My colleague, Laurel Jaques who is a REALTOR and appraiser was speaking to a loan underwriter on an appraisal. Pacific Grove is categorized as a declining market. Data Quick News shows property value decline of 15.8% vs. year ago. MLS median sales prices for past 4 quarters are: Q3 ’07 $870K, Q4 ’07 $775K, Q1 ’08 $775 k, Q2 ’08 $725K.
The prices are declining and that is harmful for a property owner that purchased in 2005 or later and needs to sell right now. For a property owner that purchase before 2005, you will still is a profit from the sale of your home.
Since July 1, 2008, there have been 26 sales in Pacific Grove. The highest sold property was $3,550,000 for a home on Sunset Dr and the least expensive was a gutted, historic home on Pacific for $370,000. The average sale price for 4 homes under 1,000 sq ft was $547,500. And 2 of these properties were big fixers. $547,000 is still a commanding price for a property.
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