Here is a quick summary of our local market:
In the area I monitor, inventory continues at an all time low tracking at about 36% of April 2020 and 29.6% of April 2019.
To highlight a few cities....Pacific Grove only has 8 properties listed for sale, Pebble Beach has 21 and Marina has 7. We experienced limited growth last month however, Seaside and Salinas inventory seem to be on the incline. Seaside currently has 22 properties for sale and Salinas now has 65, an improvement over past months.
Sales prices continue to rise and are predicted to do so for the next few months. Sales price to list price was 99.9% for the month of March.
Multiple offers continue but are not as frenzied as last fall
Interest rates have been inclining over the last few months and recently hit the 5% mark. There was a .25 basis point rate hike in mid-March
Loan applications have slowed in recent weeks due to lack of inventory, global uncertainty and rising interest rates
Monterey County as a whole:
Currently, there are only 255 residential homes for sale in Monterey County
There are 114 properties listed under $1 million
Days on Market for active listings sits at 52
Average List Price has dropped slightly to $2.807.520 from $3,091,000 in February 2022
There were 162 sales for the month of March down from February 2022 (192 sales)
Average Price per Foot for closed sales ended at $900
Average sales price for March 2022 was $1,855,000 compared to $1,704,388 in February 2022
It remains a seller's market as buyers continue to search for homes on the Monterey Peninsula. Sales volume remains strong but has declined since 4th quarter 2021. Inventory remains fairly flat week over week and based on current trends, I am not expecting substantial changes in the next couple of month. The Ukranian war, inflation, increasing interest rates and the suggestion of a recession are all playing a role in all aspects of the economy. It will continue to be a very competitive market for both buyers and realtors throughout California and the nation. Onward we go!
Data Source: MLS Inc