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Create A BlogSanta Cruz County Home Sales Up Again in October |
Posted at Santa Cruz Real Estate by Lauren Spencer
Nov. 12, 2008
Sales of single-family, re-sale homes were up 27.8% in October compared to last October. This is the fourth month in a row homes sales have been up year-over-year.
Year-to-date, home sales are off 8%.
The median price for homes rose 5.3% from September, but was down 31.7% year-over-year.
Inventory was down 26% from last October. This is the sixth month in a row inventory has declined year-over-year.
Our Days of Inventory indicator is at 195 days. In a balanced market, the supply of homes is usually around five to six months.
Condo sales were up 19.4% from August, and up 68.2% year-over-year.
The median price for condos was down 13.4% from September, but up 8% compared to last October.
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.
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.
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 at 831.662.6522 or e-mail me at lauren@laurenspencer.com
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