Here is a quick summary of our local market:
In the area I monitor, inventory remains low but is tracking above last year at this time. Currently inventory sits about 47% of October 2021, 91% of October 2020, and 119% of October 2021.
A quick snapshot of January versus October 2022 listings: Pebble Beach has doubled, Carmel, Carmel Valley, and Pacific Grove have tripled. Marina has gone up 6 fold and Salinas has more than doubled.
Sales prices remain at record highs but we are starting to see price reductions throughout the area. Average Sales price to list price remained above 100% for the month of September.
Multiple offers and frenzied buyers are no longer trending.
Average Days on Market continue to climb and it is taking from 2-4 weeks for most properties to go into escrow.
Interest rates continue to climb. The average rate on a 30 year fixed was 6.66 this week, the highest since 2007. (Money.com)
Purchase and refinance applications are down due to lack of inventory, global uncertainty and rising interest rates
Monterey County as a whole:
Currently, there are 462 residential homes for sale
There are 255 properties listed under $1 million
Average Days to Sell was 36 for September
There are 3.5 months of inventory
Median Sales Price for September was $810,000
There were 263 sales for the month of September
Average Price per Foot for closed sales ended at $672
The market has shifted in the past few months. Inventory remains low compared to pre-pandemic markets, sales volume is down, price reductions are occurring more frequently. Buyers seem to be pulling back perhaps due to interest rate hikes, affordability and the stock market.
Data Source: MLS Inc