Here is a quick summary of the Monterey County Real Estate Market:
Inventory started rising as we entered the new year but listings are still trending below pre-pandemic numbers. In January 2025, months of inventory was 4.9. January 2024 it is now 5.8
Sales prices dipped year over year. January 2024 - $1,138,463. January 2025 - $1,298,621
Sales volume increased substantially year over year. Snapshot of January 2024-$163,938,663 compared to January 2025 - $237,647,570
Price reductions are not occurring as frequently as they did last year. January sales price to original list price was only 95.2%
Average Days on Market for January sales was 63 days, up from a year ago when it was 51 days.
The national average for the 30 year fixed rate mortgage 6.99% as of February 5, 2025.
Break Down of Data for Monterey County:
Listings:
Currently, there are 434 residential homes/condos/townhomes listed for sale
There are 26 properties listed under $500,000 (5.9% of total listings)
There are 162 properties listed between $1,000,000-$3,000,000 (37.2% of total listings)
There are 57 properties listed over $5,000,000 (13.1% of total listings)
January Sales:
There were 151 sales in January, on par with December numbers
Average Price per Foot was $716 (down from December-$772)
Average Days to Sell was 48, up slightly from December (46)
Average Sales price to list price was 98.2%
The Federal Reserve held their last meeting on January 28th. They did not reduce the benchmark rate. The January pause marks an end, temporarily, to the Fed's flurry of rate cuts last year.
If you are a buyer:
1. Consult your agent and your loan officer and create a plan!
2. Make sure to get pre-qualified.
3. Don't make big purchases that might affect your bank balances or credit score.
4. Be prepared to act quickly if you find a house you like.
5. Make a list of "must haves" and "like to haves" and be prepared to compromise
Data Source: MLS Listings Inc, Mortgage News Daily
