Local Market Update: Inventory climbs steadily, 4% ahead of 2016!

May 5, 2017

 

 

Happy Cinco De Mayo! Do you know the origin of this day?

According to Wikipedia, the date is observed to commemorate the Mexican Army's unlikely victory over French forces at the Battle of Puebla on May 5, 1862, under the leadership of General Ignacio Zaragoza. 

In the U.S. the date has become associated with the celebration of Mexican-American culture. In Mexico, the commemoration of the battle continues to be mostly ceremonial, such as through military parades.

 

MARKET STATISTICS

Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the week of April 28 to May 5:

  • New listings – 59

  • Off Market - 3

  • New escrows – 43

  • Closed sales – 39

  • Largest sale - $3. 7 Million in Pebble Beach

  • Inventory – 494

  • Price reductions – 5

 

Here are some highlights:

 

Inventory continues to climb and we are nearing the 500 listing mark. In reviewing 2016 statistics, we are 4% ahead of last year's inventory count. The season is heating up and we should see numbers reach into the high 500's by mid summer. Price reductions and withdrawals were minimal this week. All good signs.

 

55% of new listings were over $1 million which is a change from the past few months. Monterey dominated the new listing category and 6 out of 13 properties were located along Highway 68.

 

An interesting note this week.....There were 43 new escrows, 4 of which were REO's (Bank owned foreclosures). 1 was in the Carmel Highlands, 2 were in Pebble Beach and 1 was in Pacific Grove. Unusual activity and surprising locations. I used to manage REO asset teams at Wells Fargo and we had very few foreclosures in these locations. I'll keep my eye on this one.....could be an anomaly! Stay tuned!

 

The highest priced listing came on at $4.88 million and is an iconic landmark in Monterey. The G.T. Marsh Building is located across the street form Lake El Estero and was constructed in 1928. It was designed as a wealthy merchants residential compound utilizing the Chinese architectural characteristics of Szech'uan design. Completely renovated in 2007, it includes approximately 5,540 SF on the ground floor, which is comprised of an entry hall, main gallery, Japanese wing, gallery, offices, vault, tea room, kitchen, restrooms, work room, and private garage with mezzanine, and 3,596 SF on the second floor, which is comprised of three completely renovated residential units (3/2, 1/1, studio) with new flooring, bathrooms, kitchens and mechanical systems. It's a beautiful and unique property!

 

The highest sale was located in Pebble Beach on Rodeo Rd. This 5034 SF, 4 bedroom, 4+ bath home sold for $3.7 million. Originally listed at $4.495 million, it remained on the market for 1 year. It sits on 2 MPCC fairways, has wonderful views and lots of potential. It does need some updating but the location can't be beat!

 

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

 

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