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A Quick Update on the Monterey Peninsula Housing Market - June 20, 2024



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.

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

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