Here is a quick summary of our local market:
In the area I monitor, inventory is beginning to incline but still tracking below pre-pandemic years. Currently inventory sits about 43.5% of May 2020 and 99% of May 2021.
To highlight a few cities....Pacific Grove has doubled it's inventory over the last month. It now has 15 properties listed for sale, Marina and Seaside have both seen increases in listings with 16 and 23 respectively. Salinas has seen the biggest increase month over month. There are now 95 properties listed for sale and 31 are currently in escrow.
Sales prices continue to rise and are predicted to do so for the next few months. Sales price to list price was 102.7% for the month of April in the area I monitor
Multiple offers continue but we have begun to see increased price reductions and longer days on market
Interest rates have been inclining over the last few months and a quick review of today's rate from Money.com indicates 5.85% for a 30 year fixed
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 374 residential homes for sale in Monterey County. In April 2019, there were 954 properties for sale.
There are 175 properties listed under $1 million
Median Days on Market for active listings sits at 8
Median List Price for the County is $869,000
There were 232 sales for the month of April down from 2021 at 290 sales
Average Price per Foot for closed sales ended at $716
Median sales price for April 2022 was $855,000 compared to April 2021 at $782,500
It remains a seller's market as buyers continue to search for homes on the Monterey Peninsula. Sales volume remains strong due to pricing but sales units are on a decline. Inventory continues to rise slowly week over week and we do see a noticeable increase in inventory below the one million mark. With inclining interest rates and sustained higher prices, affordability in this price range may be a challenge so demand may be waning. In contrast, the luxury market, seems to be slowing down. Perhaps buyers and sellers are holding off on decisions while they see what happens both here and abroad. Either way, it will continue to be a competitive market for both buyers and realtors throughout California and the nation. Onward we go!
Data Source: MLS Inc