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!
Subscribe to this blog for future updates and visit my page www.DerekScranton.com Whether it's in California or Florida, I'm licensed and ready to help make your dreams become a reality!