Here is a quick summary of the Monterey County Real Estate Market:
Inventory continues to improve month over month as we head towards summer. We are tracking above 2021-2023 numbers
Sales prices continue to incline
Multiple offers may occur on very desirable properties but buyers are being more cautious about pricing and contingencies
Price reductions are fairly common place especially if properties have not attracted an offer within 3-4 weeks after listing
Average Days on Market for Active Listings for Monterey County is currently 73
The 30 year fixed rate mortgage hovered around 6.70% as of June 20, 2024 declining from the prior week.
Break Down of Data for Monterey County:
Listings:
Currently, there are 502 residential homes/condos/townhomes listed for sale
There are 20 properties listed under $500,000 (4% of total listings)
There are 224 properties listed between $1,000,000-$3,000,000 (44.6% of total listings)
There are 53 properties listed over $5,000,000 (10.5% of total listings)
There are 4.1 months of inventory as of May 31, 2024.
Sales:
There were 234 sales in May
Average Price per Foot was $802 (up from April)
Average Days to Sell was 44 (even with April)
Average Sales price to list price was 99.2%
Mortgage rates started off the month near 7% but there has been some positive shift in the last week or so. Rates play a major role in affordability for many buyers and the issue is exacerbated by rising home prices because sellers are reluctant to let go of their low mortgage payments. Overtime, this will work itself out but we continue to see the impact on our current 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.
5. Make a list of "must haves" and "like to haves" and be prepared to compromise
Data Source: MLS Listings Inc