2008 Monterey County Real Estate Statistics

Sales of single-family, re-sale homes surged in 2008, driven mainly by the foreclosure market.

The sales were concentrated in the lower end of the market in cities such as East Salinas, up 411.4%, North Salinas, up 331.4%, Seaside, up 196.6%.

On the other hand, these are the cities in which prices declined the greatest also. The median price in Sales was down 57.4%, in North Salinas, -45.8%, in South County, -45.9%.

Monterey County Days of inventory figures are the lowest we have seen since the start of the market downturn in 2005, indication the bottom might possible be here. We are even seeing multiple offers on REO's in the lower end of the market where pent up demand is starting to devour inventory. Many first time buyers who haven't been able to afford a piece of Monterey County are now realizing the dream of home ownership.

Year to date sales also increased dramatically, especially in the last 5-6 months of the year getting annual sales figures back to near pre-downturn levels. Again, the majority of these purchases are in the lower end and are REO's and short sales, which is taking a heavy toll on the counties average sale price and median sales price.

The sales Price to list price ratio is beginning to climb once again. This is a result of the multiple offers we are seeing on the REO's and short sales. In the higher end markets, these figures continue to stay within historical norms.

For more information on Monterey County, California's real estate market click here.

Monterey Peninsula Home Team

Mark Bruno Realtor

(831-917-8190