We remain in a seller’s market in Santa Cruz County, with 2.8* months of inventory as of June 11th for single-family homes. The median sale price dropped in May to $935k, which is 8.2% higher than the median sale price in May 2018. The number of new listings dropped, with 237 single-family homes listed for sale. The number of closings increased, with 148 single-family homes closed. The average sale-to-list price ratio dropped to 99.1%. Average days on market dropped to 30.
*Months of inventory tells us how many months it would take for all of the homes currently on the market to sell, given the current rate of sale. Less than 5 months of inventory generally indicates a seller’s market.