Here is a quick summary of the Monterey County Real Estate Market:
Inventory has shown slight improvements over the last month and we are now tracking ahead of 2
023 numbers.
Sales prices continue to incline due to supply and demand influences.
Multiple offers are becoming common place and contingency waivers are on the rise.
Price reductions and property withdrawals have been minimal over the last month.
The 30 year fixed rate mortgage hovered around 7.0% as of April 10, 2024. The Fed is predicted to have three .25% reductions this year but we will need to wait and see. The next meeting is scheduled in May.
Break Down of Data for Monterey County:
Listings:
Currently, there are 387 residential homes/condos/townhomes listed for sale
There are 24 properties listed under $500,000 (4% of total listings)
There are 172 properties listed between $1,000,000-$3,000,000 (44.4% of total listings)
There are 39 properties listed over $5,000,000 (10% of total listings)
There are 4.1 months of inventory as of March 31, 2024.
Sales:
Comments