A Quick Update for the Monterey County Housing Market - May 28, 2025

Here is a quick summary of the Monterey County Real Estate Market for April/May 2025:

• Inventory is steadily increasing as we move towards June. Months of inventory are down slightly over last year. In April 2024, months of inventory was 4.5 in April 2025 it is now 4.3.

• Median Sales prices fell slightly year over year. April 2025 - $874,500. April 2024 - $900,000.

• Sales volume has increased year over year. Snapshot of April 2025-$332,014,503 compared to April 2024 - $261,510,005.

• Price reductions continue with some frequency. April sales price to original list price was 98%.

• Average Days on Market for April sales was 54 days, up from a year ago when it was 45 days.

• The national average for the 30 year fixed rate mortgage 6.99% as of may 28,2025. (Bank Rate)

Break Down of Data for Monterey County:

Listings:

• Currently, there are 569 residential homes/condos/townhomes listed for sale

• There are 37 properties listed under $500,000 (6.5% of total listings)

• There are 170 properties listed between $500,000-$1,000,000 (29.8% of total listings)

• There are 61 properties listed over $5,000,000 (10.7% of total listings)

May Sales MTD:

• There have been129 sales

• Median Price per Foot was $772

• Average Days to Sell was 35

• Average Sales price to list original list price was 97.9%

The last Federal Reserve policy update was on May 7, 2025. The Fed decided to hold the federal funds rate steady at 4.25% to 4.50%. The next FOMC meeting is scheduled for June 17,2025.

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, Forbes