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

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

  • There is a lot of optimism in the marketplace and predictions are that we shall see improvements in inventory and mortgage rates as we move through the year.

  • Sales prices are projected to incline as the inventory shortage persists.

  • Competition amongst buyers may increase and we will probably see multiple offers and sales prices above list price on move-in ready properties.

  • We have seen less price reductions throughout the month of January compared to November and December.

  • Freddie Mac reported the average 30-year fixed mortgage rate at 6.69% on January 25, 2024.

Break Down of Monterey County:

  • Currently, there are 342 residential homes/condos/townhomes listed for sale

  • There are 131 properties listed under $1,000,000 (38% of total listings)

  • There are 40 properties listed over $5,000,000 (11.6% of total listings)

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

  • There were 5.6 months of inventory for the month of December.

  • December Average Sales Price for Monterey County was $1,145,443

  • Average Days to Sell is 48 for January month to date.

  • Average Sales price to list price was 98% for December 2023.

  • There have been 97 sales so far in January.

The ATT Pro Am will be held this week and it usually marks the launch of the spring selling season. We have seen a slight increase in new listings but inventory will probably remain low for the next few months.

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.

May the hunt begin!

Data Source: MLS Listings Inc | Freddie Mac


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