Sales continue to show strength across markets of the Monterey Peninsula
The Monterey Peninsula is made up of several communities each with unique character and market dynamics. This report groups the Monterey Peninsula as Carmel, Pebble Beach, Pacific Grove, Monterey (+ Del Rey Oaks), and Seaside (+ Sand City).
Strong Sales Continue
The sales numbers through the third quarter of 2016 look similar to the past two years with the exception of July 2015. However, September roared back and with a large number of homes in escrow.
We are poised for a strong finish to the year.
Strength of the Market
A couple of other important metrics illustrates the strength of the market.
1. Inventory is still low
2. Days on market remains low
Lower inventory can contribute to decreased sales numbers as buyers are being held back by not finding the property desired.
Market velocity is increasing. The market inventory is selling faster than the past two years.
Moving into the Fourth Quarter of 2016
October through December was the largest quarter in 2015 and historically is very busy for 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.
In addition to this report you can find monthly market reports on all of the individual markets at Market Info.
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 or Email.
Mark Peterson was born and raised on the Monterey Peninsula, is a realtor at Monterey Coast Realty in Carmel, and a Lecturing Professor of Strategic Management and Marketing in the College of Business at California State University, Monterey Bay.