As expected, the credit crunch had a big impact on sales last month. Sales of single-family, re-sale homes fell 29.9% from the month before, and were off 42.9% year-over-year. We expect sales to be slow this month, then start to recover at the end of the quarter as the credit crunch is alleviated.
The median price for re-sale homes also plunged last month, after setting a record high in August. The median price for homes was down 12.6% month-over-month, good enough for a 1.5% gain year-over-year. Interestingly, the average price for homes set a new record high by climbing 23.4% compared to August, up 45.8% year-over-year. There were seventeen homes sold over $2 million. Of those six were over $5 million and one was over $12 million.
The median price for condos also plunged sharply in September, down 23.5% from August, up 3.1% year-over-year. There is really nothing to read into this number as condo sales are so few that this number will, and does, fluctuate wildly from month-to-month. Condo sales were down 41.2% month-over-month, and off 37.5% compared to last September.
Year-to-date, home sales are off 31%. The sales price to list price ratio for homes dropped 2.3 points to 91.9%. Our Days of Inventory indicator rose 245 days to 921 days.
Although these number reflect the county as a whole, Monterey County is made up of many micro markets. Click here to view a city by city break down for the county.
The real estate market is very hard to generalize. For complete information on a particular neighborhood, ive me a call or send me an email.
The median price for re-sale homes also plunged last month, after setting a record high in August. The median price for homes was down 12.6% month-over-month, good enough for a 1.5% gain year-over-year. Interestingly, the average price for homes set a new record high by climbing 23.4% compared to August, up 45.8% year-over-year. There were seventeen homes sold over $2 million. Of those six were over $5 million and one was over $12 million.
The median price for condos also plunged sharply in September, down 23.5% from August, up 3.1% year-over-year. There is really nothing to read into this number as condo sales are so few that this number will, and does, fluctuate wildly from month-to-month. Condo sales were down 41.2% month-over-month, and off 37.5% compared to last September.
Year-to-date, home sales are off 31%. The sales price to list price ratio for homes dropped 2.3 points to 91.9%. Our Days of Inventory indicator rose 245 days to 921 days.
Although these number reflect the county as a whole, Monterey County is made up of many micro markets. Click here to view a city by city break down for the county.
The real estate market is very hard to generalize. For complete information on a particular neighborhood, ive me a call or send me an email.
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