Santa Cruz County Home Prices Soften as Inventory Levels Rise

Posted by Eliza Walsh — August 10, 2006

 

 

Pleasanton, Calif., Wednesday, July 26, 2006 – Inventory in Santa Cruz County rose 53 percent, as total unit sales decreased 15 percent, year-over-year, according to a second quarter report released today by Prudential California Realty. Median prices for all housing types, softened slightly (-1%) from the same period last year. Couples and young families were the dominant buyers in second quarter. There were fewer first-time single buyers searching for homes and this contributed to the drop in sales of condominiums and other attached units. While many places in the county were experiencing sharp declines in their sales, areas such as Scotts Valley saw a 32 percent jump in sales over the same period last year as buyers were drawn to the neighborhood and the good quality and value of the available listings.

Second Quarter 2006 Housing Market Survey – Santa Cruz County

 

Santa CruzCounty Total Units Sold Q2/06 Total Units Sold Q2/05 % change Avg DOM* Q2/06 Avg DOM Q2/05 change 05/06 (days) Median** Price Q2/06 Median Price Q2/05 % change Total Active Listings† Q2/06 Total Active Listings Q2/05 % change Single-Family Detached Homes 520 569 -9 52 34 +19 $752,499 $753,701 0 1,856 1,231 +51 Single Family Attached Homes 61 118 -48 44 17 +27 $471,000 $483,047 -2 283 170 +66 "Buyers continued to be very active in the market; they are extremely interested in properly-priced homes in desirable neighborhoods. The market was most active in areas where sellers are open to negotiations and offering concessions, such as general repairs," said Scott Kucirek, general manager of Prudential California Realty. "If sellers were inflexible, buyers moved on." (more)

 

Second Quarter 2006 Housing Market Survey – Cities in Santa Cruz County Single-Family Detached Homes City Total Units Sold Q2/06 Total Units Sold Q2/05 % change Avg DOM* Q2/06 Avg DOM Q2/05 change 05/06 (days) Median** Price Q2/06 Median Price Q2/05 % change Active Listings† Q2/06 Active Listings Q2/05 % change Aptos 82 96 -15 45 37 +8 $848,500 $937,500 -9 289 205 +41 Boulder Creek 37 54 -31 60 31 +29 $541,000 $547,000 -1 158 124 +27 Capitola 8 22 -64 77 32 +45 $867,500 $842,440 +3 58 44 +32 Felton 23 37 -38 41 25 +16 $600,000 $555,000 +8 100 78 +28 Santa Cruz 155 161 -4 44 25 +19 $780,000 $765,000 +2 466 327 +43 Scotts Valley 50 38 +32 42 35 +7 $937,250 $778,000 +20 199 115 +73 Soquel 19 30 -37 69 49 +20 $825,000 $882,500 -7 59 50 +18 Watsonville 146 131 +11 38 34 +4 $668,000 $695,000 -4 527 288 +83 *DOM = Days on market **The median home price for the entire county is the weighted mean of median home prices of cities within Santa Cruz County. †Active Listings are the sum of listings that were available for sale for at least one day within the quarter. This can include listings from previous quarters. Data sourced from multiple listing services. All percentages rounded to nearest whole number -30- About Prudential California: Founded in 1887 as Mason-McDuffie Real Estate and transitioning to the Prudential name in 1997, Prudential California Realty and its sister affiliations in Nevada and Texas are a leading innovator of real estate technology solutions to its agents and clients. Now the eighth largest national real estate brokerage, Prudential California Realty provides comprehensive real estate solutions when buying, selling and owning a home with more than 29,000 transactions and $14 billion in annual sales for 2005. The company offers consumers full MLS access to home listings through its website www.PruRealty.com. Part of the tri-state affiliation owned by David Cobo and Ed Krafchow that includes Prudential California Realty, Prudential Nevada Realty, Prudential Texas Properties and Prudential Texas Realty, the organization cumulatively has more than 5,000 agents and 139 offices. Prudential CA/NV/TX is an independently owned and operated member of the Prudential Real Estate Affiliates. FOR MORE INFORMATION, please contact: Mansfield Communications Eliza Walsh: eliza@mcipr.com / (415) 283-3232 or Lilly Jan: lilly@mcipr.com / (415) 283-3216

 

 

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