The median price for single-family, re-sale homes went over $500,000 in June for the first time since last October. The median price gained 11.1% from May, but was off 13.7% year-over-year. The average price rose 12.5% month-over-month, but was down 16.3% compared to last June.
Sales of single-family, re-sale homes were up, year-over-year, by 18.8% in June. Year-to-date, home sales are up 20.5%.
Inventory was down 41.7% from last June. This is the fourteenth month in a row inventory has declined year-over-year.
The drop in inventory and the rise in sales combined to push our Days of Inventory indicator down 39 days
to 117 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator declined 32 days to 140 days.
The sales price to list price ratio fell 0.2 of a point to 97.8%.
Pending sales, a leading indicator, were up 33.2% year-over-year.
Condo sales were up 16.7% month-over-month. Year-to-date, condo sales are up 20.9%.
The median price for condos fell 20.2% from the month before, and was down 17.3% compared to last June.
Condo inventory was down 40.9% compared to June 2008.
Pending sales for condos is up 12.7% year-over-year.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
For More Information
Please contact me if you'd like more information about our community or real estate market:
Walter Stauss, Lifestyles Real Estate
500 Seabright Avenue, Santa Cruz, California 95062
Cell: 831.246.4663, Email: walter@831.com, Web: http://www.831.com
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