Monterey Peninsula Condo Report Fourth Quarter and Year End 2017 Market Continues Its Hot Streak

Our local market for condominiums continued to be strong in the fourth quarter.  Although the number of sales in the quarter dropped by 29% from the same period last year, prices were up and gross dollar volume managed to increase by 5% even with fewer transactions.

Median Sales Prices
Median sales prices continued to climb with all of the markets experiencing increases with the exception of Pacific Grove.  The offerings in Pacific Grove were at a lower level of prices from last year the major reason for the decline in median sales prices in the quarter.

Barometer
On January 1st there were only 44 units on the market as opposed to 55 last year. Thirteen of the 44 units were in escrow for a Barometer Reading of 30%, a good number.

10 Year Review
The gross dollar volume for the year topped $127 million, an all-time high and 44% higher than 2007.  The Bureau of Labor Statistics tells us that in this ten year period the purchasing power of the dollar declined by 24% leaving the market with a true gain of 20%, much better than the single family home record which had a real gain in gross dollar volume of only one percent from 2007 to 2017. The median sales prices were all lower than those in 2007 with the exception of Carmel-by-the-Sea. In real terms, the condo market is finally emerging from the devastating hit of the 2007-08 recession.

Skyline Crest
As we promised in the last edition of our Condo Report, in each issue we will feature one complex.  Our choice for this report is Skyline Crest, the 48-unit complex in the popular Skyline Forest area of Monterey.  The Skyline Crest complex offers the largest, and with the exception of the new, super posh units in Cannery Row, the most luxurious condominiums in Monterey. Most of the units are in the 2,000 plus square feet range with three bedrooms and two baths, but there are some three bath units.  The largest unit, number 40, has five bedrooms and more than 2,700 square feet.  Three units have closed escrow in early 2018.  The sales prices of the three units that have closed as of this writing, March 15, are: one at $729,000 and two at $825,000.  There are also two in escrow with asking prices of $850,000 and $929,500. If you want space and style and do not want to lay out the million dollar plus sum that will be needed to get it in a single family home in a favored neighbor, keep your eye for offerings in Skyline Crest.

ATTENTION BUYERS AND SELLERS – PAUL AND MARK IN THE TRENCHES
We know this market and are here to provide you with smart representation.  Call, email or text and we will respond immediately.  And we are never too busy to accept your referrals. Paul Brocchini and Mark Ryan are real estate agents with Carmel Realty Company, NE Corner of Dolores & 8th, Carmel-by-the-Sea.  They can be reached at either 831-238-1498 (Mark) or 831-601-1620 (Paul)

The charts are based in whole or in part on data supplied by the Monterey County Association of REALTOR®s' Multiple Listing Service MLS). Neither the Association nor the MLS guarantees or is responsible for their accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity.