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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