After a surge in activity during the second quarter, the market continued its strong performance in Q3, marking six consecutive months of steady activity after a slower sales cycle over the past 18 months.

 

While Q3 slightly trailed Q2 in total home sales—261 compared to 266—we've already surpassed last year's cumulative sales for the first three quarters, with 719 homes sold by September 30, 2024, compared to 702 during the same period in 2023.

 

Though the average sales price declined by 9% from last quarter and by 4% from Q3 of 2023, these figures do not account for a $45 million off-market sale, the highest in Monterey County history. Since it wasn’t listed in the MLS, it's excluded from this market report. Had it been included, the average sales price for Q3 would rise to $2.337 million—up 3% from Q2 and 8% from Q3 2023. The average days on market remained fairly consistent at 47 days, compared to 42 days in Q2 and 43 in Q3 2023.

 

Looking ahead, Q4 holds significant promise. September saw 115 homes go into escrow, the highest number since May 2022. Inventory has also increased, closing the quarter with 379 active listings—over 100 more than this time last year, and the most seen on the Peninsula since the summer of 2020. With strong demand and increased inventory, we are optimistic for a strong close to 2024.

 

As always, we are here for any real estate questions you may have.

 

All our best, 

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Malone & Team