Say what you want about an inventory crunch, tough lending
and rising prices; the Bay Area home market is heating up – not just in pocket
areas, but at the macro level.
People are buying and selling more homes, at a pace that’s
risen more than 75% above 2007 levels. MLSListings’ latest market data report
for greater Bay Area homes showed double-digit, year over year increases in
three of five counties representing 85% of November home sales, and total sales for the
greater Bay Area were up 12.7% over year-ago sales.
Median price continues to rise in all
Counties, led by San Benito with an increase of 49% over year-ago levels. Both Monterey and Santa Clara County median
price rose 20%, Santa Cruz grew 10%, and San Mateo is up 5% above year-ago
levels.
New listings fell across the board except in San
Mateo County where they remained flat compared to last year, and as one might
expect, days on market continue to drop year-over-year in all Counties.
Month-over-month comparisons showed a drop in sales, inventory,
and new listings in all Counties from October.
While there may be a tipping
point where the lack of inventory and new listings may slow sales momentum,
this will likely keep prices at a premium. The percentage decline of new
listings month-over-month is running between a low of 23% in Monterey County
and a high of 32% in Santa Cruz County.
Median
price increased in San Benito, Santa Cruz, and Monterey Counties but dropped in
San Mateo and Santa Clara Counties. Data for month-over-month comparisons can
be found on www.mlslistings.com.
So what does this mean for us on the Monterey Peninsula? Well, historically we follow the bay area’s
real estate trends by 4-6 months.
Let’s take a look at Carmel:
Trends At a Glance
|
Nov 2012
|
Previous Month
|
Year-over Year
|
||
Median Price
|
$974,400
|
$1,210,000 (-19.5%)
|
$651,500 (+49.6%)
|
||
Average Price
|
$1,308,640
|
$1,322,980 (-1.1%)
|
$1,119,560 (+16.9%)
|
||
No. of Sales
|
17
|
20 (-15.0%)
|
16 (+6.3%)
|
||
Pending Properties
|
32
|
34 (-5.9%)
|
24 (+33.3%)
|
||
Foreclosures Sold
|
3
|
3 (0.0%)
|
2 (+50.0%)
|
||
Short Sales Sold
|
2
|
0 (N/A)
|
3 (-33.3%)
|
||
Active Listings
|
117
|
134 (-12.7%)
|
172 (-32.0%)
|
||
Active Foreclosures
|
1
|
2 (-50.0%)
|
4 (-75.0%)
|
||
Active Short Sales
|
2
|
2 (0.0%)
|
9 (-77.8%)
|
||
Sales Price vs. List Price
|
95.8%
|
96.1% (-0.3%)
|
94.2% (+1.7%)
|
||
Days on Market
|
70
|
145 (-51.5%)
|
78 (-9.3%)
|
||
and now Monterey:
Trends At a Glance
|
Nov 2012
|
Previous Month
|
Year-over Year
|
Median Price
|
$552,500
|
$330,000 (+67.4%)
|
$510,000 (+8.3%)
|
Average Price
|
$659,930
|
$377,778 (+74.7%)
|
$478,909 (+37.8%)
|
No. of Sales
|
16
|
9 (+77.8%)
|
11 (+45.5%)
|
Pending Properties
|
29
|
32 (-9.4%)
|
29 (0.0%)
|
Foreclosures Sold
|
2
|
1 (+100.0%)
|
5 (-60.0%)
|
Short Sales Sold
|
1
|
4 (-75.0%)
|
1 (0.0%)
|
Active Listings
|
30
|
34 (-11.8%)
|
81 (-63.0%)
|
Active Foreclosures
|
2
|
1 (+100.0%)
|
6 (-66.7%)
|
Active Short Sales
|
2
|
2 (0.0%)
|
20 (-90.0%)
|
Sales Price vs. List Price
|
95.9%
|
94.5% (+1.5%)
|
93.3% (+2.7%)
|
Days on Market
|
109
|
30 (+265.3%)
|
128 (-14.9%)
|
This shows a definite market trend toward the positive.
Overall on the peninsula, home sales were up:
|
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