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A Quick Update on the Monterey Peninsula Housing Market - May 23, 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 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:


  • 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.


  • 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.

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 | US Bank


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