Santa Cruz area homes values are starting to see some softening

Although areas like Santa Cruz 95060 were still hitting record high median sales prices in June 2021 ($1,844,662, up 25.1% month over month and 73.69% year over year), other surrounding areas haven't been so lucky. Month over month declines are beginning to post in many of the surrounding areas, most notably Santa Cruz 95062 and 95065 down 14.2% and 13.6%, respectively.

Other areas seeing declines are Capitola 95010, Aptos 95003, and Santa Cruz County as a whole, down 6.1%, 4.9%, and 11.7%, respectively, month over month. The County is still, however at a remarkable $1.17mil median, making home ownership difficult, if not impossible to the average prospective buyer, not to mention the lofty $1.925mil median price posted in Capitola this past June.

On the supply side of the story, a key metric in determining home prices, the number of homes for sale (week over week) has been surpassing that of the past couple of years, so perhaps sellers are finally getting the hint that, if there was ever a time to sell, it's now, which is good news for buyers - the dawn of more options and affordable pricing may finally be on the horizon!