Monterey Peninsula Real Estate Report (April 2014)
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Although prices slipped in April from May on an absolute basis, the 3-month moving average for the median price of single-family, re-sale homes went over $500,000 for the first time since February 2008.
The 3-month moving average for the average price has been over $700,000 for the past four months.
Closed sales and pending sales continued to increase last month, although they are still below year ago levels.
Monterey Peninsula Foreclosures and Short Sales Are Diminishing
Foreclosure sales and short sales effect on the market continues to diminish. There were only six foreclosure sales last month, down 84.2% from last April.
Short sales were down 67.8% year-over-year. There were only nineteen short sales. Active foreclosures and short sale properties are also substantially lower than the year before. There are only sixteen active bank-owned properties on the market. There were twenty-six last April. Even more telling, there are only nineteen short sales on the market, down from 137 last April.
April 2014 Monterey County Marketing Stats
• Median home prices increased by 33.6% yearover-year to $494,500 from $370,000.
• The average home sales price rose by 12.8% year-over-year to $704,352 from $624,210.
• Home sales fell by 26.5% year-over-year to 186 from 253.
• Active listings fell 9.7% year-over-year to 1,045 from 1,157.
• Sales price vs. list price ratio rose by 0.2% year-over-year to 99.5% from 99.3%.
• The average days on market rose by 31.4% year-over-year to 79 from 60.
Compared To Last Month
• Median home prices slipped by 6.7% to $494,500 from $530,000.
• The average home sales price fell by 1.3% to $704,352 from $713,961.
• Home sales Up by 13.4% to 186 from 164.
• Active listings increased 9.3% to 1,045 from 956.
Monterey County Real Estate Statistics Broken Down by City
April 2014 Monterey Area Foreclosure Statistics
Notices of default, the first step in the foreclosure process, in Monterey County surged 20.3% in March from February. Year-over-year, notices were down 14.5%. There were 71 new notices in March.
Notices of sale, which set the date and time of an auction, and serve as the homeowner's final notice before sale, fell 23.9% from February. Year-over-year, they were down 63.5%. There were 35 notices issued in January.
After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.
Alternatively, if the property is taken to sale, the bank will place the opening bid. If a third party, typically an investor, bids more than the bank's opening bid, the property will be sold to the third party; if not, it will go back to the bank and become part of that bank's REO inventory.
In March, cancellations were off 34.6% from February, and they were down 80.2% year-over-year.
Properties going back to the bank fell 45.5% year-overyear. They were down 53.9% compared to February. Six properties went back to the banks last month.
The total number of properties that have had a notice of default filed rose 1% from February. Year-over-year,
the total number of properties with a notice filed dropped 1.3%.
The total number of properties scheduled for sale decreased by 53.4% year-over-year.
The total number of bank-owned properties in Monterey County declined by 27.5% from last March. Banks now own about 330 properties in the county.
For further details and a city-by-city breakdown of foreclosure statistics, go to http://propertyradar.com.