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 2023 numbers
Sales prices continue to incline due to supply and demand influences
Multiple offers continue as inventory remains tight
Price reductions were up slightly month over month but nothing dramatic.
Average Days on Market dropped 6 days compared to March
The 30 year fixed rate mortgage hovered around 6.875% as of May 23, 2024. The Fed did not lower the rate this month. Borrowers should expect mortgage rates to remain near their current levels
Break Down of Data for Monterey County:
Listings:
Currently, there are 454 residential homes/condos/townhomes listed for sale
There are 16 properties listed under $500,000 (4% of total listings)
There are 210 properties listed between $1,000,000-$3,000,000 (46.2% of total listings)
There are 45 properties listed over $5,000,000 (10% of total listings)
There are 4.3 months of inventory as of April 30, 2024.
Sales:
There were 176sales in March
Average Price per Foot was $729 (up slightly over March)
Average Days to Sell was 37 (down slightly from March)
Average Sales price to list price was 99.2%
With rates continuing to hover around 6.75%, affordability is still an issue for many buyers but there may be financing options available so check with your lender.
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 | US Bank
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