|Monterey County Home Sales Continue to Rise|
|Sales of single-family, re-sale homes in Monterey County were up 170.9% in November compared to last year. Month-over-month, sales fell 23.6%. Sales continue to be concentrated in the lower-priced cities such as North Salinas where year-over-year sales were up 590%, and South County where sales were up 375%.
Home prices continue to be affected by the bank-owned property that has flooded the market.
The median price fell 3.5% from October, and was off 53.4% year-over-year.
Inventory rose 9.8% from October, but was down 22.3% compared to November 2007.
The monthly decrease in sales combined with the rise in inventory pushed our Days of Inventory indicator up 69 days to 229 days.
The sales price to list price ratio increased 0.7 of a point to 98.4%.
Condo sales fell 17.2% from October, but were up 200% year-over-year.
The median price for condos lost 36% month-over-month, and was off 76.1% compared to last November.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.