Major Cooling in the Santa Cruz Housing Market
For the 2nd month in a row, we're seeing the month-over-month median sale price for single family homes either decrease significantly or remain flat. Most notably, Soquel plunged from the #1 spot in July ($2.195mil) all the way down to $1.25mil (a -43.1% free fall). Although it assumed the #1 spot for August, Capitola also dropped considerably; down from $2.1mil to $1.75mil (-16.7%).
These findings produce greater confidence in last month's prediction - that we may have already hit the peak of the market and we're now on the way back down. That being said, Sellers - if you were waiting to sell, don't. Buyers - Hang in there...things are looking better than they have in some time!
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