Monterey Peninsula Market Update During Corona Virus Stay At Home Order

Corona Virus PictureMany people have been asking what the Stay At Home order is doing to the real estate market. Below are some basic weekly market activity statistics for Monterey Peninsula cities for the past 4 weeks (from March 3rd thru March 30, 2020.

In general the market has been pretty sluggish as you can imagine. I know there are a lot of buyers who want to look at properties however the Shelter in Place order from the county has left Realtors unable to show property as they are sheltering in place as ordered. 

Inventory has increased by 19% over the past 4 weeks, which can be a good things since inventory has been so tight. However new weekly inventory coming on the market has slowed by almost half over the past 4 weeks from 45 new listings the first of the month down to an anemic 23 new listings last week. Finally, the number of homes going under contract has dropped from 21 the first week of March to only 12 last week.

Normally the month of March is when we see inventory start to build and the real estate market start to take flight. The year started off with a bang. We will need to see what the next month of sheltering in place and social distancing does to the market.

 

Monterey Peninsula Market Statistics during Corona Virus Stay at Home Order

March 3, 2020 through March 9, 2020
           
City Active Listings New Listings Went Under Contract Off Market Closed Escrow
Carmel 104 10 6 0 3
Carmel Highlands 5 0 0 0 1
Carmel Valley 42 5 1 1 2
Del Rey Oaks 2 2 1 0 0
Marina 19 7 7 0 2
Monterey 43 5 2 2 6
Pacific Grove 30 7 2 0 3
Pebble Beach 62 5 1 0 2
Seaside 12 4 1 2 3
           
Monterey Peninsula 319 45 21 5 22

 

Monterey Peninsula Market Statistics during Corona Virus Stay at Home Order

March 10, 2020 through March 16, 2020
           
City Active Listings New Listings Went Under Contract Off Market Closed Escrow
Carmel 110 7 4 4 6
Carmel Highlands 5 0 0 0 0
Carmel Valley 44 3 1 1 1
Del Rey Oaks 2 1 2 0 0
Marina 22 5 4 0 5
Monterey 49 8 2 2 2
Pacific Grove 32 3 2 1 3
Pebble Beach 63 2 1 5 2
Seaside 16 8 2 2 1
           
Monterey Peninsula 343 37 18 15 20

 

Monterey Peninsula Market Statistics during Corona Virus Stay at Home Order

March 17, 2020 through March 23, 2020
           
City Active Listings New Listings Went Under Contract Off Market Closed Escrow
Carmel 111 2 7 6 8
Carmel Highlands 5 0 0 0 0
Carmel Valley 44 2 2 2 5
Del Rey Oaks 3 1 0 0 0
Marina 25 3 2 2 2
Monterey 52 4 3 4 5
Pacific Grove 34 5 2 4 2
Pebble Beach 67 4 1 2 0
Seaside 19 4 1 2 3
           
Monterey Peninsula 360 25 18 22 25
           
           

Monterey Peninsula Market Statistics during Corona Virus Stay at Home Order

March 24, 2020 through March 30, 2020
           
City Active Listings New Listings Went Under Contract Withdrawn Closed Escrow
Carmel 115 4 2 1 6
Carmel Highlands 5 0 0 0 0
Carmel Valley 46 2 2 1 3
Del Rey Oaks 4 2 0 0 1
Marina 31 7 1 1 3
Monterey 55 3 2 3 2
Pacific Grove 37 3 2 3 3
Pebble Beach 67 0 0 3 3
Seaside 20 2 3 1 3
           
Monterey Peninsula 380 23 12 13 24