KRXA Radio Show #258 - May 2014 Spring Fling!

The Spring real estate market came early to the Monterey Peninsula.  After a rather calm winter season, we are now seeing a steady influx of buyers and sellers in all Peninsula areas from Big Sur to Marina. 

It’s nice to see a healthy market again, but it is also a bit frustrating (and exciting) when we have to deal with multiple offers.  Regardless, we need to be prepared to deal with any kind of market, since we never know what’s coming when. 

We have finally struck a nice balance between regular loan transactions and cash sales.  Distressed sales are rapidly becoming a thing of the past.  They will always be around but not in large numbers like they were.

Let’s take a look at a snapshot of the individual housing markets for each of our 10 market areas. 

Carmel:  Everything UP in Carmel, listings, pendings, activity, prices.  A very active and stable market, fast on its way to full recovery from the years of setbacks we experienced a short while a ago.

South Coast (Carmel Highlands to Big Sur):  We are seeing a strong renewed interest in coastal property.  A larger inventory plus the mystique of the entire coast is drawing buyers from around the globe. 

Carmel Valley:  A very active market with a big infusion of inventory and one of the highest number of pending sales.  With its warmer weather, the Valley seems to be more popular than ever. 

Pebble Beach:  Not much change here.  Still doing better than last year.  Although average sales are higher, it tends to vary more due to the large number of high end sales at any given time. 

Monterey:  Lots of action in Monterey.  The turnover of inventory is good with only a modest increase of the average price of a home there over the last two months.  One can find a wide variety of homes there almost any time of year. 

Pacific Grove:  A strong market with an activity level of 41%, a good number of pending sales and a modest price increase over the last two months.  Pacific Grove has definitely been discovered. 

Del Rey Oaks:  No change in average price over the last two months.  A very stable market with only 2 pending sales.  Dollar for dollar this community is clearly the best value.  An inventory of 6 is about as big as it gets. 

Seaside/Sand City:  Inventory has increased recently, which gives this market something to work with.  Average price is up a bit, but nearly all homes here are quite affordable.  It’s the lowest priced area in our local market and multiple offers abound. 

Marina:  Inventory is typically low creating a good deal of competition.  In fact, actual sales prices of homes here have been running 1% above asking prices. Both Marina and Seaside have the highest activity levels in our market, running about 50% (half of inventory is pending at any given time) 

Monterey-Salinas Highway:  Being an extremely diverse area it is difficult to properly represent it statistically.  One thing we can say with confidence is that the activity level is currently 34%, which is a strong showing in this market. 

Here are the numbers for Monterey County as of April 2014:  

TRENDS AT A GLANCE	MAR 2014		PREVIOUS MONTH	YEAR-OVER YEAR
Median Home Price	-0.1%	$530,000	$530,500	+47.2%	$359,950
Average Sales Price	-23.9%	$713,961	$938,212	+22.1%	$584,859
No. of Homes Sold	+15.5%	164	142	-36.9%	260
Pending Properties	+16.8%	362	310	-26.1%	490
Foreclosures Sold	-14.3%	6	7	-85.7%	42
Short Sales Sold	-7.7%	12	13	-79.3%	58
Active Listings	-4.0%	594	619	-12.0%	675
Active Foreclosures	+14.3%	16	14	-56.8%	37
Active Short Sales	-39.5%	23	38	-83.8%	142
Sales Price vs. List Price	0.0%	97.9%	97.9%	-0.3%	98.3%
Average Days on Market	-1.8%	69	70	+13.6%	61

 

0 NORTHEAST DOLORES STREET, Carmel by the Sea 93921
Class:	Single Family Residential	List Date:	04/29/2014
Beds:	2	List Price:	$1,195,000
Baths:	2 (2/0)	Sale Price:
SqFt:	1,187 (Assessor)	HOA Fee:
Lot Size:	5,000 Sqft (Assessor)	X-street:	1st
Elem Dist:	Carmel Unified
High Dist:	Carmel Unified
List Agent:	Patricia J Ross
List Office:	Sotheby's Int'l Realty-Rancho
Direction:	Ocean Avenue north on Dolores. 3rd house NE of 1st.
Remarks:	Sophisticated, updated and ready to move in, this 2010 remodeled "Country Comfort" says it all. Open floor plan, high ceilings, beautiful hardwood floors on a large lot convenient to town and beach. Low maintenance landscaping perfect for second home or bring the kids and enjoy Carmel full time.

  

Open this Friday, Sat and Sun 2-4!

Patty Ross
831-236-4513
pattyre@comcast.net
www.pattyrosscarmel.com

Click here to listen to Patty discuss the latest trends in Northern California Real Estate including the communities of Carmel, Carmel by the Sea, Carmel Valley, Marina, Monterey, Pacific Grove, Pebble Beach and Seaside