Did you also know that now you may be eligible for a$6500 tax credit when you buy a home – even if you don’t qualify as a first time home buyer. You need to have owned your existing home for at least 5 yrs. before you purchase a new home.

If you are a member of the military serving outside of the US for a minimum of ninty days, the the credit deadline can be extended for an additional yr. – up until 6/30/2011.

This may be the last of the extensions of the home buyer credit. And there are some great opportunities to buy a Monterey home, or a home on the Monterey Peninsula.

Come to the open house this Saturday, December 19th from 1 to 3 pm.  Bring your Lender pre-approval letter or talk to me to help you obtain one quickly.
Questions? Call Eileen at (831) 277-9939

Del Rey Oaks Foreclosure HOme

CANCELED!! ALREADY SOLD!

Open House – Sat. Dec. 19th from 1 – 3pm
971 Paloma Rd, Del Rey Oaks, Ca. 93940(off Rosita)
$324,900 3 bedroom, approx. 1000 sq. ft. with swimming pool! Not for the faint of heart, this one needs alot of work! Call Eileen at (831) 277-9939 for more info or to see if you miss the open house! This one may be gone before the open house!

The Carmel area real estate markets (see towns included) have a huge oversupply of unsold homes. The number of months supply (meaning how long it would take to sell the current inventory based on prior sales, not including new listings.) is very high. Carmel has the lowest number of months supply at 12 months. The South Coast/Big Sur area has had so few sales it would take over 4 yrs or 50 months to sell the current inventory.

On the other hand the low to mid range markets in Monterey, Pacific Grove, Marina & Seaside have a fairly low supply of homes for sale ranging from a low of 2.7 in Seaside to 6.92 in Pacific Grove.

Seaside Foreclosure Property

Open Saturday, Nov. 7th from 12 to 2 pm. $239,800 1793 Noche Buena, Seaside, CA

GREAT PRICE FOR THIS ONE-STORY 3BED/1.5BATH CORNER LOT HOME IN SEASIDE. ENJOY FRESHLY PAINTED WALLS AND BRAND NEW CARPET, WOOD-BURNING FIREPLACE IN THE LIVING ROOM, AND BAY VIEWS FROM THE BACK PATIO!

Arroyo Carmel Condo in Carmel, CA

3850 Rio Rd. #46 – Arroyo Carmel Condo in Carmel, CA
$679,000 2 bedroom, 3 baths
Arroyo Carmel end-unit Townhome in a park like setting with nice views of lake and Santa Lucia Headlands. Amenities include luxurious upgrades, a blend of bamboo flooring, vibrant colors, new carpets and stylish lighting accessories. Fireplace with custom mantle.  This Arroyo Carmel Condo has great  Southern exposure and view of the lake. This immaculate Carmel Condo is ready for you to move in!
If you can’t make the open house call Eileen at (831) 277-9939 to see this condo.

Monterey Real Estate Market Statistics    
 

Pacific Grove Real Estate Market Statistics

  Total Homes Sold: 36 34 Current Inventory: 83 101 New Listings: 53 58 Number Months Supply 6.92 8.91      

Marina Real Estate Market Statistics

  Total Homes Sold: 31 34 Current Inventory: 38 89 New Listings: 50 72 Number Months Supply 3.68 7.86      

Seaside Real Estate Market Statistics

  Total  Homes Sold: 70 88 Current Inventory: 63 129 New Listings: 84 136 Number Months Supply 2.7 4.4      

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