I just looked up stats on sales of condos in Monterey for this time last year as compared to this year. Not an encouraging number. By 7/18/08, there had been 25 condo sales for an average sale price of $538,454. However, there have only been 16 sales with the average sale price of $421,925 so far in 2009 And the average price is $337,525 for condos in contract.
There is a bright spot in the single family residential sales in Monterey. Though only 40 homes have sold far this year, there are 32 homes under contract at the moment. There are even 2 homes over $1million in contract and 1 home on Del Monte Beach that is in contract for over $3million.
Most buyers are gravitating to single family homes since the selling prices have dropped and many buyers perceive SFR as holding better value than condos. But there are a few dedicated condo buyers still out there.
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