Monterey County Home Sales More Than Double vs. 2008; "Very, Very Busy With Lots of Buyers" -- MrSwing

You Are Here: Home > Articles > Economy > Monterey County Home Sales More Than Double vs....

Monterey County Home Sales More Than Double vs. 2008; "Very, Very Busy With Lots of Buyers"
Jul 26, 2009

Dr. Mark J. Perry

CARPE DIEM
More articles

Font Size:

Click here to enlarge | Open in another window

Moneterey County Herald -- Low prices and good interest rates are sparking an increase in home sales in Monterey County. "It's very, very busy. There's a lot of buyers out there," said Becky Jones, an agent at Shankle Real Estate in Monterey. Potential buyers are thinking "that maybe we've seen the bottom, or close to it."
In the first half of this year, the Monterey County Association of Realtors logged 2,279 home sales, up from 994 in the first half of 2008. The average sale price in the county was $313,000 in the first half of this year; a year ago it was $733,000.

Those numbers, agents say, are skewed by the high number of foreclosures in East Salinas. In the first half of this year, sales in East Salinas were about 20 percent of the county total; a year ago they were 5 percent.

There are also fewer homes on the market — 1,743 in June, down from 2,768 a year ago.

MP: Isn't this exactly what a real estate recovery would look like? A sizzling sales pace, lots of buyers, and falling inventory?