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A Quick Update on the Monterey Peninsula Housing Market - December 10, 2023

Here is a quick summary of the Monterey County Real Estate Market:

  • Inventory remains low across Monterey County

  • Sales price remain high but we are seeing price reductions on existing listings and sellers seem to be a bit more conservative in how they position their homes when listing

  • Price reductions continue to occur in most price points but very desirable properties (location/updates) may still get multiple offers

  • Average Sales price to list price is now 98.4% for November

  • Average Days to Sell was 47 days for the month of November

  • The average 30-year fixed mortgage rate is now 7.40%, according to Market Watch but rates seem to vary dramatically depending on which site you pull up

  • Total mortgage purchase and refinance application volume rose slightly

Break Down of Monterey County:

  • Currently, there are 355 residential homes/condos/townomes listed for sale

  • There are 148 properties listed under $1 million

  • There are 43 properties listed over $5 million

  • There are 9.1 months of inventory

  • November Average Sales Price for Monterey County was $811,724

  • There were 168 sales in November

The holiday season has arrived and we can expect to see sellers pulling their listings off the market and waiting for the new year. Inventory remains low compared to pre-pandemic markets, prices remain at all time highs but overall sales volume is down from 2021 and early 2022. Mortgage rates have started to come down so things may be looking up for both buyers and sellers! Happy Holidays everyone and cheers to a great 2024!

Data Source: MLS Inc, Market Watch


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