Both inventory and sales fell in Santa Cruz during September. Inventory is at its lowest point since February, while sales remained in the range they have been for most of this year. Prices softened during the month as homes sold for less than their average list price for the second consecutive month and the median sales price declined from August.
On average, homes sold for 99.7% of the list price in September, little changed from August. One year ago, homes sold for an average of 100.3%. Although the median sales price in September was down 4% from August, it was still 6% higher than a year ago. September’s median sales price was $861,750, $37,250 below August’s $899,000 but $46,250 above September 2015’s $815,500. The price per square foot also fell in September, from $646 in August to $605 in September. That compares to $625 a year ago.
INVENTORY AND SALES
Inventory fell for the second straight month in September. 93 properties were actively listed at the end of September, down from 118 at the end of August and 121 a year earlier. 42 sales went to contract in September, 16 less than August’s 58 and 10 fewer than a year ago. A 2.2 month supply was on the market at the end of September, up from 2.0 months at the end of August but below September 2015’s 2.7. Closed sales also fell, from 58 in August to 42 in September.
DAYS ON MARKET
September’s sales were on the market an average of 33 days, one more day than August’s sales and 10 less than September 2015’s.
Inventory and Pending Sales by Price Range
28 homes priced under $800,000 were on the market at the end of September, unchanged from August. 13 sales went pending during September, down five from September. That increased supply from 1.6 months at the end of August to 2.2 months at the end of September. 30% of Santa Cruz’s inventory and 31% of sales were in this segment.
$800,000 to $1,199,999
In the $800,000 to $1,199,999 price range, both pending sales and inventory declined a little. Inventory fell by three units to end September with 45. Four fewer sales went to contract during September (20) that August (24). The result was an increase in supply relative to sales of about a week, from 2.0 months at the end of August to 2.25 months at the end of September. This price range accounted for 48% of both sales and inventory.
$1.2 Million and Above
The inventory of homes price at $1.2 million or higher was cut by more than half, from 42 at the end of August to 20 at the end of September. Sales were cut from 16 in August to nine in September. About 21% of the city’s sales and inventory were priced at or above $2.1 million. September ended with a 2.2 month supply of these homes, compared to 2.6 months at the end of August.
Check out these other Real Estate Market Conditions Reports for September 2016: