Q3 2023 Market Report Aptos • Capitola • Santa Cruz • Scotts Valley • Soquel
Q3 2023 AT A GLANCE M A R K E T U P DAT E
Aptos The Aptos market saw a slight resurgence in activity during Q3, despite being hampered by low inventory throughout the year. There were 68 sales in the quarter, which is the peak for the year, up 21% from Q2 and 3% from a year ago. This was primarily driven by sales in the $1-2 million range, which now make up 74% of the market, and show a major shift from the breakdown a year ago. As a result, the average sale price has dropped 4% from Q2 and 14% year over year. The market also saw days on market (DOM) rise 24% to 31 days and months of inventory (MOI) rise to 2.6.
AVERAGE SELLING PRICE
$1,571,326 4.38%
versus Q2 2023
14.24%
versus Q3 2022
DAYS ON MARKET
31 24%
versus Q2 2023
3.3%
versus Q3 2022
SALES VOLUME
$106,850,200 16.1%
versus Q2 2023
11.6%
versus Q3 2022
UNITS SOLD
68 21.4%
versus Q2 2023
2
3%
versus Q3 2022
Q3 2023
Market Breakdown AVERAGE VS. MEDIAN SALES PRICE
2023 YTD SALES BY SEGMENT
in millions
3%
1%
4 homes
1 home
12%
19 homes
10%
16 homes
74%
116 homes
Q3 2022
Q4 2022
Q1 2023
Average
Q2 2023
Q3 2023 < $1m
Median
MONTHS OF AVAILABLE INVENTORY
NUMBER OF CLOSED SALES BY QUARTER
$1m–$2m
$2m–$3m
$5m+
$3m–$5m
CLOSED SALES VOLUME BY QUARTER in millions
Q1
Q2
2022
Q3
2023
Q4
Q1
Q2
2022
Q3
2023
Q4
Q1
Q2
2022
Q3
Q4
2023
Market Reports Q3 2023
Q3 2023 AT A GLANCE M A R K E T U P DAT E
Capitola Capitola had its best quarter of the year so far with 9 sales in Q3. This is an increase from Q2 despite being down 18% year over year. With these limited sales the market experienced wide variations in sales prices this quarter, which led to the average sale price gaining 11% from Q2 while the median sale price fell 8%. DOM were reduced to a much more competitive 24 days from 37 in Q2, and MOI held steady at 3 months at the end of the quarter.
AVERAGE SELLING PRICE
$2,022,667 11.2%
versus Q2 2023
7.21%
versus Q3 2022
DAYS ON MARKET
24 35.1%
versus Q2 2023
4.3%
versus Q3 2022
SALES VOLUME
$18,204,000 25%
12.3%
versus Q2 2023
versus Q3 2022
UNITS SOLD
9 12.5%
versus Q2 2023
4
18.2%
versus Q3 2022
Q3 2023
Market Breakdown AVERAGE VS. MEDIAN SALES PRICE
2023 YTD SALES BY SEGMENT
in millions
9%
2 homes
4%
4%
1 home
1 home
22%
5 homes
61%
14 homes
Q3 2022
Q4 2022
Q1 2023
Average
Q2 2023
Q3 2023 < $1m
Median
MONTHS OF AVAILABLE INVENTORY
NUMBER OF CLOSED SALES BY QUARTER
$1m–$2m
$2m–$3m
$3m–$5m
$5m+
CLOSED SALES VOLUME BY QUARTER in millions
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3 Q4 2023
Market Reports Q3 2023
Q3 2023 AT A GLANCE M A R K E T U P DAT E
Santa Cruz Santa Cruz remains restricted by inventory and affordability concerns, which can be seen in the unit sales trailing an already slow 2022. The average sale price fell 6% while the median remained flat in Q3, though these numbers still equal year end averages for 2022. Units sold were another best for the year at 94, and despite being up 5% from Q2 are still down 20% year over year. DOM rose 30% to 34 days while MOI remained flat at 2.6 months.
AVERAGE SELLING PRICE
$1,732,735 6.1%
versus Q2 2023
3.3%
versus Q3 2022
DAYS ON MARKET
34 30.8%
versus Q2 2023
48%
versus Q3 2022
SALES VOLUME
$162,877,130 0.8%
versus Q2 2023
17.7%
versus Q3 2022
UNITS SOLD
94 5.6%
versus Q2 2023
6
20.3%
versus Q3 2022
Q3 2023
Market Breakdown AVERAGE VS. MEDIAN SALES PRICE
2023 YTD SALES BY SEGMENT
in millions
1%
5%
2 homes
13 homes
8%
19 homes
19%
46 homes
67%
167 homes
Q3 2022
Q4 2022 Average
Q1 2023
Q2 2023
Q3 2023 < $1m
Median
MONTHS OF AVAILABLE INVENTORY
NUMBER OF CLOSED SALES BY QUARTER
$1m–$2m
$2m–$3m
$5m+
$3m–$5m
CLOSED SALES VOLUME BY QUARTER in millions
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3
Q4
2023
Market Reports Q3 2023
Q3 2023 AT A GLANCE M A R K E T U P DAT E
Scotts Valley Scotts Valley was one of the few markets to have a positive start to the selling season in Q2 but has fallen off this quarter unlike other markets. Units sold finished at just 20, a 28% drop from Q2 and a 26% drop from a year ago. Similarly, DOM rose 120% to 44 while MOI grew from 1.6 to 6 months. Scotts Valley is one of the few markets that has reached inventory levels seen before the pandemic, even if it was towards the end of Q3.
AVERAGE SELLING PRICE
$1,608,380 9.4%
versus Q2 2023
11.9%
versus Q3 2022
DAYS ON MARKET
44 120%
versus Q2 2023
10%
versus Q3 2022
SALES VOLUME
$32,167,609 21.9%
versus Q2 2023
17.1%
versus Q3 2022
UNITS SOLD
20 28.6%
versus Q2 2023
8
25.9%
versus Q3 2022
Q3 2023
Market Breakdown AVERAGE VS. MEDIAN SALES PRICE
2023 YTD SALES BY SEGMENT
in millions
2%
6%
1 home
4 homes
9%
6 homes
83%
53 homes
Q3 2022
Q4 2022 Average
Q1 2023
Q2 2023
Q3 2023 < $1m
Median
MONTHS OF AVAILABLE INVENTORY
NUMBER OF CLOSED SALES BY QUARTER
$1m–$2m
$2m–$3m
$3m–$5m
$5m+
CLOSED SALES VOLUME BY QUARTER in millions
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3
Q4
2023
Market Reports Q3 2023
Q3 2023 AT A GLANCE M A R K E T U P DAT E
Soquel Soquel showed another strong quarter after a positive Q2 where many other markets faltered. The average and median sale price continued their recovery after lower starts to the year, rising 19% and 13%, respectively. Units sold dropped 19% to 13 from a strong Q2 and DOM would be just 20 days without one outlier property. MOI rose to 3.3 months at the end of the quarter.
AVERAGE SELLING PRICE
$1,640,462 18.6%
versus Q2 2023
.30%
versus Q3 2022
DAYS ON MARKET
39 254.5%
versus Q2 2023
18.2%
versus Q3 2022
SALES VOLUME
$21,326,000 4%
versus Q2 2023
23.3%
versus Q3 2022
UNITS SOLD
13 19%
versus Q2 2023
10
23.5%
versus Q3 2022
Q3 2023
Market Breakdown AVERAGE VS. MEDIAN SALES PRICE
2023 YTD SALES BY SEGMENT
in millions
11%
4 homes
13%
5 homes
76%
28 homes
Q3 2022
Q4 2022
Q1 2023
Average
Q2 2023
Q3 2023 < $1m
Median
MONTHS OF AVAILABLE INVENTORY
NUMBER OF CLOSED SALES BY QUARTER
$1m–$2m
$2m–$3m
$5m+
$3m–$5m
CLOSED SALES VOLUME BY QUARTER in millions
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3 2023
Q4
Q1
Q2 2022
Q3
Q4
2023
Market Reports Q3 2023
Monterey Coast Realty represents buyers and sellers of quality properties,
from cozy cottages to magnificent mansions throughout the Monterey Peninsula, all the way east to Salinas Valley, through Carmel Valley and south to Big Sur. We are comprised of a handpicked team of Realtors known for their professionalism, ethics and business success. We work together to offer the highest quality of personalized service to our clients. Monterey Coast Realty is a sister brand of Carmel Realty Company, a 100-yearold real estate firm with a rich history as a family-owned business and a reputation for service, integrity and excellence. The collaborative culture of our professional colleagues contributes to a team approach with our properties and servicing clients. Combined, the firms have an exceptionally knowledgeable network of professionals who work together to offer the highest quality service to our clients. In addition, our unrivaled concierge-style client services team, first-class marketing and a robust company infrastructure with leading technology resources further reinforce our premier position in the area. We take pride in being actively engaged in the community and conduct both our real estate and volunteer activities with integrity. Together, the firms have accomplished an impressive record of sales and clientele loyalty. MEMBER OF THE SOMERVILLE GROUP
Brian Pybas 831.594.9402
Brian@MontereyCoastRealty.com REALTOR® DRE#02003077
831-624-2300 • info@MontereyCoastRealty.com | Dolores Street between 7th & 8th, Carmel-by-the-Sea Monterey Coast Realty DRE#01871677