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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:

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.

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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Sotheby's International Realty
3775 Via Nona Marie Suite 100, Carmel CA 93923
831-624-9700

License: DRE#01966114

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Debora Sanders is a real estate salesperson licensed by the state of California affiliated with Sotheby's International Realty. Sotheby's International Realty is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of real estate brokerage.

*All Rights Reserved*

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