Q1 2023 Market Report | Santa Cruz County

831.624.2300

montereycoastrealty.com

Dolores and Seventh Carmel-by-the-Sea

APTOS MARKET UPDATE

Aptos has seen the Average Sale Price drop 13% from Q4 of 2022, while the Median Sale Price rose 13% to $1,522,944. This is due to most of the market selling in the $1-2 million range, along with diminished sales numbers in the $3+ million range. Units Sold continued in fall another 22% from Q4, while being down 30.4% from Q1 of 2022. Days on Market (DOM) rose for the third straight quarter to 50, up 13.6% from Q4 2022 and 178% from Q1 2022. Despite the market continuing to cool, Months of Available Inventory (MOI) hit the lowest point since Q4 of 2021, which shows demand is still outpacing the limited amount of inventory coming to market.

$1,614,241

AVERAGE SELLING PRICE

13.1% vs Q4 2022

13.8% vs Q1 2022

SALES VOLUME $51.7M

32.2% vs Q4 2022

38.7% vs Q1 2022

32

UNITS SOLD

22% vs Q4 2022

30.4% vs Q1 2022

50 DAYS ON MARKET

13.6% vs Q4 2022

178% vs Q1 2022

SALES BY SEGMENT

831.624.2300

montereycoastrealty.com

Dolores and Seventh Carmel-by-the-Sea

CAPITOLA MARKET UPDATE

InCapitola, the Average Sale Price rose 13.8% from Q4 while the Median Sale Price fell 13.5% to $1,442,500. This large discrepancy comes from the only $5+ million sale in the last two years taking place this quarter at a time where sales are extremely constrained. There were only 6 sales for the quarter, down 57.1% from Q4 and 45.5% from Q1 2022. DOM hit 60 days for the quarter, however, if you exclude some outlier sales this number would be just 7 days. MOI remained low at 1.7 months, and shows that despite slowing trends in many statistics, inventory was unable to build substantially during the quarter against continued demand.

$2,078,333

AVERAGE SELLING PRICE

13.8% vs Q4 2022

10.7% vs Q1 2022

51.2% vs

39.6% vs Q1 2022

831.624.2300

montereycoastrealty.com

Dolores and Seventh Carmel-by-the-Sea

SANTA CRUZ MARKET UPDATE

Average and Median Sale Prices dropped for the third straight quarter, down 9.7% and 7% from Q4 2022, respectively. The sub-$1 million range composed most of this market prior to the pandemic and now make up 13% of the market as these affordable options rebound. Units Sold were just 64 for the largest market in the county, which is down 31.2 % from Q4 and 34.7% from Q1 2022. DOM rose another 26.5% to 43 days for the quarter. In contrast to other markets shown with similar price and activity movements, Santa Cruz continued to build MOI for the quarter to 2.4 months. This is the highest seen in this market since Q3 2019. 2%

$1,493,927

AVERAGE SELLING PRICE

9.7% vs Q4 2022

21.9% vs Q1 2022

SALES VOLUME $95.6M

37.9% vs Q4 2022

49% vs Q1 2022

64

UNITS SOLD

31.2% vs Q4 2022

34.7% vs Q1 2022

17% 69% 13% <$1M | 8 $1M-2M | 44 $2M-3M | 11 $3M-5M | 1 $5M+ | 0

43 DAYS ON MARKET

26.5% vs Q4 2022

95.5% vs Q1 2022

Santa Cruz

831.624.2300

montereycoastrealty.com

Dolores and Seventh Carmel-by-the-Sea

SCOTTS VALLEY MARKET UPDATE

After a brief hold in Q4 2022, Scotts Valley saw Average Sale Price drop 7.5% from Q4 and 22.3% from Q1 2022. The Median Sale Price also fell 7% from Q4 to $1,257,750. Though Units Sold fell 5.9% from Q4 2022 to 16, Q1 is normally slower in this market and held consistent year over year. DOM continued to increase as well, reaching 54 in Q1. This is up 29% from Q4 and 391% from Q1 2022, which shows just how changed one of the outlying area markets has been since the heat of the pandemic market has evaporated. MOI dropped drastically from nearly 5 months in Q4 to 2.5 months at the end of Q1. With low sales for the quarter, it is evident that the amount of new inventory coming to market is limited.

$1,331,903

AVERAGE SELLING PRICE

7.5% vs Q4 2022

22.3% vs Q1 2022

$21.3M

SALES VOLUME

12.9% vs Q4 2022

22.3% vs Q1 2022

16

UNITS SOLD

5.9% vs Q4 2022

no change vs Q1 2022

19%

81%

<$1M | 3 $1M-2M | 13 $2M-3M | 0 $3M-5M | 0 $5M+ | 0

54 DAYS ON MARKET

29% vs Q4 2022

391% vs Q1 2022

SALES BY SEGMENT

Scotts Valley

831.624.2300

montereycoastrealty.com

Dolores and Seventh Carmel-by-the-Sea

SOQUEL MARKET UPDATE

oquel saw the Average Sale Price drop 21.8% from Q4 and 22.9% from Q1 2022, while the Median Sale Price dropped just 1.8% from Q4 to $1,275,000. With a wide variety of price ranges held within this market, and relatively few sales, we tend to see some drastic variation in these numbers. Units Sold for the quarter were also low at just 8, down 11.1% from Q4 and 38.5% from Q1 2022. DOM reached a high for the past couple of years at 49, a rise of 81.5% from Q4 2022. MOI fell slightly from Q4 to 3.3 and represents one of the most stable inventory statistics of any market covered.

S

21.8% vs Q4 2022

22.9% vs Q1 2022

8

UNITS SOLD

AVERAGE SELLING PRICE 11.1% vs Q4 2022

49 DAYS ON MARKET

SALES

Soquel