Local Market Update: Entry Level Housing is Hot, Hot, Hot!

March 28, 2017

 

The days are longer and we now have time for a walk after dinner or a quick drive to the beach to see the awesome sunsets. We had some rain again last week but temperatures are going to be in the 60's and as always I feel fortunate to live in this temperate climate. 

 

MARKET STATISTICS

Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the week of March 10th:

  • New listings – 40

  • Off Market - 9

  • New escrows – 39

  • Closed sales – 23

  • Largest sale - $3.05 Million in Pebble Beach

  • Inventory – 435

  • Price reductions – 25

Generally, the Monterey Peninsula trails Bay Area real estate trends by 12-18 months. It looks like we are on track to do that and the market is shifting. Over the last 2 or 3 months, inventory has tightened, multiple offers are fairly common and entry level housing is becoming very competitive. One of my clients has been looking for a home under $700,000 and every property we have seen has gone into escrow within a few days of listing. Agents are setting offer review deadlines and Sellers have some choices. This trend seems to be prominent with homes and condos in the $400K-$800K range. Monterey, Marina and Seaside properties are selling fast.  Here are some highlights:

 

The largest sale ($3.05M) this week was located in Pebble Beach, at the Spanish Bay condos. 4051 SF home, 4 bedrooms and 4 bathrooms. It had been on the market for 244 days and was originally priced at $3.595M.

 

The highest priced listing came on at $6.5M. Located in Carmel Valley, the home sits on 7 acres, has 7 bedrooms, 6 1/2 bathrooms and a little over 7500 SF. It has been on and off market since Mach 2015.

 

As mentioned inventory remains tight in the entry level market (in our case, below one million). Here is a run down of some local markets:

  • Pacific Grove: 27 listings, prices range from $2.15M to $699K, 44% of listings are over $1 million

  • Pebble Beach: 72 listings, prices range form $49.8M to $859K, 76% of listings are over $2 million

  • Carmel: 141 listings, prices range from $15M to $485K. Most of the listing below $1M are located in Del Mesa or Hacienda (55+ communities)

  • Monterey: 63 listings, prices range from $4.25M in Monterra to $309, a 1 bedroom condo in the Casanova/Oak Knoll area.

I welcome your feedback and I hope you find the information helpful.

 

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