Monterey Peninsula Condo Report-4th Quarter and Year-End 2015
Dollar Volume Second Best since 2005 — Inventory Tight
By: Paul Brocchini and Mark Ryan
The market for condominiums in the Monterey Peninsula was moderately strong in 2015. Dollar volume reached the second best level since the boom year of 2005. Unit sales were just two short of last year’s fourth quarter, and the year-end barometer, a measure of the percentage of listings in contract, was a strong 44%.
Even more significant is the fact that total listings were only 59, 26 of which were in escrow leaving only 33 listings available on the entire Monterey Peninsula on January 1st. The tight market continues into 2016 with only 33 available listings as of this writing on March 31st.
As expected, the ten year charts show median sales prices in eight of the ten markets substantially below their 2005 numbers. Only Carmel-by-the-Sea and the Pebble Beach one million dollar plus category showed an increase.
In short, the market is in full recovery mode, tight and, for the most part, still reaching to attain higher valuations.
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.
Please review charts below to get in-depth knowledge of our market. Should you wish to discuss the condo market in detail, call either Paul, 831-601-1620 or Mark, 831-238-1498.