The answer is Yes!!!!
Looking at statistics can be tricky. We cannot always take them at face value, especially when looking at median home prices. The big numbers don’t always show you the entire picture. Every area is different. Yes, the overall market has gone down but there are sub areas (neighborhoods) that are still forging forward.
Monterey Counties Median Sales Price for June 2008
|
County/City/Area |
# Sold |
June 2008 |
June 2007 |
% Chg |
|
Monterey County |
282 |
$342,500 |
$600,500 |
-42.96% |
|
CARMEL |
20 |
$944,750 |
$1,001,250 |
-5.64% |
|
CARMEL VALLEY |
7 |
$1,021,000 |
$799,000 |
27.78% |
|
CASTROVILLE |
4 |
$303,000 |
n/a |
n/a |
|
GONZALES |
7 |
$268,000 |
$486,000 |
-44.86% |
|
GREENFIELD |
18 |
$254,000 |
$475,000 |
-46.53% |
|
KING CITY |
2 |
$261,500 |
$429,750 |
-39.15% |
|
MARINA |
9 |
$425,000 |
$576,500 |
-26.28% |
|
MONTEREY |
20 |
$567,000 |
$785,000 |
-27.77% |
|
PACIFIC GROVE |
6 |
$731,250 |
$779,000 |
-6.13% |
|
PEBBLE BEACH |
6 |
$1,512,500 |
$1,500,000 |
0.83% |
|
SALINAS |
143 |
$330,000 |
$534,000 |
-38.20% |
|
SEASIDE |
23 |
$335,000 |
$647,500 |
-48.26% |
|
SOLEDAD |
14 |
$262,000 |
$480,250 |
-45.45% |
*Data provided by DQ News
So what is the good news?
1. There are two cities on the Monterey Peninsula that the median price has gone up, Carmel Valley and Pebble Beach.
<!- 2. Even in cities that the prices have gone down there are neighborhoods in those cities where the market is strong and prices have stayed the same or climbed slightly.
<!- 3. It is a buyer’s market. There are buyers and they are buying. Today’s buyers want a perceived value so they will wait around until they find it.
4. Bank owned properties are selling. The quicker the homes that have been foreclosed on sell, the quicker the market will bottom out and slowly start climbing back up.
The numbers do show that sales prices have come down but they also show there is light at the end of the tunnel!
