Sales of single-family, re-sale homes in Monterey County were up an astounding 268.7% in October compared to last year. Month-over-month, sales rose 17.7%. Sales continue to be concentrated in the lower-priced cities such as North Salinas where year-over-year sales were up 760%, and South County where sales were up 800%.
Home prices continue to be affected by the bank-owned property that has flooded the market.
The median price rose 1.6% from September, but was off 54% year-over-year.
Inventory continues to decline, falling 7.7% from September, and down 33.2% compared to October 2007.
Condo sales rose 3.6% from September, and were up 45% year-over-year.
The median price for condos lost 12.5% month-over-month, and was off 66.5% compared to last October.
If you are in escrow with one of the new higher-limit, conforming loans, or you expect to buy a home before the end of the year, remember, the new, higher conforming loan limit of $729,750 expires at the end of the year. You must have your loan funded by then. Starting January 1st, the conforming loan limit will be $625,000.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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