Santa Cruz – Housing Prices Drop From High
The Santa Cruz real estate market has come down off of its November highs as reality is setting in on an overheated market.
The median price for both single-family homes and condominiums in Santa Cruz County in December fell to its lowest level since April, after staggering up and down over the past few months, according to number-cruncher Gary Gangnes of Real Options Realty in Santa Cruz. Also, according to Gangnes, sales were down and listings were up compared with a year ago, other indicators of a gentle softening of the real estate market.
“The reference I’ve been hearing is rather than a pop, it’s just some air being let out of the balloon,” said Philip Tedesco, chief executive of the Soquel-based Santa Cruz Association of Realtors.
The median price of a single-family home in December was $739,000, a marked decrease from the previous month’s record-breaking high of $789,250, when an unusual number of sales topped $1.5 million. Other indicators that month showed the housing market easing. Santa Cruz Sentinel.
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