Single-family, re-sales home sales were down 5.1% last year in Monterey County.

Unfortunately, after a nice gain of 14.1% in 2010, the median price was down last year. The median price for homes dropped 1.8%. The average price, on the other hand, was up 4.1%.

Condo sales in the county were up 2.8% compared to 2010.

The median price for condos dropped 9.2%.

THE CALIFORNIA ASSOCIATION OF REALTORS®

expects the median home price to increase 1.7% in 2012. They forecast sales to increase by 1%.

“2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.

“The most likely scenario is for the modest recovery to continue, and this should push sales up slightly next year by 1 percent and maintain levels that are significantly higher than those recorded during the depths of the housing downturn.

“The wild cards for 2012 are many, including federal, fiscal, monetary, and housing policies; the contentious political climate during an election year; and the strength of the U.S. economic recovery,” said Appleton-Young.

MARKET STATISTICS

In December, sales of single-family, re-sale homes dropped 0.7% from November, but were up 0.7% year-over-year.

Condo sales rose 9.1% from November, but were down 17.2% year-over-year.

The median price for homes was up 1.1% from November, and up 12.1% year-over-year.

The median price for condos gained 26.1% compared to November, but was down 14% year-over-year.

Inventory of both homes and condos continues to be low. Home inventory was down 16.6% compared to last December.

Condo inventory was down 12.3% year-over-year.

Pending sales for homes was off 1% year-over-year, while condo pending sales were off 17%.

Please remember, while statistics are nice, they will not determine the price you pay or get for a property. That will come down to you and the buyer or seller.