Santa Cruz Housing Market: A Dynamic Landscape in November 2024
The Santa Cruz, CA metro area housing market in November 2024 presents a dynamic landscape characterized by significant shifts in pricing, sales, and inventory metrics. The Median Sales Price has risen to $1,235,000, marking a robust year-over-year increase of 7.4%. This upward trend in sales prices contrasts with the Median List Price, which has decreased by 4.0% to $1,199,500, indicating a potential gap between seller expectations and market realities.
Price Per Square Foot metrics further illustrate the market's complexity. The median Price Per Square Foot has increased by 4.8% to $758.08, while the Median List Price per square foot has seen a more substantial rise of 7.1%, reaching $747.13. These figures suggest a competitive market where buyers are willing to pay more per square foot, even as overall list prices decline.
Sales activity in Santa Cruz has been notably vibrant, with 130 Homes Sold, representing a significant 32.7% increase year-over-year. However, Pending Sales have decreased by 7.0% to 119, indicating potential future slowdowns in closed transactions. New Listings have increased by 7.7% to 112, contributing to a growing inventory, which has risen by 17.6% to 408 homes. Despite this increase in inventory, the Months of Supply have dramatically decreased by 40.0% to 3.10 months, suggesting a faster turnover of available homes.
The Median Days on Market have slightly decreased by 3.0% to 39 days, reflecting a relatively stable pace at which homes are being sold. The average sale to list ratio has seen a minor decline of 0.3%, now at 99.2%, indicating that homes are selling very close to their list prices. The percentage of Homes Sold above list price has decreased by 2.9% to 33.8%, while the proportion of Price Drops has slightly decreased by 1.7% to 22.5%, suggesting some moderation in seller pricing strategies.
Interestingly, the percentage of homes going off the market within two weeks has increased by 12.3% to 42.0%, highlighting a segment of the market where demand remains strong and homes are being snapped up quickly. This could be indicative of a bifurcated market where certain properties, perhaps those priced competitively or in desirable locations, are experiencing heightened demand.
Overall, the Santa Cruz housing market in November 2024 is characterized by rising sales prices and increased sales activity, juxtaposed with declining list prices and a growing inventory. These trends suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.
