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A Quick Update on the Monterey Peninsula Housing Market - January 19, 2023

Here is a quick summary of the Monterey County Market:

  • Sales prices remain high but we are starting to see price reductions throughout the area

  • Average Sales price to list price is now below 100%. In December Sales Price to List Price was 97.6% for the County

  • Multiple offers and frenzied buyers are no longer trending but if a house is in move-in condition, you may see multiple offers

  • Average Days on Market are rising. Average days on market for December 2022 was 48

  • The 30-year fixed rate mortgage is down from the prior week when it averaged 6.48 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent. The 15-year fixed-rate mortgage averaged 5.52 percent, down from the prior week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 2.62 percent.The average rate on a 30 year fixed was 6.66 this week, the highest since 2007. (

  • Purchase and refinance applications are still down but we have seen some improvement in the first few weeks of the year

Break Down of Monterey County:

  • Currently, there are 353 residential homes for sale

  • There are 179 properties listed under $1 million

  • There are 5.5 months of inventory

  • Average Sales Price for December was $1,080,000

  • There were 154 sales for the month of December

  • Average Price per Foot for closed sales ended at $607 in December

Inventory remains low compared to pre-pandemic markets, sales volume is down but the Christmas season is a traditionally slow time of year. The ATT Pro Am will be here in a couple of weeks and I anticipate new listings coming to the market especially in Carmel and Pebble Beach. It appears that the market will remain soft for the next few months but interest rates, the war and the stock market will determine where we go.

Data Source: MLS Inc &


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