Real Estate Report presented by Maureen Mason

April 2018 Report

Single Family Homes in Monterey County, All Cities, All Neighborhoods Change >


Median Price
$620,000
+4.2%
Average Price
$988,173
-2.2%
No. Sold
222
+41.4%
Pending Properties
400
+7.0%
Active
472
+4.2%
Sale/List Price Ratio
98.2%
+0.9%
Days on Market
58
-6.9%
Days of Inventory
64
-18.1%

Market Barometer

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Market Commentary

Prices & Sales Continue Rising

The median sales price for single-family, re-sale homes in Monterey County rose 13.3%, year-over-year, to $620,000 in March. 

The average price for homes jumped 30.2% compared to last February: $988,173.

The median price for condos retreated from February, but was up 4.2% year-over-year to $492,000. The average price fell 5.5% to $523,479.

Home sales were up 5.7% year-over-year. Condo sales were down 27.3%.

The sales price to list price ratio, or what buyers are paying compared to what sellers are asking, continues to hover just below the 100% mark.

The ratio for homes was 98.2%. For condos it was 99.3%.

Property is selling slightly faster than normal. It is taking only fifty-eight days from when a home comes on the market to when it goes under contract. The average for the past fourteen years is sixty-eight days.

For condominiums, it took twenty-four days from listing to contract in January. The average is sixty-six days.

Inventory, or the lack thereof, continues to be the biggest factor in the Monterey market, as it is throughout the Bay Area.

There are only sixty-four days of home inventory. The average is one-hundred and ninety-three.

For condominiums, there are sixty-three days compared to an average of one-hundred and ninety-four.

As of April 5th, there were four hundred and seventy-two homes for sale. The average is 1,333.

There were fifty condos for sale. The average is one hundred and twenty-two.

Big investment firms have stopped gobbling up California homes

By: Cal Matters

Astronomical prices are forcing a rising share of California families to postpone buying a house. As a result, the state’s record-low homeownership rate has been a boon to one growing segment of California’s housing market: single-family home rentals.

Between 2005 and 2015, the number of owner-occupied homes in California shrunk by nearly 64,000 units, according to the Public Policy Institute of California. Meanwhile the number of renter-occupied homes increased dramatically.

California now has 450,000 more homes used as rentals than it did a decade ago. Compare that to the 1990s, when the number of rented homes grew by less than 120,000 while the state added 700,000 homes owned by the people who live in them.

The rising tide of single-family rentals has renewed attention on who actually receives the rent payments that nearly 2 million Californians make each month. Lawmakers and first-time homeowner advocates have been scrutinizing a relatively new form of landlord: private investment firms that snapped up thousands of homes during the foreclosure crisis and now rent them out.

With nearly one in four California homes now purchased in all-cash, these well-financed institutional investors have also been blamed as unfair competition against families bidding on starter homes. So how much are institutional investors impacting California’s housing prices? The data says not so much now.. 

The rest of the article is much too long for this space. You can access it here: https://tinyurl.com/y8ucd9fc

It is well worth the read as it also discusses the impact of foreign buyers on the local market.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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