Today we’ve decided to look at Monterey, Pacific Grove, and Pebble Beach.  Here are the latest market statistics for each of these cities along with some commentary.

Pacific Grove

There were 32 sales in June, July, and August of 2008 vs. 29 over the same period last year.  In the last 30 days there have been 10 sales and 12 pendings.  Inventory has increased from 102 this time last year to 107 today.  There’s approximately 10 months of inventory currently on the market.

Sales are still happenning in PG for homes priced well.  These are predominantly in the lower end of the price spectrum.  This may be related to the availability of credit for these lower end properties.  Buyers still are in control of this market, which is very similar to this time last year.

Monterey

There were 27 sales in June, July, and August of 2008, the exact same total as over the same period last year.  In the last 30 days there have been 6 sales and 17 pendings.  Inventory has increased from 103 this time last year to 118 today.  There’s approximately 13 months of inventory currently on the market.

Sales are flat year over year, and solds in the last 30 days are down slightly, but 17 pendings in the last month signal an uptick in the market.  Inventory has risen significantly in Monterey though, indicating the market is still to the buyer’s advantage.

Monterey-Salinas Highway

There were 30 sales in June, July, and August of 2008, vs. 33 sales over the same period last year.  In the last 30 days there have been 9 sales and 20 pendings.  Inventory has increased from 164 this time last year to 175 today.  There’s approximately 17 months of inventory currently on the market.

The number that jumps out is the pendings at 20, which is double the monthly average sales.  More than 1/3 are above $1M which is a new and positive trend.  Sales are relatively flat over last year, and inventory is up slightly, but the increased pendings number may signal a move closer to a more neutral market.

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