There have been many headlines in national news media stating we are in for an all out housing crisis.
Fear sells, and the market heading for an all out crash is simply not true.
Here are some key market highlights indicating we are in a good position to retain the equity home owners have gained over the last several years.
- Prices remain strong. List Price to Sale Price ratio for Monterey County is at 100% YTD.
- Thankfully, inventory continues to rise with unit increases every month this year. Months Supply of Inventory (MSI) is up to 1.9 mo. for Monterey County.
- Avg. Sales Price for Monterey County is just over $1.4M (up 10% YOY).
- The median is now $847k (up 6%) for Monterey County.
The stats above clearly show there is a significant amount of housing demand in our local communities.
Below are year to date market stats for the Monterey County by price category.
Under $500,000
Closed Units 168‐ down 44% over YTD June 2021
MSI 3.0 months ‐ up 16%
DOM 69 days – up 17%
Active Inventory 86 units – the lowest in years
$ per sq. ft. $370 – even with this time last year
$500,000 to $1M
Closed Units 747 – down 10% over YTD June 2021
MSI 1.3 months – up 2%
DOM 28 days – down 28%
Active Inventory 208 units – slight increases 6 months in a row
$ per sq. ft. $532 – up 9%
$1M to $3M
Closed Units 438 – down 13.6% over YTD June 2021
MSI 2.1 months – down 8%
DOM 37 days – down 23%
Active Inventory 195 units – slight increases 5months in a row
$ per sq. ft. $825– up 4%
$3M to $5M
Closed Units 77 – 2.7% ahead of YTD June 2021
MSI 2.5 months – down 51%
DOM 33 days – down 61%
Active Inventory 45 units – slight increases 5 months in a row
$ per sq. ft. $1,298 – up 2%
$5M ‐ $10M
Closed Units 37 – down 12% over YTD June 2021
MSI 7.2 months – down 9%
DOM 91 days – up 15%
Active Inventory 34 units – a nice uptick over the past 5 months
$ per sq. ft. $1,960 – up 22%
Over $10M
Closed Units 16– up 33.3% over YTD June 2021
MSI 7.3 months – down 33%
DOM 60 – down 24%
Active Inventory 17 units – average for this price category
$ per sq. ft. $2,867 – up 7%
