The Santa Cruz County Real Estate Market Trends Report

Trends At a Glance

May 2009

Previous Month

Year-over Year

Median Price

$491,000

$470,000 (+4.5%)

$765,000 (-35.8%)

Average Price

$645,832

$598,559 (+7.9%)

$958,690 (-32.6%)

No. of Sales

984

909 (+8.3%)

907 (+8.5%)

Pending Properties

1,565

1,377 (+13.7%)

1,106 (+41.5%)

Active

3,055

3,550 (-13.9%)

6,261 (-51.2%)

Sale vs. List Price

98.9%

98.4% (+0.5%)

Days on Market

61 (-1.6%)

48 (+26.3%)

Market Overview

	Santa Clara County Home Sales at Highest Level Since May 2007
Home sales increased, year-over-year, by 10.9% in May. This is the eleventh month in a row homes sales have been up compared to the year before. The 984 homes sold were the most since May 2007 when there were 1,022 homes sold. Year-to-date, home sales are up 26.7%. The median price for single-family, re-sale homes rose 4.5% in May from April. Year-over-year, the median price was off 36.2% The average price gained 7.9%, month-over-month, but was off 33.2% compared to May 2008. Inventory dropped to its lowest level since February 2007. It was down 42.7% year-over-year. Pending sales, which is a leading indicator, was up 41.5% compared to last May. The sales price to list price ratio for homes rose 0.5 of a point to 98.9%. Days of inventory dropped 24 to 93 days for homes. Condo sales rose 20.3% from April, and were up 20.8% year-over-year. The median price for condos rose 10.7% from April, but it was off 38.3% compared to last May. The average price gained 7.3%, month-over-month, but was down 33.2% compared to May 2008. Condo inventory was down 42.3% year-over-year, while pending sales were up 41.8%. The sales price to list price ratio for condos rose 0.5 of a point to 97.6%. 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.