Just like the seasons the real estate market has transitions back to a normalized market. The biggest challenge buyers are facing here on the Monterey Peninsula is razor thin inventory levels, and higher interest rates, which have decreased buying power. Current sellers living in a fantasy world of pandemic pricing are missing today’s market realities. Year to date Monterey County is down 39% in total sales volume, we currently have a 3.9-month supply of inventory, with an average DOM of 60. Our current active listing inventory: 8 in Pacific Grove, 60 in Carmel/Carmel Valley/Carmel Highlands, and 20 in Pebble Beach. Now, more than ever, incorrectly priced homes are seriously stagnating on the market.
On a happy note, many homeowners here on the Monterey Peninsula have gained tremendous equity over the past several years. We remain in a seller’s market, even with economic stabilization. Opportunities exist for both buyers and sellers. Our team is happy to help you navigate the market dynamics, and educate you, all resulting in wise decisions when it comes to your real estate portfolio. Zak and I have the pulse of the market, we can bring you opportunities before others find out. Call us for details on some HOT new listings coming to market this March. Especially if you are looking for an exclusive golf community estate, or an ocean view home in Carmel.