Here is a quick summary of the Monterey County Real Estate Market:
Inventory is steadily increasing as we begin the spring season. Months of inventory are down over last year. In February 2024, months of inventory was 5.8. February 2025 it is now 5.2.
Sales prices have continued to increase year over year. February 2025 - $1,195,806. February 2024 - $1,150,757.
Sales volume has increased considerably year over year. Snapshot of February 2025-$212,853,383 compared to February 2024 - $166,859,757
Price reductions continue with some frequency. February sales price to original list price was 94.5%.
Average Days on Market for February sales was 60 days, up from a year ago when it was 56 days.
The national average for the 30 year fixed rate mortgage 6.72% as of March 26,2025.
Break Down of Data for Monterey County:
Listings:
Currently, there are 448 residential homes/condos/townhomes listed for sale
There are 30 properties listed under $500,000 (6.6% of total listings)
There are 134 properties listed between $500,000-$1,000,000 (29.9% of total listings)
There are 49 properties listed over $5,000,000 (10.9% of total listings)
February Sales:
There were 116 sales in February (it was a short month)
Average Price per Foot was $784
Average Days to Sell was 48
Average Sales price to list original list price was 94.5%
The Federal Reserve met on March 19, 2025. They held rates steady for a second straight month and provided economic projections forecasting slower growth and higher inflation by year-end.
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, JP Morgan
