Santa Cruz Real Estate Update June 2014

Seb FreyLocal, Santa Cruz Real Estate

Here we are, half way through June, and the spring home buying and selling season is pretty much over. We’ve had an incredible run of amazing weather for what seems like forever, but ever since June hit, we’ve had this June gloom…but has that cast a pall on the Santa Cruz real estate market? Read all about it in the Santa Cruz Real Estate Update June 2014. The median price of single family homes in Santa Cruz county in May 2014 was $674,000 – that’s an increase of 8.7% compared to a year ago (when the median price was $620K), and an increase of 8.27% compared to the previous month, April, when the median price was $622,500. And that’s the good news. And it’s pretty much the end of the good news. Sales volume was higher in May compared to April – up 8.2% to 184 homes sold county-wide. However, sales volume was down 27.8% compared to May 2013: a year ago, 255 homes closed escrow in May. Even more telling, the number of homes under contract dropped precipitously. We closed out May with just 196 homes under contract – that’s a decrease of 29.2% compared to the previous month, and down a jaw dropping 41.14% compared to May 2013, a year ago. These are big, big drops – you might even call them alarming. It’s especially strange because the number of pending sales almost always increases from April to May, but this year, there was a big drop. Inventory continues to grow – we closed … Read More