June's median price in Santa Cruz County, Calif., the midpoint of what sold, of single-family homes hit $919,500, according to Gary Gangnes of Real Options Realty, who tracks the numbers. In June 2018, the median price was $927,500.
Of all single-family home sales, 43% were more than $1 million and 24% of sales were in the San Lorenzo Valley and Watsonville, the more affordable areas of the county. One single-family home in Live Oak sold for $9.7 million. The house, 2900 E. Cliff Drive, has four bedrooms and four bathrooms, and is 4,200 square feet.
Elizabeth Juring Posner, a real estate agent with Mindful Beach House, was the buyer's agent on the sale. The house was listed for 12 days before going into contract and sold June 14, she said. It was originally listed at nearly $9.5 million and had three offers.
Posner said Santa Cruz is in "Silicon Valley's backyard" and people are coming in from over the hill to buy houses, sending prices higher. Because Santa Cruz is a vacation destination, the housing market won't dip like others, she said.
"I would like to see more affordability," Posner said. "You have great communities in Santa Cruz. You've lost that sense of community if you can't afford to live here."
Although there is a slight cooling in the housing market in Santa Cruz, it is still very strong, according to Elliot Eisenberg, MLSListings partner economist. When people who can't afford to buy in Santa Clara, San Mateo or San Francisco and buy in Santa Cruz County instead, they drive price appreciation, he said.
"When inventory's tight, it's tough to get housing," Eisenberg said. "Pressure on the buyer is pretty intense, too. You've got to move fast. You don't have the luxury of time, don't have the luxury of inventory."
