It’s Inauguration Day and a new presidency begins. Based upon the news coverage, emotions are high and we’ve already seen a few arrests and some property destruction. I am glad we have the right to speak our mind in this great nation but I hope that peaceful gatherings prevail. Violence and vandalism muddy the water and from my perspective, it doesn’t seem to help anyone’s cause. Be safe out there!
With a stormy scene on the inauguration front comes another stormy weekend on the Peninsula. We had a flood alert earlier today and a little while ago, the skies opened up and a down pour ensued. Despite the weather, I’ve decided to do a couple of open houses this weekend in Pacific Grove so if you are out and about, stop by and say hi. I’ll be at 202 Lobos again from 1-3:pm. I’m determined to find that home a nice owner!
Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the past seven days:
· New listings – 48
· New escrows – 19
- Off Market - 13
· Closed sales – 28
· Largest sale - $2.095M in Carmel
· Inventory – 426
· Price reductions – 20
This week we had a large spike in new listings. 48 properties hit the market including 2 luxury estates that are definitely worth mentioning:.
One is priced at $49,888,000. It’s on 17 Mile Drive near Pescadero Point and a short stroll to The Lodge. This landmark home is one of 31 Pebble Beach water front properties. It has ocean, golf links, cove, Carmel Beach and Point Lobos views. It’s 12,800 SF and I’m sure it is spectacular. I doubt it will be on Broker Tour but if anybody is interested in buying it, let me know….I am happy to help!
The other estate is on Cypress Drive. Listed at $24,750,000 and one of only 5 properties located along the 18th hole at Pebble Beach, It has stunning views of the Links and Carmel Bay. It sits on 1 ½ acres and is 5156 SF. Price per foot is a whopping $4994. It will be interesting to see who buys these estates and how much they are willing to pay. Stay tuned!
With a quick look at the rest of the Peninsula, 56% of the new listings were below $1,000,000 and 14% were in the $1-$2 million range. Inventory moved up slightly, new escrows held steady and price reductions continue. It has been a busy week so far.
A YEAR IN REVIEW
This week I will summarize the 2016 Monterey Market:
2014 2015 2016
# of Sales 253 323 277
Avg List Price $757,461 $757,891 $786,921
Avg Sales Price $733,617 $735,380 $762,067
Days on Market 69 64 49
Price per foot $408 $436 $472
Avg Square Feet 1866 1775 1710
Units sold declined by 15% from the 2015 sales year but the average sales price increased by 3%,.
83% of last years’ sales were below $1,000,000.
Top sales price was $3,560,000 (Monterra)There were 8 sales between $2-$3 million in the Pasadera, Monterra, Old Del Monte and Bay Ridge areas
41 properties sold between the $1-$2 million range
227 sold under $1 million
As I review each city, it is very apparent how diverse the Peninsula is. As we’ve seen, prices range from $49 million Pebble Beach to $265K for a condo in Monterey. Luckily there are opportunities for most buyers but patience and timing play a huge role. With today’s technology, most buyers use the internet to find listings but it’s still important to use a Realtor. I can help sift through the comps, find the right neighborhood and be your eyes and ears when you can’t get to an open house. Make sure to call me if you need me to preview a home for you or if you want my feedback. I’m here to help!
NATIONAL REAL ESTATE NEWS:
Mortgage Rates Move Down Again
DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 20, 2017
For the third consecutive week, fixed-rate mortgages edged down, lowering borrowing costs for buyers and refinancers.
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 19:
30-year fixed-rate mortgages: averaged 4.09 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 3.81 percent.
15-year fixed-rate mortgages: averaged 3.34 percent, with an average 0.5 point, falling from last week’s 3.37 percent average. A year ago, 15-year rates averaged 3.10 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.21 percent, with an average 0.4 point, falling from last week’s 3.23 percent average. A year ago, 5-year ARMs averaged 2.91 percent.
Source: Freddie Mac
I welcome your feedback and I hope you find the information helpful.
Have a great weekend