At first glance sales look flat, but a closer look reveals the strength of the Monterey Peninsula market. The Monterey Peninsula is made up of several different cities and communities each with unique character and market dynamics. With a deep understanding of each of these markets, this report groups the Monterey Peninsula as Carmel, Pebble Beach, Pacific Grove, Monterey (+ Del Rey Oaks), and Seaside (+ Sand City).
Sales Transactions Comparison
The sales numbers for the first half of 2016 look similar to the past two years. They may even appear flat.
Strength of the Market
However, digging into a couple of other important metrics illustrates the strength of the market.
Inventory is lower
Lower inventory can contribute to decreased sales numbers as buyers are being held back by limited inventory and not finding the property desired.
Days on market is lower
Market velocity is increasing. The market inventory is selling faster than the past two years. The market has cleared out the 2015 springtime “glut” of inventory.
Moving into the Third Quarter of 2016
Historically July through October are the Monterey Peninsula’s busiest months of sales transactions and dollar volumes. While closed sales may slightly decline from last year because of sparse inventory, expect dollar volume to match past years because of the continued demand and increasing median sales prices.
For a personal introduction to the different neighborhoods of the Monterey Peninsula and a business analysis of real estate, contact Mark Peterson at 831.238.1380 Email.