2nd Quarter 2016 Condo Report – Hot Market Continues
By: Paul Brocchini & Mark Ryan
There were 69 sales in the quarter as opposed to 45 last year, an increase of 53%. Dollar volume was up 13% in spite of a $7 million decline in Pebble Beach where none of the Spanish Bay luxury units nor large condos near the lodge were sold in the period.
The decline in Pebble Beach was mostly offset by a gain of almost $6 million in the Monterey Area.
Median sales prices remained, for the most part, steady. Four of the markets had slight declines and two were up a little. This variation had more to do with the price ranges of the available inventory than on any price trend.
The Market Barometer continues to show a tight inventory. Half of the listings were in escrow on July 1st and there were only 33 unsold units on that date. Last year there were 53 units sold during the quarter..
So what does it all mean? In essence, it is a good market for sellers and a tight one for buyers.