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A Quick Update on the Monterey Peninsula Housing Market - March 8th, 2022

Here is a quick summary of our local market:

  • In the area I monitor, inventory continues at an all time low tracking at about 35% of March 2020

  • Pacific Grove only has 5 properties listed for sale and Pebble Beach has 21. Marina and Seaside are starting to show inventory increases. Marina currently has 15 properties for sale and Seaside has 17. At one point last fall, there were only 1 property for sale in Marina. Things are looking up!

  • Sales prices continue to rise and are predicted to do so for the next few months

  • Multiple offers continue but are not as frenzied as last fall

  • Interest rates remain low but we are starting to see gradual increases week over week and Economists are still forecasting a rate hike in March

  • Loan applications have slowed in recent weeks due to lack of inventory, global uncertainty and rising interest rates

Monterey County as a whole:

  • Currently, there are only 224 residential homes for sale in Monterey County

  • Days on Market for active listings sits at 57

  • Average List Price has dropped slightly to $3,091,000

  • Average Price per Foot: $1,011

  • There were 196 sales for the month of February down considerably from December 2021 (291 sales)

  • Average sales price for February 2022 was $1,704,388 compared to $1,249,956 in February 2021

It remains a seller's market as buyers continue to search for homes on the Monterey Peninsula. Sales volume remains strong but has declined since 3rd and 4th quarter 2021. Inventory remains fairly flat week over week as we head into spring. The fluctuating stock market and Ukranian crisis could temporarily influence real estate sales but the Economists are suggesting a limited impact to the market as a whole. Only time will tell!

Data Source: MLS Inc


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