Monterey Peninsula Housing Inventory Trends
Jonathan Balog
Luxury Real Estate Specialist | Broker Associate at Compass Real Estate
The Monterey Peninsula real estate market is showing some interesting trends. As in previous years, the number of available homes for sale appears to have peaked last month. August typically offers the widest selection for potential buyers, making it an ideal time for home shopping.
Currently, the housing inventory is approximately 33% higher than it was at this time last year. However, it's worth noting that we're still only at about half the pre-pandemic levels.
Last month's home sales here on the Monterey Peninsula saw a decrease of around 16% compared to August 2023. Year-to-date sales are also down by approximately 6.5% compared to the previous year. This combination of decreased sales and increased inventory has led to the highest level of "months of inventory" since March 2020.
As a reminder, "months of inventory" is a metric that indicates how long it would take to sell all existing properties on the market if no new properties were added. A higher figure in this metric suggests a shift towards a buyer's market, while a lower figure indicates a seller's market.
These trends suggest a gradual rebalancing of the local real estate market, potentially offering new opportunities for both buyers and sellers in the coming months.
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2 个月Thanks Jonathan for sharing these interesting trends! With more homes for sale and fewer sales, it looks like the market is shifting towards buyers. This could be a good time for people looking to buy in the Monterey Peninsula. Excited to see how it develops!