Monterey Peninsula Real Estate Report (March 2014)
You are receiving this email as a valued member of the Monterey Peninsula Home Team's client appreciation program. We recognize that without all of you, we wouldn't have the thriving Monterey Peninsula real estate business that we have. Thank you for all of your support in the past and we look forward to helping you and any of your friends and family with their real estate needs in the future!
Monterey County median price for single-family, re-sale homes stayed over $500,000 for the second month in a row. The rise in home prices continues to provide momentum to the Monterey County real estate market. We are definitely in the recovery stage of this real estate cycle.
Other signs we are in the recovery stage are:
• Declining foreclosures
• Low inventory
• Low mortgage rates
• Building/remodels are increasing.
I expect we will stay in this stage for the next few years. When the above signs start turning, we will probably be at or nearing the next peak in the market.
Some pundits are predicting the next peak in the market will happen around 2020.
One thing to keep firmly in mind, real estate is very local so what pundits say about the national real estate market may or may not correlate with what will happen in our local market.
To see more graphs, foreclosure statistics, Mortgage rate outlook and the complete set of Monterey County real estate stats broken down by city and neighborhood, CLICK HERE. .
Monterey County Trends at a Glance
• Median home prices increased by 51.4% yearover-year to $545,000 from $359,950.
• The average home sales price rose by 22.8% year-over-year to $720,293 from $586,796.
• Home sales fell by 38.4% year-over-year to 159 from 258.
• Active listings fell 12% year-over-year to 585 from 665.
• Sales price vs. list price ratio fell by 0.3% year-over-year to 98.0% from 98.2%.
• The average days on market rose by 13.9% year-over-year to 70 from 61.
Compared To Last Month
• Median home prices improved by 1.3% to $545,000 from $538,000.
• The average home sales price fell by 24% to $720,293 from $948,336.
• Home sales Up by 13.6% to 159 from 140.
• Active listings dropped 0.3% to 585 from 587.
Monterey County Real Estate Statistics Brokendown by City
Your Home's Value?
I know what a lot of you are thinking right now...What is my house worth? The Monterey Peninsula Home Team provides an automatic, easy to use, property analysis feature, a mini-CMA so to speak, for those of you who are curious about how the your home is doing in today's real estate market. You can access this feature by clicking HERE. Input your address and the rest of the information it asks you for (including your name, email address and phone number to gain access to a list of properties around yours that have recently sold. In addition to estimating your home's value, it will also give you an idea of what it might rent for (for all you investors out there).
We are always trying to offer our clients the latest technology on our websites to make real estate information more accessible not to mention fun and easy. TRY IT! It is pretty cool and it seems to work pretty well.
Everyone is talking about social media and we are accessible on your favorite social media sites.
We have 481 people who like us on Facebook and we are trying to get over the 500 mark. If you are on Facebook, we would love to see you "like" us by clicking here and then clicking the "LIKE" button on our Team Page.
If Twitter is more your style and you would like to receive our tweets about real estate and the real estate market, you can follow us on Twitter.
Maybe you love the pictures on Pinterest and find them inspirational and full of great ideas! Here is our Pinterest site.
Or for you bloggers out their, follow our Monterey Peninsula Real Estate Blog.
We have a Youtube page where we post video of our listings among other things real estate related. If you want to see what we are posting on Youtube, HERE is our station.
Finally, for all you professionals out there who prefer the more down to business atmosphere of Linkedin, you can find us here on Linkedin.
I know what you are thinking...These guys are wat too into social media and how do they have time to work! LOL!!! We do our best to be on whatever platform our clients are on.
That is it for this time. See you next month.
Are you looking to purchase a home or do you know someone who is?
Be sure to check out our new website, www.SearchMontereyPeninsulaHomes.com which has a ton of information about various neighborhoods on the Monterey Peninsula and has a great listing alert system including one of the best mobile versions of a website I have ever seen! It is totally optimized so you can use it on your PC at home or on your smart phone. Email alerts are easily viewable on your phone...It is like carrying the entire MLS in your pocket! Clients that are on the site love it (We have 828 Buyers actively using this site already and it is only 1 year old next month!!!)