I have not bothered to include a median or average comparison price, as this can be very deceptive. If the median price is very low, it can mean that not very many expensive homes have been selling. Or the numbers of sold homes can be so small it’s also deceptive.

In Monterey for the 3rd Quarter we have less than a 5 months supply of homes. This is also referred to as the absorption rate. Last year same quarter, we had a 15 month supply of homes. This is also reflected in the current inventory of 65 homes versus 126 homes on the market last year at this time. 

In Pacific Grove the difference is not as dramatic between this year and last. Less homes actually sold this 3rd quarter 36 sold versus 34 in the same time period last year. The number of months supply this quarter is almost 7 versus almost 9 last year.

In Marina while less homes have been sold this quarter 31 sold versus last year – 34, the inventory is considerably lower 38 versus 89 last year. So the number of months suply is 3.68 versus 7.86 last year. I checked recently and there were only 18 active listings in Marina!! About 70% were in escrow!

In Seaside the number of solds this quarter is lower at 70 than last years 88. But current inventory is only 63 versus 129 for last year. The number of months supply is a scant 2.7 versus 4.4 months last year.   Much of the current inventory in Seaside has been pretty thoroughly picked over with many homes needing substantial rehab work.

As far as median price range in the different towns, that is something I do on a “neighborhood and similar home” basis for individual clients when we are shopping. So if you are looking for a good real estate bargain on the Monterey Peninsula, don’t hesitate to give me a call!  Eileen  at (831) 277-9939

Carmel Area Real Estate Market Update Report … read now