Real Estate Report presented by Pete Ruiz

April 2020 Report

Single Family Homes in Monterey County, All Cities, All Neighborhoods Change >


Median Price
$660,000
-3.3%
Average Price
$1,129,240
+1.4%
No. Sold
129
-25.0%
Pending Properties
232
-17.7%
Active
462
+2.0%
Sale/List Price Ratio
98.1%
0.0%
Days on Market
40
-38.9%
Days of Inventory
104
+31.4%

Market Barometer

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Market Commentary

Sales & Inventory Plunge in April

Sales of single-family, re-sale homes tanked in April compared to last year. I think we all expected this amidst the Covid-19 pandemic. Home sales were down 43.4%. There were 129 homes sold in Monterey County last month. The average since 2000 is 241.

We expect home sales to continue dropping for the next two months.

Inventory for single-family, re-sale homes was down for the ninth month in a row, dropping 34.7% year-over-year.

As of May 5th, there were 462 homes for sale. The average is 1,333.

The average price for single-family, re-sale homes surged 25.1%  year-over-year. It was up 1.4% from March.

The median sales price for homes in Monterey County rose 10%, year-over-year. It was down 3.3% from March.

Days of inventory rose from 79 to 104. The average is 185.

Days of Inventory reflects an estimate of the amount of time it would take to sell all of the current listings if no new listings became available. It is calculated by taking the number of homes for sale and dividing by the number of homes sold in a given time frame. We use last month’s sold number.

The sales price to list price ratio, or what buyers are paying compared to what sellers are asking, stayed at 98.1%.

Days on Market fell from 66 days to 40 days last month. The average for the past fourteen years is 68 days. Days on Market counts the time from when a home comes on the market to when it goes into contract.

The median sales prices for condos was down 4%, year-over-year, while the average sales price rose 6.6%. 

Condo sales were down 36.8% compared to last year.

The sales price to list price ratio for condos fell to 97.5% from 99.8%.

It took 79 days from when a condo comes on the market to when it goes under contract. The average for the past fourteen years is 66 days.

Days of inventory rose to 155 from 49. The average is 195.

There are 64 condos for sale. The average is 122.

For assistance in this market, do not hesitate to contact me. If you are thinking of selling, I can provide a free comparative market analysis. Also, if you click on Recent Sales & Listings, you will see what has sold, what is for sale and what is pending in your neighborhood.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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