Median home price in Santa Cruz County dips to $877,000

SANTA CRUZ — August’s median price, the midpoint of what
sold, of single-family homes sold in the county dropped to
$877,000, according to Gary Gangnes of Real Options Realty, who
tracks the numbers.

In August 2018, the median price was $920,000. From 2012 to
2018, the median price rose each August compared to the year
previous, according to the numbers.

“The market is coming into more of a balance between buyers
and sellers, but it’s been a sellers market for many years,”
Seb Frey, 2019 president of Santa Cruz County Association of
Realtors, told the Sentinel. “Despite all the stories you hear
about people leaving Santa Cruz and the Bay Area, the fact is that
not enough people are leaving such that it will free up enough
housing for those wanting, or who can afford, to buy here. Santa
Cruz is a ‘destination location’ — once people get into a
home here, they tend to hold on to them for decades.”

One single-family home that sold close to the median was 4827
Rivervale Drive in Soquel. With two bedrooms, two bathrooms and
1,488 square feet, the home was listed March 21 for $915,000,
according to Zillow. It closed escrow Aug. 22 and sold for
$870,000.

“I feel I’m seeing more reduced prices this year at this
time,” said Sue Seeger, a David Lyng Real Estate agent. Seeger
was the buyer’s agent for the sale.

121
Woodhill Dr. in Scotts Valley recently sold for $870,000. This
single-family home was one of the closest sales to the median in
August. (Dan Coyro — Santa Cruz Sentinel) 

Seeger said the buyer was a young family from Aptos who wanted
flatter land and more square footage.

“Buyers are looking for open floor models, remodeled kitchens
and bathrooms,” Seeger said.

Fewer single-family homes sold last month than they did a year
ago. In August 2018, 185 homes sold, compared to 167, according to
real estate statistics.

Frey said many would-be buyers are not purchasing homes because
they are afraid another price drop will happen like it did in
2008.

“You can’t live your life in fear of a zombie apocalypse,”
Frey said.

One statistic used for the housing market is the unsold
inventory index, or the time it would take to deplete housing
inventory.

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The August unsold inventory index is 3.7 months, up from three
months a year ago, according to the statistics. The index has
increased for 12 consecutive months, with each month compared to
the same month the previous year, according to Gangnes. As the
index rises, the market gradually becomes more balanced between
buyers and sellers.

While the unsold inventory index for single-family homes
increased, the unsold inventory index for condominiums and
townhouses decreased, from 3.8 months in August 2018 to 2.5 months
in August 2019, according to the numbers.

As the inventory index gets smaller, home prices are more likely
to increase. However, that is not the case here. Gangnes said
condominiums and townhouses are a little more affordable because
interest rates have dropped, which encourages more consumers to
buy, according to Gangnes.

By the numbers Median home prices during the past year:

August 2019: $877,000

July 2019: $899,000

June 2019: $919,500

May 2019: $925,000

April 2019: $965,000

March 2019: $925,000

February 2019: $937,000

January 2019: $826,000

December 2018: $926,000

November 2018: $911,250

October 2018: $907,500

September 2018: $920,000

August 2018: $920,000

August 2019 statisticsSingle-family homes

Median price: $877,000 ($920,000 a year ago)

Listings: 600 (558 a year ago)

Sales volume: 167 sales (185 a year ago)

Distressed: two bank-owned sales, no short sales

Unsold Inventory Index: 3.7 months (3 months a year ago)

Average price: $991,017 ($986,286 a year ago)

Condos/townhouses

Median price: $675,000 ($601,000 a year ago)

Listings: 113 (144 a year ago)

Sales volume: 45 sales (38 a year ago)

Distressed: no bank-owned or short sales

Unsold Inventory Index: 2.5 months (3.8 months a year ago)

Average price: $675,308 ($651,398 a year ago)

Source: Real Options Realty

Close to the median:

City of Santa Cruz

213 Coulson Ave: $905,000

118 Grandview St.: $879,000

120 Hall St: $850,000

422 Grant St.: $850,000

117 Blaine St: $849,000

County of Santa Cruz

280 Zayante School Road, Lompico-Zayante: $880,000

115 Taylor Road, Ben Lomond: $875,000

504 Westdale Drive, Bonny Doon: $875,000

103 Mar Vista Drive, Seacliff: $875,000

121 Woodhill Drive, Scotts Valley: $870,000

4827 Rivervale Drive, Soquel: $870,000

Highest

900 Via Gaviota, Rio Del Mar/Seascape: $6 million

600 Heather Point Lane, La Selva Beach: $3,637,500

495 Coastview Drive, Live Oak: $2.395 million

411 Whippet Run, Corralitos: $2 million

111 Fairview Ave., Capitola: $1.995 million

Lowest

609 Delta Way, Watsonville: $419,000

364 Brimblecom Road, Boulder Creek: $321,000

3 Carita Court, Watsonville: $315,000

270 Blue Ridge Drive, Boulder Creek: $281,925

10885 Lake Blvd., Lompico-Zayante: $186,220

Source: Real Options
Realty

 

Source: FS – All – Real Estate News 1
Median home price in Santa Cruz County dips to 7,000