Monterey Peninsula Real Estate Report (May 2014)
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After batting their heads against the wall for the past year, buyers are increasingly dropping out of the market.
Pending sales of single-family, re-sale homes dropped 36.5% in May from April. That is very unusual. Most years pending sales increase in May from April.
Also, while multiple offers are still quite common, the number of offers on any property have decreased.
Although inventory and sales were up from April, they were still below year ago levels.
It’s tempting to say we’re heading into a correction, but I believe we will experience a flattening of the market for the next six months.
Foreclosure sales and short sales effect on the market continues to diminish. There were only eight foreclosure sales last month. Short sales were down 79.3% year-over-year. There were only twelve short sales. There are currently sixteen foreclosures for sale and eleven short sales.
Monterey County May 2014 Real Estate Market Statistics
Monterey County Real Estate Statistics Year-Over-Year 2013 vs 2014
Median home prices increased by 14.7% year-over-year to $447,500 from $390,000.
The average home sales price rose by 24.1% year-over-year to $765,581 from $616,796.
Home sales fell by 1.2% year-over-year to 254 from 257.
Total inventory, which includes active and pending sales, fell 26.2% year-over-year to 905 from 1,227.
Sales price vs. list price ratio fell by 1.1% year-over-year to 98.6% from 99.7%.
The average days on market rose by 10.5% year-over-year to 57 from 51.
Monterey County Real Estate Statistics Compared To April 2014
Median home prices slipped by 0.8% to $447,500 from $451,000.
The average home sales price rose by 16.7% to $765,581 from $656,086.
Home sales Up by 17.1% to 254 from 217.
Total inventory, which includes active and pending sales, dropped 13.1% to 905 from 1,042.
Sales price vs. list price ratio dropped by 1.2% to 98.6% from 99.8%.
The average days on market dropped by 21.9% to 57 from 72.
- See more at: http://markbruno.rereport.com/market_reports#sthash.7x2p2LuS.dpuf
Notices of default, the first step in the foreclosure process, in Monterey County fell 21.1% in April from March. Year-over-year, notices were down 40.4%. There were 56 new notices in April.
Notices of sale, which set the date and time of an auction, and serve as the homeowner's final notice before sale, fell 2.9% from March. Year-over-year, they were down 57.5%. There were 34 notices issued in April.
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 April, cancellations were off 6.9% from March, and they were down 69% year-over-year.
Properties going back to the bank fell 54.5% year-overyear. They were down 16.7% compared to March. Six properties went back to the banks last month.
The total number of properties that have had a notice of default filed rose 7.9% from March. Year-over-year, the total number of properties with a notice filed dropped 41.5%.
The total number of properties scheduled for sale decreased by 48.3% year-over-year.
The total number of bank-owned properties in Monterey County declined by 24.1% from last April. Banks now own about 319 properties in the county.
For further details and a city-by-city breakdown of foreclosure statistics, go to http://propertyradar.com.