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Local Market Update: 75% of New Escrows Under $1 Million Last Week!


MARKET STATISTICS

Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the week of March 10th:

  • New listings – 53

  • Off Market - 10

  • New escrows – 35

  • Closed sales – 34

  • Largest sale - $3.3 Million in Pebble Beach

  • Inventory – 430

  • Price reductions – 21

This week we had a strong surge in new listings, nearly doubling last week's numbers. Both closed sales and new escrows increased by 25%, and price reductions inched up slightly.

Here are some highlights:

  • 64% of new listings were under $1 million.

  • 75% of new escrows were under $1 million this week. Average price was $930,056, average Days on Market was 66.

  • Highest priced sale was in Pebble Beach on Rodeo Road. It was originally listed at $5.9M, sold for $3.3M and was on the market for 304 days. It has 6941 SF of living space, 3 bedrooms, 3 1/2 baths. It was built in 2012, Spanish style home. Great location but no view.

  • Highest priced new listing is on Scenic Drive in Carmel Point. Built in 1968, 2150 SF, 4 bedroom, 4 bath with a separate guest apartment. 6300 SF lot and best of all VIEWS, VIEWS, VIEWS! It prices out at $3523 per foot and it's all about location. Let me know if you want to take a look. I'd be happy to set up a showing.

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

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Sotheby's International Realty
3775 Via Nona Marie Suite 100, Carmel CA 93923
831-624-9700

License: DRE#01966114

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Debora Sanders is a real estate salesperson licensed by the state of California affiliated with Sotheby's International Realty. Sotheby's International Realty is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of real estate brokerage.

*All Rights Reserved*

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