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Local Market Update: 8% Increase in Inventory Last Week!

Last week we had an 8% increase in inventory. Sales and new escrows are up as well. Overall, it's been a very positive week! Let's take a look....


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

  • New listings – 29

  • Off Market - 12

  • New escrows – 38

  • Closed sales – 33

  • Largest sale - $8 Million in Carmel

  • Inventory – 439

  • Price reductions – 29

  • 32% of new listings were over $1 million. Salinas and Seaside listings account for 36% of the new inventory. Homes under $1 million continue to sell quickly. 3-5 days on market is not uncommon.

  • 27% of this week’s sales were over $1 million. There were 4 sales in Carmel under the one million dollar range. Two were condos. One was at Rio Road, the other was at Carmel Valley Ranch.

  • Salinas, Seaside, Monterey and Pacific Grove continue to be the hotbeds this week.

  • The highest priced sale was located in Carmel on Scenic Drive. The views from the living room are spectacular. It was a contemporary home with 3 bedrooms, 3 bathrooms, 2648 SF. It was on the market just over 6 months and sold for $8 million.

  • Highest priced listing came on at $4.295M. It's a 3/3, 2832 SF property, frontline Carmel Point, fabulous views, first time on the market in 35 years. It's on Isabella Avenue

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

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