A Quick Update for the Monterey County Housing Market - April 24, 2025

Here is a quick summary of the Monterey County Real Estate Market for March 2025:

• Inventory is steadily increasing as we move towards May. Months of inventory are up over last year. In March 2024, months of inventory was 4.3 in March 2025 it is now 5.5.

• Sales prices have continued to increase year over year. March 2025 - $1,307,642. March 2024 - $1,269,421.

• Sales volume has decreased year over year. Snapshot of March 2025-$227,529,778 compared to March 2024 - $251,345,420.

• Price reductions continue with some frequency. March sales price to original list price was 95.3%.

• Average Days on Market for March sales was 49 days, up from a year ago when it was 56 days.

• The national average for the 30 year fixed rate mortgage 6.81% as of April 24,2025. (Forbes)

Break Down of Data for Monterey County:

Listings:

• Currently, there are 525 residential homes/condos/townhomes listed for sale

• There are 30 properties listed under $500,000 (5.7% of total listings)

• There are 168 properties listed between $500,000-$1,000,000 (32% of total listings)

• There are 54 properties listed over $5,000,000 (10.3% of total listings)

March Sales:

• There were 148 sales in March

• Average Price per Foot was $762

• Average Days to Sell was 46

• Average Sales price to list original list price was 97.5%
  

The Federal Reserve will meet again on May 6th. There is no crystal ball but many predict that there will be no movement in the benchmark interest rate.

If you are a buyer:

1. Consult your agent and your loan officer and create a plan!

2. Make sure to get pre-qualified.

3. Don't make big purchases that might affect your bank balances or credit score.

4. Be prepared to act quickly if you find a house you like.

5. Make a list of "must haves" and "like to haves" and be prepared to compromise

Data Source: MLS Listings Inc, Forbes