Here's a quick summary of our local market:
Inventory continues at an all time low. We are tracking about 69.7% behind December 2019 active listings in the area I monitor
Pacific Grove only has 6 properties listed for sale, Pebble Beach only has 17
Sales prices continue to rise and are predicted to do so for the next few months
Buyers continue to face competition when making offers
Multiple offers are still trending but it does appear that some buyers are choosing to hold off until next year
Interest rates remain at an all time low. Economists are predicting incremental increases next year but it will be a very gradual uptick
Loan applications have slowed in recent weeks mostly due to lack of available homes to purchase. The holiday season may also play a factor in this trend
Monterey County as a whole:
There are only 228 residential homes for sale in Monterey County
Days on Market for active listings increased to 77 days in November 2021
Average List Price: $3,141,101
Average Price per Foot: $1,030
354 sales for the month of November
Average sales price for November $1,393,432
December usually has the lowest inventory count as we head into the Christmas holiday but this year is unique! Historic lows, historic sales, historic prices. What will the new year bring? We'll have to wait and see!
Data Source: MLS Inc