Is Monterey, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Monterey has remained a Seller's Market.
Key Takeaway
Monterey is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Monterey, CA
How much do homes in Monterey, CA cost?
Median Sold Price
$1,050,000
$726/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Monterey have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in Monterey was $1,050,000 in May 2024, up 2.9% from last year, and the median price per square foot was $726.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $462.5K | $520K | +12.4% |
| 2 Bedrooms | $765K | $837.5K | +9.5% |
| 3 Bedrooms | $1.2M | $1.2M | 0.0% |
| 4 Bedrooms | $1.6M | $1.7M | +9.4% |
| 5+ Bedrooms | $1.6M | $2.3M | +45.3% |
Summary: Monterey housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.4%, 2 bedroom homes increased by 9.5%, 3 bedroom homes did not change, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 45.3%.
Median Sold Price Compared To Nearby Cities
| Seaside | $715K | $794.5K | +11.1% |
| Del Rey Oaks | $855K | $935K | +9.4% |
| Monterey | $1.0M | $1.0M | +2.9% |
| Pacific Grove | $1.4M | $1.4M | +1.9% |
| Pebble Beach | $2.7M | $2.7M | 0.3% |
Housing Supply in Monterey, CA
How many homes are available in Monterey, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 90 | 94 | +4.4% |
Summary: The Monterey real estate market had 94 homes for sale in May 2024, a 4.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 9 | -18.2% |
| 2 Bedrooms | 26 | 27 | +3.8% |
| 3 Bedrooms | 33 | 38 | +15.2% |
| 4 Bedrooms | 15 | 14 | -6.7% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Monterey housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 18.2%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 15.2%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 21 | -30.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Monterey, you may be able to get a good deal. 38.1% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Monterey in May 2024, down by 30.0% month-over-month. Of the 21 sold homes, 38% were sold under asking, 33% were sold at asking, and 29% were sold over asking.
Days on Market for Monterey, CA
How long does it take to sell a home in Monterey, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 18 Days | -29.7% |
Summary: Homes in Monterey had an average of 18 days on market in May 2024, down by 29.7% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Monterey are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Monterey; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.