1st Quarter 2015: Condo Market – Year Opens Strong
Monterey Peninsula Real Estate Market – Condo Report
By: Paul Brocchini and Mark Ryan
As our regular readers know, we are most interested in dollar volume. The first quarter , of 2015 logged a robust dollar total of $29,304,300, up 27% from last year. This number is especially impressive as the inventory has been and continues to be thin.
There were only 47 active listings on January 1 in the entire Monterey Peninsula. That number barely changed on April 1 when there were 43 active listings. Contrast that with April 2008 when the bust left 165 sellers seeking non-existent buyers (see the Market Barometer).
We have come a long way and hope the current success, which won’t last forever, will face only minor corrections in the future.
The number of transactions in the quarter reflects the gain in dollar volume. There were an additional 15 deals this year a gain of 33%.
It is hard to get an accurate fix on prices for two reasons:
1) the data for a mere quarter is small & three of the markets had no sales.
2) Three of the markets had no sales.
So, let’s work with what we have. Greater Carmel, all of 93923, had a nice gain in median sales price over the first quarter of last year, $485,000 as opposed to $440,000 last year. But the $485,000 median price did fall short o the full year 2014 number of $530,000.
Greater Monterey and the Pebble Beach under $1 million market were up over both the 1st quarter and full year numbers for 2014.
We already cited above the tight inventory. Going forward we see that 29 properties were in escrow on April 1 out of a total of 72 listings a reading of 40%. As of this writing, May 10, that ratio is holding with 33 of 77 listings in escrow a Barometer reading of 43%.
Looking forward, the second quarter will be strong.
The charts are based in whole or in part on data supplied by the Monterey County Association of Realtors’ Multiple Listing Service (MLS). Neither the Association nor the MLS guarantees or is responsible for their accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity