Prices of single-family, re-sale homes and condos rose in 2007, after a small decline in 2006. Of course, the numbers are a bit deceptive, especially in this market. First, the number of home sales above $1,000,000 has increased and this has the effect of skewing the numbers upward.
The median price for single-family homes for the year was $755,000, a gain of 1.2% over 2006. The average price gained 3.3% to $857,148.
Condo prices fared a bit worse with the median price down 4.2% to $503,000 over 2006, but the average price gained 1.3% to $547,281.
Inventory was lower last year compared to 2006, which probably helped keep prices firm. The number of new listings that came to market last year was 17.2% lower than the year before for homes, and down 16.8% for condos.
The story of the year was the credit crunch. It slashed demand to the bone. Gone are 100% mortgages and no-doc mortgages. The tightening of underwriting has caused many people not to qualify for a home loan.
Sales were already weak before the credit crunch, but afterwards, they went into free-fall. Home sales dropped 21.2% from 2006, while condo sales were off 20.2%. This is now the third year in a row home sales have fallen. I expect we're nearing the bottom of the market, although we probably won't see much of a pick-up until the second half of the year.
P.S. To see the annual trend charts and tables for the individual cities in Santa Cruz County, click on the desired city name in the menu to the left.
| Santa Cruz County | ||||||||
| (Single Family Homes) | ||||||||
| Units | Prices | Percent Change | ||||||
| Year | Listed | Sold | Median | Average | Listed | Sold | Median | Average |
| 1996 | 3,679 | 2,116 | $236,500 | $268,392 | ||||
| 1997 | 3,542 | 2,522 | $265,000 | $303,118 | -3.7% | 19.2% | 12.1% | 12.9% |
| 1998 | 3,600 | 2,603 | $300,000 | $338,384 | 1.6% | 3.2% | 13.2% | 11.6% |
| 1999 | 3,304 | 2,617 | $350,000 | $401,467 | -8.2% | 0.5% | 16.7% | 18.6% |
| 2000 | 3,366 | 2,464 | $440,000 | $527,071 | 1.9% | -5.8% | 25.7% | 31.3% |
| 2001 | 3,566 | 1,826 | $487,250 | $561,952 | 5.9% | -25.9% | 10.7% | 6.6% |
| 2002 | 3,700 | 2,319 | $510,000 | $566,608 | 3.8% | 27.0% | 4.7% | 0.8% |
| 2003 | 3,556 | 2,439 | $540,000 | $611,999 | -3.9% | 5.2% | 5.9% | 8.0% |
| 2004 | 3,674 | 2,869 | $626,000 | $691,749 | 3.3% | 17.6% | 15.9% | 13.0% |
| 2005 | 3,808 | 2,283 | $750,000 | $834,435 | 3.6% | -20.4% | 19.8% | 20.6% |
| 2006 | 4,122 | 1,941 | $746,000 | $829,892 | 8.2% | -15.0% | -0.5% | -0.5% |
| 2007 | 3,411 | 1,529 | $755,000 | $857,148 | -17.2% | -21.2% | 1.2% | 3.3% |
The chart below has prices in the thousands and unit sales in the hundreds . If you see a chart with ($000's), then only the price is in the thousands and the unit sales are as they appear.
| Santa Cruz County | ||||||||
| (Townhomes/Condominiums) | ||||||||
| Units | Prices | Percent Change | ||||||
| Year | Listed | Sold | Median | Average | Listed | Sold | Median | Average |
| 1996 | 765 | 422 | $160,000 | $166,875 | ||||
| 1997 | 716 | 568 | $168,700 | $187,318 | -6.4% | 34.6% | 5.4% | 12.3% |
| 1998 | 782 | 686 | $181,500 | $194,994 | 9.2% | 20.8% | 7.6% | 4.1% |
| 1999 | 702 | 689 | $218,200 | $234,050 | -10.2% | 0.4% | 20.2% | 20.0% |
| 2000 | 615 | 559 | $278,000 | $310,498 | -12.4% | -18.9% | 27.4% | 32.7% |
| 2001 | 694 | 435 | $325,000 | $348,488 | 12.8% | -22.2% | 16.9% | 12.2% |
| 2002 | 763 | 540 | $342,750 | $360,094 | 9.9% | 24.1% | 5.5% | 3.3% |
| 2003 | 786 | 692 | $369,500 | $386,316 | 3.0% | 28.1% | 7.8% | 7.3% |
| 2004 | 728 | 611 | $427,000 | $446,657 | -7.4% | -11.7% | 15.6% | 15.6% |
| 2005 | 596 | 889 | $515,000 | $539,795 | -18.1% | 45.5% | 20.6% | 20.9% |
| 2006 | 988 | 481 | $525,000 | $540,421 | 65.8% | -45.9% | 1.9% | 0.1% |
| 2007 | 822 | 384 | $503,000 | $547,281 | -16.8% | -20.2% | -4.2% | 1.3% |
These statistics are generated using information from the RE InfoLink MLS, but have not been verified and are not guaranteed. RE InfoLink disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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