The real estate market in Monterey, Ca experienced a downturn in November 2022, with a 31% decrease in the number of homes sold compared to the previous month. In total, 11 homes were sold in November 2022, down from the 16 sales that occurred in October 2022. This decrease in sales activity could be due to a variety of factors, such as changes in economic conditions, shifts in consumer demand, or seasonal fluctuations.
The median sale price of homes in Monterey also saw a significant decline in November 2022, falling by 18% from $1,195,000 in October 2022 to $980,000 in November 2022. This decrease could be the result of a decrease in demand for certain types of properties, a shift in the mix of properties being sold, or other market conditions. It is worth noting that the median sale price can be influenced by a number of factors, including the type and location of the properties being sold, as well as the overall health of the housing market.
In addition to the decrease in sales volume and median sale price, the Days on Market (DOM) for homes in Monterey also increased in November 2022, rising from 12 in October 2022 to 28 in November 2022. This could indicate that homes are taking longer to sell or that buyers are taking more time to make decisions about purchasing a home. It is possible that the increase in DOM could be related to the overall decline in market activity, as fewer buyers in the market may result in longer selling times for homes.
Despite the overall downturn in the market, sellers in 93940 were still able to achieve relatively high prices for their homes in November 2022, receiving an average of 96% of their asking price. This is a decrease from the 98% that sellers received on average in October 2022, but it is still a strong result and suggests that the real estate market in 93940 remains competitive. It is important to note that the percentage of the asking price that sellers receive can vary widely depending on a number of factors, including the condition of the property, its location, and the overall strength of the housing market.