Looking at the past few years, we see similar new active listing numbers illustrating that there are actually a number of new homes coming on the market. The difference is how quickly buyers are purchasing them.
Strong home sales continue across Carmel, Pebble Beach and the Monterey Peninsula. More than $1.5B has sold through the first six months of the year. Looking at sales across the entire Bay Area you can see that the median square footage size in our region is the largest.
As home sell-through started in July, demand has remained steady. The shortage of new supply is causing an increase in market velocity resulting in multiple offers not as common in our area. Over the past two weeks we've been involved in several competitive offers (10 offers,11 offers, 11 offers, 10 offers, 10 offers). Data and charts prepared by Patrick Carlisle, Chief Market Analyst at Compass.
What to expect in real estate across Pebble Beach, Carmel, Pacific Grove and Monterey in 2021. National, regional and local trends. Overall it remains a strong market to sell. Contributing to this is the monetary policy, low interest rates and resilient financial markets that provide confidence that it is a good time to buy. Home shoppers want to begin experiencing their new home. This is key as it supports market velocity for sellers.