If you were lucky enough to have purchased a home at the median price of $1.1mil in Capitola last July, there's a good chance that you would have nearly doubled your investment just 1 short year later, as the median price this year is a whopping $2.1mil! That's up just about 90% year over year! Soquel is similar, boasting a median price of $2.025mil, up nearly 65% from the prior year and just over 30% from the prior month!
Despite last month's dips in median prices, most Santa Cruz areas have either stayed flat or continued to rise, the highest being Soquel (up nearly 30%) and the lowest being Santa Cruz 95060, down more than 23%, month over month.
With a peak number of new listings coming on last week in Santa Cruz County (125), it's possible that we may continue to see some softening of prices this August. Further bolstering this hypothesis is that, even though the number of pending homes also peaked last week at 64, it's a mere fraction of the number of new listings that have come on in the weeks prior.
What's all this mean? If a seller were waiting for peak market to sell, this may be the time. With perhaps an exception or two, all signs seem to be pointing to prices, at best, holding -or- at worst (from a seller's perspective) beginning to slide backwards. This is, of course, good news for buyers. We'll see!
For more info and market stats, stay tuned to my website https://www.derekscranton.com/market and subscribe to this blog!