Monterey Peninsula Home Sales Volumes Jump in May 2017. Popular Primary Home Markets Continue to Lead the Way on the Monterey Peninsula with Luxury Home Sales Slowing.
Sales Volumes Jump in May 2017
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), Seaside (+ Sand City) and Carmel Valley. Here is a look at the sales volumes and numbers for May 2017 compared to May 2016.
Number of Sales Climbed in May Even with Limited Inventory
Number of sales is higher in five of the six markets. Total homes sold is up 41% compared to May 2016. However, median prices remain relatively similar to a year ago. Interest rates remain low that continues to keep the real estate market healthy but buyers are not finding the homes they are seeking. This is especially true in the primary home markets of Pacific Grove, Monterey, Seaside and Carmel Valley.
Large Number of Properties in Escrow and Limited Availability in Markets
As of June 8, here are the market breakdowns of total available inventory and the percentages under contract.
Active Pending Inventory
Number in Escrow
Percentage in Escrow
General Market Observations
General market observations for sales volumes in May 2017 across markets are that the median priced homes are selling relatively quickly; however, the premium and luxury home sales are slowing. This is compounded by more people listing homes at aspirational (i.e. too high of) prices. This is contributing to a large inventory of luxury Monterey Peninsula homes.
Luxury Home Discounts?
A surplus supply translates to an opportunity to get good values and negotiate prices for high-end homes. We see this in the markets of Carmel, Carmel Highlands, The Santa Lucia Preserve, Monterra, Pasadera, Tehema and Pebble Beach.
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.