Although the number of homes for sale in the Santa Cruz area has been on the rise (greater than that of the past two years), the number of homes that have closed or were pending this past week has actually dropped significantly compared to that of this same time, historically.
One, single data point, doesn't necessarily tell a story, but combined with the fact that median home prices dropped double-digits in many Santa Cruz area zip codes this past June, it could potentially be signaling that we may be hitting a wall, in terms of who can (and/or still desires to) pay these record high prices.
Another thing to note is that, historically, this time of the year is peak season for supply, demand, and volume of closed transactions, however, these latest numbers may be be signaling that the rush to buy high-priced homes may be winding down. It will be interesting to see what happens to Median Days on Market (MDOM) in the next few weeks!
For more info and market stats, stay tuned to my website https://www.derekscranton.com/market and subscribe to this blog!