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Local Market Update: 60% of New Listings Under $1 Million Last Week!


Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the past seven days:

  • New listings – 30

  • Off Market - 12

  • New escrows – 27

  • Closed sales – 24

  • Largest sale - $3.475 Million in Carmel

  • Inventory – 418

  • Price reductions – 20

Listings and closed sales are flat but new escrows showed a small increase. Inventory is down slightly from the same time last year but week over week, things are static.

  • 60% of new listings this week were under $1 million.

  • The largest sale this week was a Spanish Colonial home in Monterra, Monterey. It has 4 bedrooms, 4 1/2 bathrooms, 6957 SF and sits on 2.9 acres. It was on the market for only 45 days ....a quick sale for this price range!

  • The highest priced new listing this week is located at 2468 Bay View Ave in Carmel, Listed at $3.95M, it boasts 3978 SF and has 3 bedrooms and 4 bathrooms. Notes indicate ocean and golf course views. It's in Carmel Point area and sits on a 7500 SF lot. It's something to consider so let me know if you are interested in taking a look!

  • A stand out this week.....Pacific Grove only has 25 listings currently on the market. Based on the 2000 census, there are 7316 homes in PG...which means less than 1% of homes are currently on the market...Pickings are slim to say the least!

I welcome your feedback and I hope you find the information helpful.

Have a great weekend


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