| Monterey County Home Sales Continue to Rise | |
| Sales of single-family, re-sale homes in Monterey County were up 170.9% in November compared to last year. Month-over-month, sales fell 23.6%. Sales continue to be concentrated in the lower-priced cities such as North Salinas where year-over-year sales were up 590%, and South County where sales were up 375%. Home prices continue to be affected by the bank-owned property that has flooded the market. The median price fell 3.5% from October, and was off 53.4% year-over-year. Inventory rose 9.8% from October, but was down 22.3% compared to November 2007. The monthly decrease in sales combined with the rise in inventory pushed our Days of Inventory indicator up 69 days to 229 days. The sales price to list price ratio increased 0.7 of a point to 98.4%. Condo sales fell 17.2% from October, but were up 200% year-over-year. The median price for condos lost 36% month-over-month, and was off 76.1% compared to last November. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me. |
Monthly Market Trends Newsletter
Current Home Sales, City by City
The city of Monterey has been following the rest of the Monterey Peninsula trends with sales increasing slightly over the past several months and average and median prices falling. The increase in inventory means there are great properties to choose from and buyers are starting to take advantage.
We are seeing a larger percentage of distressed sales in Monterey than in the recent past which is the driving factor on these numbers. Most impacted by the current market is the northern portion of the city where we are seeing more foreclosures and short sales. If you compare Monterey's numbers with the county numbers, you will see that is is in no way impacted at the same rate as Salinas and the more rural parts of the county.
The Monterey Peninsula remains a great place to invest and to keep your money relatively safe in the long term over other areas of Califiornia or even the stock market! If you always wanted your vacation property in Monterey, now is a great time to buy!
Although Monterey County is showing a large drop in average and median price over the past several months, Pebble Beach is holding it's own! Sales have been steady and most areas are holding value quite well under the current market pressures. We are actually ahead of last years sales figures! Who would have figured that with all the negative press!!!
Inventory is healthy, but not too far out of line for this high end community where it normally takes longer to sell a property.
There are some fantastic buys for second home buyers that want a piece of prime real estate. A modest country club side home in Pebble Beach is running right around $1,000,000. Something on the more prestigous estate side can cost you quite a bit more, depending on the view.
To drill down even deeper, try one of these links:
Monthly Market Trends Newsletter
Current Home Sales, City by City
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Sales of single-family, re-sale homes in Monterey County were up 226.3% over last September. This is the six month in a row home sales have been up year-over-year. Home sales were down 3.7% from August. |
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e-Pro 2008 International President's Elite (top 5%) Preview's Property Specialist
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