Single-family, re-sales home sales were up 9.2% last year in Santa Cruz County.

Unfortunately, after a nice gain in 2010, prices were down. The median price for homes dropped 9.2% and the average price was off 5.6%.

Condo sales in the county were off 0.6% compared to 2010.

The median price for condos dropped 11.1%.

THE CALIFORNIA ASSOCIATION OF REALTORS®

expects the median home price to increase 1.7% in 2012. They forecast sales to increase by 1%.

“2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.

“The most likely scenario is for the modest recovery to continue, and this should push sales up slightly next year by 1 percent and maintain levels that are significantly higher than those recorded during the depths of the housing downturn.

“The wild cards for 2012 are many, including federal, fiscal, monetary, and housing policies; the contentious political climate during an election year; and the strength of the U.S. economic recovery,” said Appleton-Young.

MARKET STATISTICS

Sales of single-family, re-sale homes were up 19.7% year-over-year in December.

Condo sales gained 6.7% year-over-year.

The median price for homes was down 7.2% year-over-year.

The median price for condos dropped 13.2% year-over-year.

Home inventory continues to shrink and is now at its lowest level since January 2010: 490 homes actively listed. Please note, only active listings are included in this figure. Numbers from the local associations include properties that are also in a pending status, meaning they have an accepted offer, but haven’t been taken off the market.

Condo inventory was up 0.6% year-over-year.

Pending sales for homes rose 6.4% from last December.

Condo pending sales were off 7.5%.

Please remember, while statistics are nice, they will not determine the price you pay or get for a property. That will come down to you and the buyer or seller.