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Local Market Update: Inventory In Line With 2016 Numbers!

Another beautiful day on tap for the Monterey Peninsula. Everything is green and our plants and trees are looking healthy. It's a great time to explore the area, now let's explore the local market......


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

  • New listings – 38

  • Off Market - 22

  • New escrows – 38

  • Closed sales – 24

  • Largest sale - $3. Million in Pacific Grove

  • Inventory – 437

  • Price reductions – 27

This week inventory, escrows and sales increased slightly over last week. In speaking with agents, there is a sense that inventory has dried up but year over year statistics show that we're even with last year's numbers. It appears that the entry level market is dominating sales activities and has re-aligned transaction activity to the more affordable communities on the Peninsula.

Here are some highlights:

  • The largest sale was in Pacific Grove on Ocean Blvd. It is a 4343 SF, 6 bedrooms, 7 bathrooms home with huge ocean views. It is the perfect ocean front vacation property and can sleep a large group of visitors. It does need a remodel but has lots of potential.

  • The highest priced new listing is in Pebble Beach on Padre Lane. Gorgeous views of the ocean, a pool, 3 bed/4 bathrooms, and 4896 SF. Listed at $4.65 million. A $49.8 million property in Pebble Beach has just had a $4 million price reduction. Anybody interested?

  • There are 3 properties $25 million so your choices are limiited!

  • Currently there are 8 REO's listed for sale on the Peninsula 62% of all listings are priced under $1 million

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

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