"MONTEREY The median price for a single-family home in Monterey County clocked in at $1,019,500 in September, a 7% increase over last year when it was $949,000, according to MLSListings, a database for home sales. The record high of $1,093,000 was hit in October 2023. A variety of factors are influencing real estate in Monterey County, said Monterey County Association of Realtors Government and Community Affairs Director Adam Pinterits."
"On top of the ever-present constrained inventory in Monterey County, interest rate increases over recent years have had a cooling effect on home sales, said Pinterits. Demand still outpaces our suppressed supply in Monterey County, but it's really a question of qualified buyers working with their realtor to find the right lender and home purchase opportunity for them, he said. September fell between the trend lines of 2023 and 2024, which is fairly normal for this time of year."
"In Monterey County in September, the median single-family home sold in 17 days for 98% of the list price based on 150 sales. Inventory was 578, up 12% from September 2024, and the number of new listings for the month of September was up 4% from the same time last year. Closed sales increased 2% year-over-year. In California, the median price for a single-family home in September was $883,640 compared to $868,150 the previous year a increase of 1.8%."
Monterey County median single-family home price rose to $1,019,500 in September, a 7% year-over-year increase from $949,000, below the October 2023 record of $1,093,000. The median single-family home sold in 17 days for 98% of the list price based on 150 sales. Inventory stood at 578, up 12% year-over-year; new listings rose 4% and closed sales increased 2%. Median days on market increased by six days compared with last year. The average 30-year mortgage rate is about 6.25%, and higher rates have cooled sales. Demand continues to outpace suppressed supply, while buyer qualification and lender alignment remain obstacles.
Read at www.montereyherald.com
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