Real Estate Report presented by Monterey Peninsula Home Team

November 2017 Report

Single Family Homes in Monterey County, Pebble Beach, All Neighborhoods Change >


Median Price
$2,100,000
-16.0%
Average Price
$3,188,000
+20.3%
No. Sold
10
+11.1%
Pending Properties
19
+11.8%
Active
69
-9.2%
Sale/List Price Ratio
95.8%
+6.5%
Days on Market
127
+46.1%
Days of Inventory
207
-15.5%

Market Barometer

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Market Commentary

Home Prices Up, Year-over-Year

HINT:

Click or tap on the tables above to get year-over-year statistics.

Sales Statistics

While prices for single-family, re-sale homes in Monterey County continue to show gains, year-over-year, they are still far below the peak prices reached in 2007.

The median price for homes was $570,068 in October. The peak price was $775,000 set in August 2007.

The average price for homes was $912,446, while the peak price was $1,126,540 set in September 2007.

This is a far cry from what has been happening in most of the Bay Area where new peaks have been reached over the past year, and they continue to set new highs in most of the counties.

The median price for condos jumped 18.4% year-over-year.

The average price for condos was down 9.0% over last October.

The sales price to list price ratio, or what buyers are paying compared to what sellers are asking, continues to hover just below the 100% mark.

The ratio for homes was 98.6% and for condominiums was 98.0%.

Property is selling quickly. It is taking only fifty-nine days from when a home comes on the market to when it goes under contract. The average for the past fourteen years is sixty-eight days.

For condominiums, it took forty-six days from listing to contract in August. The average is sixty-six days.

Inventory, or the lack thereof, continues to be the biggest factor in the Monterey market, as it is throughout the Bay Area.

There are only ninety days of home inventory. The average is one-hundred and ninety-three.

For condominiums, there are sixty-two days compared to an average of one-hundred and ninety-four.

As of October 5th, there were 632 homes for sale. The average is 1,333.

There were fifty-six condos for sale. The average is one hundred and twenty-two.

Scam Alert!

How home buyers are getting robbed of their down payments

A hot new scam targets home buyers: down payment wire fraud.

Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart.

Hundreds of millions of dollars have been stolen this way. But you can avoid that fate by making one phone call. It’s that simple.

How the scam happens

Stacy Hennessey, a real-estate agent in Falls Church, Virginia, was targeted with this scam, but she didn’t fall for it. If you follow her example, you won’t get defrauded, either.

Hennessey was buying a house in Maryland. About a week before the scheduled closing, she received an email that appeared to be from her real-estate agent. The email told her that the instructions for wiring the down payment had changed, and it gave her an account number to which she should send $30,000.

Hennessey was suspicious for three reasons:

“They were asking me to wire an incorrect down payment amount, lower than it should have been,” she says. “Why would I wire a partial deposit?”

“And why would I be doing it now, several days before closing?” Usually, the down payment money is wired the day before closing.

The sender’s email address was almost, but not quite, her agent’s email address.

How to stop the scammers

Hennessey prevented crooks from stealing her $30,000 by making one call to her real-estate agent.

“I said, ‘Hey, did you send me this telling me to wire money?’ And they said, ‘No.’ And I said, ‘Your computer’s been hacked because they know that I’m a buyer, closing soon.’”

Had Hennessey followed the scammer’s instructions, she almost certainly would have lost the money. At the time, she didn’t even know whom she should have called if she had fallen for the scam.

To read the full story, go to this link: http://tinyurl.com/yc78fys8

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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