Anyone that has walked through town has seen that the interest in our area remains high. As Q3 closes out and we head into fall, it's a good time to look at the overall inventory and sales trends of the local real estate market.
Below you'll find more about:
Regional market information
Local market information
Looking forward we are confident in our market and expect it to remain strong.
We saw year-over-year price appreciation peak in the late spring. Home prices are still up from last year where there were also large price home jumps.
Comments are made that, "there are not any new homes for sale." Looking at the past few years, we see similar numbers illustrating that there are actually a number of new homes coming on the market.
The difference is how quickly buyers are purchasing them. This reduces the overall inventory of available homes. Peak lows were in April and May.
Local market | 15 weeks
When looking at even more specific Monterey Peninsula data (Carmel-by-the-Sea, Carmel, Pebble Beach, Pacific Grove and Monterey) over a 15 week period, you can see the hyper-frenzied market of spring has cooled a little with the percentage of sale price/ list price becoming more tempered (over asking of 107% of ask to 95% of ask).
Note: Home closing data lags the market by 30 days +/- since the contract was negotiated and then the home closed escrow. So June 21 data is from the negotiation period of approximately May 21. And September 27 is from the end of August when a few local factors (i.e. Tahoe fires) and a rush of new listing inventory impacted our market.
New listings peaked the week of August 2.
As home sales continue, total inventory available is decreasing. New listings coming on the market are again quickly being absorbed.
Days on market peaked in early September after a rush of inventory came on the market with some sellers setting aspirational prices combined with external market factors (Tahoe fires and COVID concerns).