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


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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