Introduction: As we head into winter, the real estate market in our seven key areas continues to show its resilience and dynamism despite the challenges posed by rising interest rates and broader economic shifts. The Bambace Peterson Team at Compass has compiled the latest data in our market reports here that will provide you with a clear picture of the current market conditions.
Market Movements: The real estate landscape is ever-evolving, and our October market reports reveal some intriguing trends:
Homes Under Contract: We've noticed more homes “under contract” compared to last month. This raises two questions: Are more homes selling, or are we seeing longer escrow timelines? The answer could influence both buyers and sellers in strategizing their next move as it relates to pricing for sellers and offers for buyers.
Inventory Insights: While inventory has decreased since September 2023, we're still slightly above the numbers we saw in October 2022. This suggests a market that's adjusting to economic of a cooling market and slower market velocity.
Days on Market: An important indicator of market tempo is the median days on market. Except for Pacific Grove, all areas have experienced an increase, signaling a general trend towards a slowing market. Buyers may find more room to negotiate, while sellers might need to be more patient or adjust their strategies.
Sale Increases: Amidst these patterns, Pacific Grove, Pebble Beach, and Carmel Valley stand out with an increase in sales both from the previous month and year-over-year. This is a testament to the enduring appeal of Pacific Grove, consistent demand for Pebble Beach, and the strong family demand in Carmel Valley with a media price of $1,649,500.
Conclusion: The real estate markets resilience has been puzzling to many with the higher interest rate environment. But here on the Monterey Peninsula we have limited supply that makes our market even stronger than others. Our team is here to help buyers and sellers provide our expertise to help you navigate the market with confidence.
For a detailed analysis tailored to your unique situation, or to discuss how these insights affect your real estate goals, reach out to us. Let's explore how you can invest smartly, buy wisely, and sell strategically.
Contact: The Bambace Peterson Team DRE: 01731448 | 01977162 Compass 📞 831.200.3178 📩[email protected]
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