Inventory had been pretty steady here the past five months but fell five units in September, ending the month with only 14 homes for sale. Sales, on the other hand increased in September with three more pending sales than in August. Price indicators were mixed, with the median sales price and price per square foot falling but the ratio of the sales price to list price in rising.
Homes sold in September did so for 103% of the list price, up from 101% in August. One year ago, this ratio was 97%. The median sales price in September was $837,000, down 1.5% from $850,000 in August but 1.5% higher than a year ago. The price per square foot slipped $68, from $797 in August to $729 in September. That was $122 higher than September 2015’s $607.
INVENTORY AND SALES
Nine sales went to contract during September, up from six in August and eight a year ago. Inventory fell by eight units from 22 at the end of August to 14 at the end of September. Those changes cut the supply relative to pending sales from 3.7 months at the end of August to 1.6 months at the end of September. There was a 1.75 month supply at the end of September 2015. Eight sales closed during September, compared to seven in August and eight a year ago.
DAYS ON MARKET
The average sale in September closed in 35 days, up from 29 days in August. September 2015’s sales were on the market an average of 45 days.
Inventory and Pending Sales by Price Range
While only 21% of Capitola’s inventory was priced below $900,000 at the end of September, 56% of the sales that went pending during the month were in this segment. Three homes were on the market at the end of September, compared to seven at the end of August. Five sales went to contact in September, two more than in August. That cut supply from 2.3 months at the end of August to 0.6 months at the end of September.
$900,000 to $1,299,999
The inventory of homes in the middle segment of the market has been on the decline, from seven at the end of July to five at the end of August and three at the end of September. Those three homes were 21% of Capitola’s total. Pending sales have held steady during the past three months at two, representing 22% of all sales. That left a 1.5 month supply at the end of September, down from 2.5 months at the end of August.
$1.3 Million and Above
With 57% of the city’s inventory, homes priced at or above $1.3 million make up the largest portion of homes for sale. Eight properties were actively listed in this segment at the end of September, down from ten at the end of August. Two sales went to contract during September, accounting for 22% of all sales here. One sale went pending during August.
Check out these other Real Estate Market Conditions Reports for September 2016: