A Quick Update on the Monterey Peninsula Housing Market - December 8th, 2021

Here's a quick summary of our local market:

• Inventory continues at an all time low. We are tracking about 69.7% behind December 2019 active listings in the area I monitor

• Pacific Grove only has 6 properties listed for sale, Pebble Beach only has 17

• Sales prices continue to rise and are predicted to do so for the next few months

• Buyers continue to face competition when making offers

• Multiple offers are still trending but it does appear that some buyers are choosing to hold off until next year

• Interest rates remain at an all time low. Economists are predicting incremental increases next year but it will be a very gradual uptick

• Loan applications have slowed in recent weeks mostly due to lack of available homes to purchase. The holiday season may also play a factor in this trend

Monterey County as a whole:

• There are only 228 residential homes for sale in Monterey County

• Days on Market for active listings increased to 77 days in November 2021

• Average List Price: $3,141,101

• Average Price per Foot: $1,030

• 354 sales for the month of November

• Average sales price for November $1,393,432

December usually has the lowest inventory count as we head into the Christmas holiday but this year is unique! Historic lows, historic sales, historic prices. What will the new year bring? We'll have to wait and see!

Data Source: MLS Inc