Real Estate Report presented by Information Designs

February 2018 Report

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


Median Price
$560,000
-8.9%
Average Price
$930,288
+3.1%
No. Sold
172
-17.3%
Pending Properties
314
+3.3%
Active
410
-12.4%
Sale/List Price Ratio
97.6%
-0.6%
Days on Market
66
+7.5%
Days of Inventory
72
+5.9%

Market Barometer

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Market Commentary

Home Prices Down to Start the Year

The median price of single-family, re-sale homes in Monterey County fell 2.6%, year-over-year, to $560,000 in January. 

The average price for homes was $930,288, a drop of 1.0% compared to last January.

The median price for condos surged 48.9% year-over-year to $530,000. The average price gained 58.6% over last January.

Home sales were up 4.9% year-over-year. Condo sales were off 37.9%.

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 and condos was 97.6%.

Property is selling slightly faster than normal. It is taking only sixty-six 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 sixty-three 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 seventy-two days of home inventory. The average is one-hundred and ninety-three.

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

As of January 5th, there were four hundred and ten homes for sale. The average is 1,333.

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

Getting Your Home Ready to Sell

I know, I know. You’re thinking, “I live in Silicon Valley where everything is selling with multiple offers! Why bother fixing anything?”

Well, not quite. Well-kept homes properly priced ARE selling quickly with multiple offers. Yet, there are still homes that have been on the market for over thirty days. P.S. We are averaging twenty-one days on market.

Homes that have been on the market over thirty days are either over-priced and/or not spiffed up.

Well-maintained homes priced properly will receive multiple offers in this market. Also, a clean, well-kept home will sell for more money than one that is run down.

If you are ready to sell your home, we have some tips for you.

First, make sure people will be enticed into your home when they first look at it from their car. This is called curb appeal. The next time you drive up to your home, look at it as if you were thinking of buying it. What could you do to make it more appealing from the curb? Is the yard neat? The grass green? The bushes trimmed? The kid’s toys put away? Is the front door clean? The garage door? A little paint and elbow grease here ensures more people will visit your home.

Next, you know all those little niggling things you’ve been meaning to fix? The squeaky door. The door knob that doesn’t work properly. The closet door that slides roughly. Fix them!

Go for the spacious look. You are going to be moving, that’s why the house is on the market. Start packing. Pack everything but the essentials, then put them in storage. This goes for the kitchen as well. Take all those appliances and containers off the counter tops and pack them away.

Spruce up your back yard. The back yard has evolved into one of the most important rooms of the house. Buyers will be attracted to back areas that have a nice deck or patio area with plenty of space for dining, grilling, and entertaining. And if you have a section of your yard that is child-friendly -- perhaps with a swing set, sandbox or play area -- play it up as much as possible.

Make your windows sparkle. Make sure your windows are nice and clean.

Keep your walls light. If you're thinking about touching up the paint on your walls before you put your home on the market, keep the colors neutral and light. A light yellow or beige will make the room feel cooler than darker hues, like brick red or dark taupe.

Let the light in. Open blinds and curtains so plenty of light illuminates the home's interior.

Keep the pool clean. If you have a pool or spa, make sure it's clean. If you have a fence, make sure locks and latches are working properly.

All this may seem like a lot of work, and it is, but it means a quicker sale with less hassle and more money in your pocket. Not to mention the pleasure you and your family will receive from living in a well-kept home.

To set the proper price, a seller must be aware of current market conditions, including what has sold recently in your neighborhood, and what is your competition.

Your local REALTOR®, that’s me, can assist you with this. Call me.

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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