A Quick Update on the Monterey Peninsula Housing Market - August 22, 2024

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

• Inventory continues to improve month over month as we move through summer. In June 2021, months of inventory was 3.0. July 2024 was 5.6.

• Sales prices have cooled slightly year over year.

• Sales volume has dropped since 2021. July 2024 - $249,276,047, July 2021 $409,661,917.

• Multiple offers may still occur on very desirable properties but buyers are being more cautious about pricing and contingencies

• Price reductions are common place especially if properties have not attracted an offer within 3-4 weeks after listing. Sales price to list price average was 98.5% for July.

• Average Days on Market for Active Listings for Monterey County is currently 81 , up from last month's 79 days.

• The national average for the 30 year fixed rate mortgage 6.57% as of August 22, 2024, declining from the prior week. (Bankrate)

Break Down of Data for Monterey County:

Listings:

• Currently, there are 579 residential homes/condos/townhomes listed for sale

• There are 22 properties listed under $500,000 (3.8% of total listings)

• There are 242 properties listed between $1,000,000-$3,000,000 (41.7% of total listings)

• There are 70 properties listed over $5,000,000 (12.08% of total listings)

• There are 5.6 months of inventory as of July 31, 2024.

Sales:

• There were 171 sales in July, down slightly from June

• Average Price per Foot was $737 (down slightly from June)

• Average Days to Sell was 43 (up from June)

• Average Sales price to list price was 98.5%
  

Mortgage rates fluctuated slightly over the course of the last 30 days but we have seen some downward movement . There continues to be talk that the Feds may lower the rate in September. New data indicates that the amount of home owners with mortgages below 5% is declining and will continue to do so as life events force sellers to sell their homes. Divorce, death , births, and job relocations all play a role.

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