2nd Quarter Numbers in Pacific Grove, Ca
The second quarter numbers are now in for Pacific Grove, so let’s take a peak and see what they tell us. The number of new listings in Q2 was 74 compared to 43 new listings in Q1 of 2015. There were 35 closed transactions in Q1 and 51 closed transactions in Q2. The average days on market for the 1st quarter of 2015 was 62 days versus an average of 48 days on the market for the 2nd quarter of 2015. The inventory of homes on the market for the 1st quarter was 46 and the inventory for the 2nd quarter was 58. For Q1 the average sales price was $908,081 and the median sales price was $815,000. The second quarter average sales price was $872,627 and the median sales price was $785,000. Overall sales volume for Q1 2015 was $31,782,835 compared to $44,504,000 total sales volume for Q2 of 2015.
So what does this tell us? How do we interpret the above numbers? Well obviously home owners have responded to the seller’s market by bringing more homes on the market for sale. The amount of new listings almost doubled when you compare the 1st and 2nd quarters. Homes are selling faster by 24 days which is a by-product of a seller’s market. Interesting that the average and median price were less which could be due to more lower priced homes arriving on the market. Time will tell if that has a depressing effect on overall prices. So as expected the market has responded to the demand and supply has increased. However, it still is a seller’s market, so if you are thinking of selling now is the time.
www.patrickandkatieryan.com , 831-238-8116 patrick.ryan@sothebyshomes.com, BRE#01957809
Comments (16)Subscribe to CommentsComment