Christine Monteith on the Pebble Beach Coast

I was doing research for a seller on sales and pending contracts in Pacific Grove. Though, I’ve been aware of which properties were in foreclosure and short sales, it was surprising when I gathered all this info into one report. The good news is that there are only 57 active single family residence listings, only 3 are foreclosures and 2 short sales. Of the 25 homes under contract, 60% of these transactions are distressed property sales (ie, foreclosures or short sales.) Since October 1, 2009, there have been 35 sales in Pacific Grove ranging from $2,900,000 (sold by my Broker at The Jones Group) to $290,000, only 11 have been distressed sales. That still makes just a little less than 33% of the sales.

Popularity: 25% [?]

Inventory on the Monterey Peninsula continues to decline in many areas. In October 2008, the inventory for Monterey County was 2,726 single family homes for sale in comparison to just 1,442 in October 2009. Total number of sales have remained fairly constant while median sale prices saw an overall decline of 12% over the past 12 months. Median sales prices are skewed in areas such as the Carmel Highlands where the average home sale price was extremely high. Carmel inventory remains very high as Pacific Grove with a similar size and population continues to decline. The Carmel inventory reflects a large number of homes that were remodeled on spec.

Popularity: 2% [?]