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A Quick Update on the Monterey Peninsula Housing Market - November 8, 2023

Here is a quick summary of the Monterey County Real Estate Market:

  • Inventory remains at all time lows across Monterey County

  • Sales prices remain historically high and predictions are that they won't be coming down in the near future

  • Price reductions continue to occur in most price points where the listing has been sitting for 3-4 weeks but very desirable properties (location/updates) are still getting multiple offers within the first couple of weeks of market exposure.

  • Average Sales price to list price is now 98.5% for October.

  • Buyers don't seem to be in a hurry to make offers unless they find an exceptional move-in ready home or have a need for a specific location.

  • Verbal offers seem to be more common now. Buyers are testing the waters to see if the seller would be interested in considering lower than asking price. Location, views and updates play a big role in whether a house will generate interest.

  • Average Days on Market continues to rise, hitting 85 days in October. Average Days to Sell was 38 days.

  • The average 30-year fixed mortgage rate is 8.08%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

  • Total mortgage application volume rose slightly this week according to the Mortgage News Daily and applications to refinance a home loan was 7% lower than the same time last year.

Break Down of Monterey County:

  • Currently, there are 401 residential homes listed for sale

  • There are 158 properties listed under $1 million

  • There are 44 properties listed over $5 million

  • There are 4.6 months of inventory

  • Average Sales Price is $1,485,684

  • There were 171 sales month-to-date for October

  • Average Price per Foot for closed sales ended at $803

Inventory remains low compared to pre-pandemic markets, prices remain at all time highs but overall sales volume is down from 2021 and early 2022. We are heading into the holiday season and the market is expected to remain sluggish over the next few months. Higher interest rates play a role for both buyers and sellers. Sellers who need financing are hesitant to give up their low mortgage payments and can't find a replacement home that meets their needs. On the flip side affordability for buyers has changed dramatically and many are currently priced out of the market.

Data Source: MLS Inc, Bankrate, Mortgage News Daily


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