cruz' Westside, Eastside, Please Point, Live Oak, East
Cliff, Seabright, Yacht Harbor, and more.
For complete information on a particular neighborhood or property,
please click here or
call me at
(831) 423-SOLD (7653) or (888) 299-7653.
For more information on Santa Cruz County's housing
market, mortgage rates, and available homes for sale, download a copy
of our latest newsletter. Click
here >> |
