Sales of single-family, re-sale homes in Monterey County were up 226.3% over last September. This is the six month in a row home sales have been up year-over-year. Home sales were down 3.7% from August.
Year-to-date, home sales are up 59.9%.
Nevertheless, statistical home prices continue to fall due to the large number of bank-owned properties being sold. We expect the surge in sales to, eventually, reduce the bank-owned inventory.
The median price for homes fell below $300,000 for the first time since June 1999, reaching $280,500, a decline of 8% from August and a fall of 58.3% from last September.
Inventory was down 30.5% from last September. This is the six month in a row inventory has declined year-over-year.
Our Days of Inventory indicator is at 204 days. In a balanced market, the supply of homes is usually around five to six months.
Condo sales were also strong in September, up 180% year-over-year.
The median price for condos was off 65.1%.
The bank-owned property is clustered in the condo and entry-level home market. They constitute the largest percentage of sales, thereby driving down statistical prices.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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