Monterey Peninsula Market Report — Condos Third Quarter 2016
3rd Quarter 2016
Tight Inventory Cools Sales
By: Paul Brocchini & Mark Ryan
While the demand for condominiums continues strong, tightening inventory resulted in some declines in the third quarter.
Gross dollar volume was 27% lower than the same quarter last year. The number of transactions declined 20%. There just was not much to buy.
The Market Barometer, which shows the percentage of listings under contract, was a strong 37% on October 1st. Last year the Barometer was 27%. The principal difference between the two quarters is that last year on October 1st there were 69 active listings available (not under contract) while this year that figure dropped to 38.
You will note there were no sales in Carmel-by-the-Sea and Carmel Valley. This was not the result of no interest but of no listings.
A condo was listed in Carmel-by-the-Sea on October 24th and sold in 11 days at $53,000 over listing. In over three months not a single condominium in the village was on the market. At this writing, November 30, there are still no condos listed, an inventory of zero.
Check the median sales price chart. You will see that for the most part prices are up across the board. Unless inventory improves the upward trend should contine.
It is a great time to sell and a difficult one in which to buy.
Paul Brocchini and Mark Ryan are real estate agents with Carmel Realty Company, NE Corner of Dolores & 8th, Carmel-by-the-Sea. They can be reached at either 831-238-1498 (Mark) or 831-601-1620 (Paul).
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.