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A Quick Update on the Monterey Peninsula Housing Market - February 29, 2024

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

  • Optimism continues but sellers are still hesitant to bring listings to the market. Buyers are out there but they are struggling to find properties due to the inventory shortage.

  • Sales prices seem to be inclining due to supply and demand influences.

  • Multiple offers are becoming part of the negotiation process and contingency waivers are on the rise.

  • Price reductions and property withdrawals were minimal for the month of February.

  • The 30 year fixed rate mortgage averaged 6.90 percent as of February 22, 2024, rising slightly from the week before.

Break Down of Data for Monterey County:

  • Currently, there are 340 residential homes/condos/townhomes listed for sale

  • There are 134 properties listed between $1,000,000-$3,000,000 (39.4% of total listings)

  • There are 42 properties listed over $5,000,000 (12.4% of total listings)

  • There are 18 properties listed under $500,000 (5% of total listings)

  • February sales Average Price per Foot was $693

  • Average Days to Sell is 43 for February month to date.

  • Average Sales price to list price MTD is 99.2%

  • There have been 107 sales so far in February

Storms in early February may have impacted real estate activity but the lack of inventory and continued higher interest rates appear to be the biggest factors in this challenging market.

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.

Data Source: MLS Listings Inc | Freddie Mac


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