Market UpdateToday let’s look at the Pacific Grove real estate market.

In the last 30 days we’ve had 13 closed sales and nine more properties enter into escrow.  In the first three months of the year we’ve had a total of 25 closed sales, compared to 17 in the same period last year, representing a 47% increase!  Inventory is currently at 88 homes, down from 102 this time last year.  This calculates to a ‘Months of Inventory’ measure of 10.6 vs 18 this time last year.  Remember, a balanced market is considered around 6 months of inventory.

These numbers suggest that we are definitely seeing a turn-around in the Pacific Grove market.  It is interesting to note that 10 of the 25 sales in the last quarter were bank owned, confirming the general feeling that bank owned properties are generally priced more aggressively than non-bank owned properties. The decreased  ‘Months of Inventory’ measure, an indication of market direction, has decreased from 18 months to 10, a clear sign that the market is moving towards pricing stability.  Buyers on the fence better get moving.  These deals may not last long!

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