A Quick Update on the Monterey Peninsula Housing Market - July 24, 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 2.7. June 2024 was 5.4.

• Sales prices continue to incline year over year

• Sales volume has dropped since it's peak in 2021. June 2024 - $248,738,827, June 2021 $445,163,081.

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

• Price reductions are fairly common especially if properties have not attracted an offer within 3-4 weeks after listing. Sales price to list price average was 98.6% for June.

• Average Days on Market for Active Listings for Monterey County is currently 79, up from last month's 73 days.

• The 30 year average fixed rate mortgage 6.89% as of July 24, 2024, inclining from the prior week.

Break Down of Data for Monterey County:

Listings:

• Currently, there are 521 residential homes/condos/townhomes listed for sale

• There are 27 properties listed under $500,000 (5.2% of total listings)

• There are 224 properties listed between $1,000,000-$3,000,000 (42.8% of total listings)

• There are 53 properties listed over $5,000,000 (12.09% of total listings)

• There are 5.4 months of inventory as of June 30, 2024.

Sales:

• There were 187 sales in June

• Average Price per Foot was $761 (up slightly from May)

• Average Days to Sell was 33 (down from May)

• Average Sales price to list price was 98.6%
  

Mortgage rates fluctuated slightly over the course of the last 30 days but we are still hovering close to 7%. There is talk that the Feds will be looking at possibly lowering the rate in September but it's only a guess at this point. 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