Here is a quick summary of the Monterey County Real Estate Market:
Inventory steadily dropped during the holiday season but months of inventory are down over last year. In December 2023, months of inventory was 6.1. December 2024 it is now 4.6
Sales prices have continued to increase year over year. December 2023 - $1,136,620. December 2024 - $1,379,390
Sales volume has increased year over year. Snapshot of December 2023-$159,126,752 compared to December 2024 - $262,084,085
Price reductions are not occurring as frequently in the past several months but December sales price to original list price was only 95.5%
Average Days on Market for December sales was 55 days, up from a year ago when it was 41 days.
The national average for the 30 year fixed rate mortgage 6.86% as of January 2, 2025.
Break Down of Data for Monterey County:
Listings:
Currently, there are 391 residential homes/condos/townhomes listed for sale
There are 22 properties listed under $500,000 (5.6% of total listings)
There are 148 properties listed between $1,000,000-$3,000,000 (37.8% of total listings)
There are 42 properties listed over $5,000,000 (10.7% of total listings)
December Sales:
There were 161 sales in December, on par with November
Average Price per Foot was $772 (up from November-$723)
Average Days to Sell was 46
Average Sales price to list price was 98.8%
The Federal Reserve held their last meeting of the year on December 18. They did a quarter-point rate cut which was a reduction of 100 basis points since September, however mortgage rates have risen and not declined.
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, Bank Rate
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