Q4 2022 Market Report | Santa Cruz County

APTOS MARKET UPDATE I

n Aptos, the average sale price showed modest gains from Q3 of 1.14% to $1.86 million, while the median price slid for the second straight quarter to $1.35 million. Both are down significantly from the highs in Q2 of this year by 9.4% and 20%, respectively. The real story is shown in the changes to units sold and days on market (DOM), where sales slowed another 38% to just 41 in Q4, while DOM rose 47% to the highest mark in the last two years. Aptos finished the year with 2.7 months of inventory (MOI), which was up slightly from Q3 and more in line with numbers seen prior to the heated market of the last few years.

CAPITOLA MARKET UPDATE

The Capitola market has held consistent throughout the year, though the average sales price slid 3.22% from Q3 to its lowest point for the year at $1.826 million, while the median price rose 1% to $1.67 million. Capitola had a positive Q4 in terms of units sold, which increased 27% from Q3 to 14. This was the highest mark for the year, which helped the market reach its highest sales volume for the year as well. This production was interestingly accompanied by a slight increase of 13% in DOM to 26. Due to the productive sales quarter, Capitola finished the year with only .9 MOI in contrast to many of the other markets.

2022 SALES BY SEGMENT

Q4, 7%

1.37% vs Q3 2022 2.07% vs Q4 2021

15% 71% 6% <$1M | 29 $1M-2M | 318 $2M-3M | 67 $3M-5M | 31 $5M+ | 4 SALES VOLUME $153.9M 22% vs Q3 2022 28% vs Q4 2021

$1,655,084 48% vs Q3 2022 36% vs Q4 2021

93

UNITS SOLD

AVERAGE SELLING PRICE 21% vs Q3 2022 26% vs Q4 2021

34 DAYS ON MARKET

SANTA CRUZ MARKET UPDATE

SCOTTS VALLEY MARKET UPDATE

After a few quarters with sliding numbers in average and median sale price, we saw the average price hold steady from Q3 at $1.44 million while the median price rose 14.7% to $1.53 million. Units sold fell another 37% from Q3 to 17 and couldn’t reach half of the sales seen in Q4 of 2021. DOM rose again by 5% to 42, the highest in any of the markets tracked. As expected with the previous two statistics, MOI in the market increased substantially during this time to 4.8 months. On paper, this increase has pushed Scotts Valley into a “balanced” market from a seller’s market when dealing with less than 4 MOI.

SOQUEL MARKET UPDATE

One of the smaller markets, Soquel, saw some of the most volatile activity in the quarter between average and median sale prices due to a few outlier sales on the high end. The average sale price rose 5.72% to $1.73 million while the median price slid 18.8% to $1.3 million. Units sold were cut back a significant 47% from Q3 to just 9 sales in Q4, however this is representative of a more normal Q4 move for this market during the winter holidays. Even with DOM dropping 18% to 27 days, MOI has reached the “balanced” market threshold of 4 months due to the slow sales quarter.