Santa Cruz Real Estate

Blog by Lauren Spencer

Aptos, California

Market advice and tips on buying and selling real estate in Santa Cruz County

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Home Sales Up Year-over-Year

Posted at Santa Cruz Real Estate by Lauren Spencer

Aug. 20, 2008

Tagged with: homes sales, santa cruz real estate

Sales of single-family, re-sale homes were up 6.3% year-over-year. This is the first time sales have been up year-over-year since February 2007. Nevertheless, home sales year-to-date are off 21.2%.

The median price for homes gained 1.1% from June, but was off 20.1% compared to last July. The average price fell 3.7%, down 22.6% year-over-year.

Inventory rose 3.8% in July compared to June, but was off 13.3% compared to July 2007. This pushed our Days of Inventory indicator up seven days to 209. In a stable market, a six months supply of homes is normal.

Condo sales were down 8.8% in July from June, but were up 3.3% year-over-year.

The median price for condos gained 6.3% from June, off 18.7% compared to last July.

Condo inventory rose 6.2% month-over-month, but was down 3% compared to July 2007. This pushed our condo Days of Inventory indicator up 35 days to 248.

The sales price to list price ratio for homes was flat at 97.5%. The ratio for condos rose 2.8 points to 97.8%.

Days on market for homes fell eight days to 77. Days on market for condos shed five days to 83.

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 for an evaluation of your home's worth, call me at 831.662.6522 pr e-mail me at lauren@laurenspencer.com.

Trends At a Glance	Jul 2008	Previous Month	Year-over Year
Median Price	$716,500	$750,000 (-4.5%)	$856,500 (-16.3%)
Average Price	$887,483	$921,795 (-3.7%)	$1,038,830 (-14.6%)
No. of Sales	894	929 (-3.8%)	902 (-0.9%)
Active	5297	5153 (+2.8%)	4748 (+11.6%)
Sale vs. List Price	98.6%	98.4% (+0.2%)	100.4% (-1.7%)
Days on Market	49	48 (+1.3%)	38 (+29.4%)