Here's a quick summary of our local market:
Inventory is at an all time low. In the local area I monitor, we are tracking about 38% behind September 2020 and 64% behind September 2019.
Prices are at an all time high and continue to move upward
Buyers are facing stiff competition when making offers
Multiple offers continue but we are beginning to see longer days on market and fewer offers submitted. Move-in ready properties continue to generate heavy buyer interest, homes priced below one million continue to move quickly and the luxury market remains healthy but may have longer days on market.
Monterey County as a whole:
There are only 367 houses for sale in Monterey County but the numbers moved up slightly from August
Days on Market for August sales remain low: 21 days
Average Sales Price: $1,121,119
Average Price per Foot for August sales: $606
September activity can taper off as families return from summer vacations and begin the new school year so it's not clear yet if the slight "cooling" is related to the time of year, current national/global events or actual change in the housing market. Only time will tell but the general forecast is that we will continue to see low inventory and continued buyers' enthusiasm.