A Quick Update on the Monterey Peninsula Housing Market - October 22, 2024

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

• Inventory has begun to drop as we move towards the holiday season but there are more homes on the market this year versus last year at this time. In September 2023, months of inventory was 4.8. September 2024 it is now 5.3

• Sales prices have continued to increase year over year. September 2023 - $807,854. September 2024 - $845,471

• Sales volume has increased since September 2023-$270,843,695. September 2024 - $295,704,882

• Multiple offers may still occur on very desirable properties but buyers are being more cautious about pricing and contingencies

• Price reductions are occurring across most cities and price points. We continue to see reductions within 3-4 weeks after listing. Sales price to list price average was 97.7% for September

• Average Days on Market for Active Listings for Monterey County is currently 89

  
  

Break Down of Data for Monterey County:

Listings:

• Currently, there are 541 residential homes/condos/townhomes listed for sale

• There are 24 properties listed under $500,000 (4% of total listings)

• There are 242 properties listed between $1,000,000-$3,000,000 (40.1% of total listings)

• There are 64 properties listed over $5,000,000 (11.8% of total listings)

Sales:

• There were 176 sales in September, on par with the prior month

• Average Price per Foot was $834 (up very slightly from August)

• Average Days to Sell was 48 (up slightly from August)

• Average Sales price to list price was 97.7%
  

Mortgage rates fell temporarily in September when the feds cut interest rates by half a point. The 30-year fixed-rate mortgage has now increased for the third consecutive week. But notably, as compared to a year ago, rates are more than one percentage point lower

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