To predict the future we must first look to the past.
There were a total of Forty-three units that sold in Monterey in 2009.
- $165,000-$250,000 = 12
- $300,000-$400,000 = 13
- $400,000-$500,000 = 6
- $500,000-$600,000 = 8
- $600,000-$800,000 = 4
As you can see the lower-end dominated the 2009 market place.
Currently there are 30 units on the market and 9 units in escrow.
- $60,000-$250,000 = 11 Active 3 pending
- $250,000-$400,000 = 14 Active 5 pending
- $400,000-$500,000 = 3 Active
- $500,000-$600,000 = 8 Active 1 pending
- $600,000-$700,000 = 2 Active
- Over 2 Millon = 1 Active
So what do these numbers show us.....the lower-end is still driving the market place. As the low-end's inventory slips away we will start seeing the middle range move more. I think the upper-end is going to take a while to start moving; possibly the end of 2010 but it may not really start moving until 2011.
I can't really predict the future (if only I had a crystal ball) but I do think that the market is steady and will remain stready in 2010.
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