Here is a quick summary of the Monterey County Real Estate Market:
Inventory has shown slight improvements over the last month and we are now tracking ahead of 2023 numbers.
Sales prices continue to incline due to supply and demand influences.
Multiple offers are becoming common place and contingency waivers are on the rise.
Price reductions and property withdrawals have been minimal over the last month.
The 30 year fixed rate mortgage hovered around 7.0% as of April 10, 2024. The Fed is predicted to have three .25% reductions this year but we will need to wait and see. The next meeting is scheduled in May.
Break Down of Data for Monterey County:
Listings:
Currently, there are 387 residential homes/condos/townhomes listed for sale
There are 24 properties listed under $500,000 (4% of total listings)
There are 172 properties listed between $1,000,000-$3,000,000 (44.4% of total listings)
There are 39 properties listed over $5,000,000 (10% of total listings)
There are 4.1 months of inventory as of March 31, 2024.
Sales:
There were 169 sales in March
Average Price per Foot was $695 (up slightly over February)
Average Days to Sell was 41 (down slightly from February)
Average Sales price to list price was 98.6%
With rates continuing to hover around 7%, affordability is still an issue for many buyers but there may be financing options available so check with your lender.
If you are a buyer:
1. Consult your agent and your loan officer and create a plan!
2. Make sure to get pre-qualified.
5. Make a list of "must haves" and "like to haves" and be prepared to compromise
Data Source: MLS Listings Inc | Mortgage News Daily