Monterey County 2009 May Housing Sales Report

The real estate market for 2009 continues to maintain a very consistent pace over the past five months. The inventory of homes for sale has continued to fall from a high of 2431 in January to 1906 at the end of May. This is due in part to the decrease of foreclosed properties being released for sale by the financial institutions and a continuing increase in buyer demand. Total closed sales for May was 372 slightly down from the high of 391 in March. The average sales price in Monterey County at the end of May was $283,216. As anticipated, the average price continues to fall due to the foreclosure market setting the bench mark. Since February, the average sales price has declined 21%.

Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 71 percent in Monterey County, enabling many to take advantage of first-time buyer programs and near record-low interest rates.

Median Sale Prices within Monterey County

Salinas Area $217,000

South County $163,000

North County $296,000

Marina, Seaside, Sand City, Del Rey Oaks $346,000

Monterey, Pacific Grove $544,000

Carmel Valley, Salinas/Monterey Highway $763,500

Carmel, Pebble Beach, South Coast $2,216,000