Bay Area Real Estate Market Newsletter
 
Monterey County
August 2001
 
Please note: The monthly Bay Area Real Estate Market Newsletter is available via e-mail. Just send an e-mail to Subscription@CreeksideRealty.com and you will be added to the distribution list.
 

4a) Monterey County (MTY)

Available - data in this section is based on properties currently available for sale, status 1.

DOI has been increasing in recent months; 108 in March, 132 in April, 163 in May, 167 in June, and 172 in July. It appears that DOI is about ready to level off. As of August 5th overall DOI was 128 for homes under $500K; 214 for the $500K to $1.M range and 367 for homes over $1M. Home sales in the $5+ Million price range are dead, with 19 homes on the market and zero sales, this yields a DOI of infinite.

Although inventory continues to grow reaching 1079, this is only two-thirds of the peak inventory levels of approximately 1600 reached in mid-1995. Like Santa Cruz and San Mateo Counties, MTY’s current inventory levels are significantly lower than their recent peak levels in mid-1995.

The number of sales per day continues its increase from May but is still below February’s level of 7.3; March was 6.5, April was 6.2, May was 5.9, June was 6.1, and July was 6.3.

Days on the market (DOM) for listings currently available (status 1) is 69/96 (median/average), which is longer than the DOM for homes that entered escrow at 47/65, which is longer than transactions closing in July 31/52. Although average

DOI (102) is greater than DOM (66) so people think the market is better than it really is.

Sales - data in this section is based on properties with an initiated sale (offer accepted) during the month.

The median list price appears to be fluctuating from month-to-month based on exactly which properties sell in a given month. There is so much monthly fluctuation it is impossible to clearly observe trends. However, with increasing DOM don’t expect good news.

The DOM which started the year flat has clearly increased for the last several months.

The number of sales during the month of July was 198 and has been basically flat since the beginning of the year.

Percent of transactions fallen through ( %TFT) increased slightly from 1999 and 2000 to 2001. Although slightly higher the %TFT increase is not as pronounced as it is for Santa Clara County.

Closings - data in this section is based on properties that closed escrow during the month.

The median sold price reached $385K in July 1999 and has fluctuated between $275K and $380K since then. This is an indication that there are simply not enough sales to prevent large monthly bounces. Examining other data, such as DOI, inventory, and number of sales, can help you determine which way the market is going.

Even though about 10% of the properties have been selling over the asking price, the trend of fewer homes selling over their asking price and more homes selling below the asking price continues..

Updated# is an adjusted number of reported closings during the specified month. These “missing” transactions are NOT included in the other data.

 

 
 

4b) monterey County (MTY)

Request your own copy by sending an e-mail to Subcription@CreeksideRealty.com The data is gathered, compiled and published by Creekside Realty. Back editions are available at: http://www.creeksiderealty.com/market_update_new/market_index.htm.

Warning - The real estate market is cyclical and there will continue to be additional ups and downs. Past performance cannot determine future performance. The purpose of this Newsletter is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.

This information is gathered and compiled by RichardCalhoun@CreeksideRealty.com

**HOUSES**

AVAILABLE

Mar-01

Apr-01

 

May-01

Jun-01

Jul-01

 

Jul-00

Jul-99

DOI2,3

108.4

132.6

 

163.3

164.3

172.4

 

n/a

n/a

Inventory2

709

826

 

952

1046

1079

 

n/a

n/a

sales/day2,3

6.5

6.2

 

5.9

6.1

6.26

 

n/a

n/a

DOM med/av2

n/a

46/74

 

57/84

62/87

69/96

 

n/a

n/a

SALES

Mar-01

Apr-01

 

May-01

Jun-01

Jul-01

 

Jul-00

Jul-99

Sale price1

$335,500

$360,000

 

$350,000

$367,500

tbd

 

$327,950

$300,000

List price2

$340,000

$369,475

 

$364,500

$399,000

$382,000

 

$329,925

$315,000

sp/lp ave1

98.3%

96.8%

 

96.7%

96.4%

tbd

 

98.3%

97.7%

%sp>lp1

15%

11%

 

11%

7%

tbd

 

16%

14%

%sp<lp1

55%

68%

 

71%

79%

tbd

 

54%

62%

DOM med/av2

24/47

30/63

 

38/56

47/65

45/62

R

/52

32/75

# sales2

211

198

 

200

193

198

I

266

261

 %TFT1

13.3%

18.7%

C

12.0%

11.4%

tbd

C

10.5%

8.8%

CLOSINGS

Mar-01

Apr-01

Y

May-01

Jun-01

Jul-01

H

Jul-00

Jul-99

Sold price2

$335,000

$339,500

N

$352,500

$340,000

$385,000

A

$350,000

$329,000

List price2

$335,000

$344,900

T

$359,000

$349,000

$395,000

R

$350,000

$335,000

sp/lp ave2

97.7%

97.8%

H

97.2%

96.8%

96.2%

D

98.3%

97.7%

%sp>lp2

11%

13%

I

12%

12%

10%

C

17%

11%

%sp<lp2

60%

58%

A

65%

67%

74%

A

51%

65%

DOM med/av2

25/52

30/48

H

28/62

31/52

46/64

L

16/42

32/83

#closings2

186

178

A

154

196

151

H

198

269

updated #1

193

178

I

156

200

tbd

O

202

274

OFF-MARKET

Mar-01

Apr-01

N

May-01

Jun-01

Jul-01

U

Jul-00

Jul-99

# off2

 

 

E

 

 

 

N

 

 

DOM med/av2

 

 

S

 

 

 

@

 

 

*CONDOS*

 

 

@

 

 

 

C

 

 

AVAILABLE

Mar-01

Apr-01

C

May-01

Jun-01

Jul-01

R

Jul-00

Jul-99

DOI2,3

80.4

94.5

R

82.6

146.5

111

E

n/a

n/a

Inventory2

62

81

E

85

113

111

E

n/a

n/a

sales/day2,3

0.77

0.86

E

1.03

0.74

1.00

K

n/a

n/a

DOM med/av2

n/a

38/58

K

43/65

43/60

53/73

S

n/a

n/a

SALES

Mar-01

Apr-01

S

May-01

Jun-01

Jul-01

I

Jul-00

Jul-99

Sale price1

$315,000

$289,250

I

$267,500

$246,750

 tbd

D

$299,000

$161,250

List price2

$312,500

$240,000

D

$264,750

$259,900

$262,250

E

$299,000

$160,000

sp/lp ave1

98.5%

98.9%

E

97.0%

97.9%

 tbd

R

98.4%

98.3%

%sp>lp1

13%

14%

R

6%

17%

 tbd

E

12%

15%

%sp<lp1

43%

45%

E

77%

50%

 tbd

A

56%

56%

DOM med/av2

18/50

15/31

A

31/53

15/56

16/36

L

23/30

14/47

# sales2

26

25

L

36

23

32

T

25

37

 %TFT1

11.5%

8.0%

T

8.3%

4.3%

tbd

Y

0.0%

8.1%

CLOSINGS

Mar-01

Apr-01

Y

May-01

Jun-01

Jul-01

.

Jul-00

Jul-99

Sold price2

$348,400

$272,500

.

$225,000

$255,250

$263,750

C

$187,500

$236,500

List price2

$336,500

$272,500

C

$227,500

$262,200

$272,000

O

$189,500

$230,000

sp/lp ave2

97.8%

98.4%

O

98.6%

96.7%

98.4%

M

98.7%

100.5%

%sp>lp2

14%

13%

M

20%

4%

15%

 

6%

33%

%sp<lp2

43%

44%

m

48%

79%

50%

 

45%

52%

DOM med/av2

15/41

28/43

 

19/28

24/62

36/51

 

11/25.

15/44

#closings2

28

16

 

25

28

26

 

33

32

updated #1

29

16

 

25

28

tbd

 

33

33

OFF-MARKET

Mar-01

Apr-01

 

May-01

Jun-01

Jul-01

 

Jul-00

Jul-99

# off2

 

 

 

 

 

 

 

 

 

DOM med/av2

 

 

 

 

 

 

 

 

 

 

1) Data related to sold price is re-compiled early during the current month to incorporate recent closings without delaying this Newsletter.

2) Data is compiled on the 5th day of following month to agree with MLS policy.

3) DOI & Sales per day calculations use recent sales activity.

4) The data is still subject to change as these sales continue to close and the sold prices are reported.

Request your own copy by sending an e-mail to Subcription@CreeksideRealty.com The data is gathered, compiled and published by Creekside Realty. Back editions are available at: http://www.creeksiderealty.com/market_update_new/market_index.htm.

Warning - The real estate market is cyclical and there will continue to be additional ups and downs. Past performance cannot determine future performance. The purpose of this Newsletter is to give you current market conditions and not forecasting. Information is deemed to be reliable but not guaranteed.

The information contained herein cannot be used without give RichardCalhoun@CreeksideRealty.com credit.

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