Sales of single-family, re-sale homes in Monterey County were up 226.3% over last September. This is the six month in a row home sales have been up year-over-year. Home sales were down 3.7% from August.
Year-to-date, home sales are up 59.9%.
Nevertheless, statistical home prices continue to fall due to the large number of bank-owned properties being sold. We expect the surge in sales to, eventually, reduce the bank-owned inventory.
The median price for homes fell below $300,000 for the first time since June 1999, reaching $280,500, a decline of 8% from August and a fall of 58.3% from last September.
Inventory was down 30.5% from last September. This is the six month in a row inventory has declined year-over-year.
Our Days of Inventory indicator is at 204 days. In a balanced market, the supply of homes is usually around five to six months.
Condo sales were also strong in September, up 180% year-over-year.
The median price for condos was off 65.1%.
The bank-owned property is clustered in the condo and entry-level home market. They constitute the largest percentage of sales, thereby driving down statistical prices.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
Monthly Market Trends Newsletter
Current Home Sales, City by City