February 2022: The median sales price for single family homes in January was $1,250.000. The median price first exceeded $1.2M back in April 2021. Even with all the overbidding since then, the median has averaged a little over $1.2M over the last ten months.
About a quarter of the January sales prices exceeded the asking price by $100,000 or more, about the same as the last few months. Note the data in this chart:
Sales over $1 Million accounted for 56 sales, or 69% of the total. The more affordable areas of San Lorenzo Valley and Watsonville had 25 sales, or 31%.
There were no short sales or bank-owned sales in January
Sales over $1,000,000 in the last 13 months:
- January: 69% of the sales (Overall median was $1,250,000)
- December: 62% of the sales (Overall median was $1,200,452)
- November: 64% of the sales (Overall median was $1,260,000)
- October: 58% of the sales (Overall median was $1,137,000)
- September: 65% of the sales (Overall median was $1,218,000)
- August: 68% of the sales (Overall median was $1,250,000)
- July: 69% of the sales (Overall median was $1,180,000)
- June: 61% of the sales (Overall median was $1,165,000)
- May: 66% of the sales (Overall median was $1,300,000)
- April: 70% of the sales (Overall median was $1,281,000)
- March: 56% of the sales (Overall median was $1,125,000)
- February: 55% of the sales (Overall median was $1,070,000)
- January: 58% of the sales (Overall median was $1,110,000)
BACKGROUND: People who keep statistics argue whether the median price or the average price is a better indicator. The average price is calculated by totaling the sales prices and dividing by the number of sales. The median price is that price where an equal number of sales occurred at a higher price and a lower price than the median.