Welcome to our February 2023 Real Estate Market Update for the Monterey Peninsula. In this post, we’ll explore the latest trends and developments across the region’s top neighborhoods, including rising median income, shorter days on market, and strong growth in home sales.
Let’s start with the median income trends. We’ve seen significant increases in many areas. In Pebble Beach, the median income rose from 2.03% to 3.02%, while Carmel experienced an increase from 2.86% to 3.30%. The median income in Carmel By the Sea surged from 2.95% to 4.15%, and Pacific Grove saw a jump from 1.23% to 2.26%. Seaside and Marina also experienced increases, rising from 6.81% to 7.25% and 7.35% to 9.25%, respectively.
The strong growth in home sales is another exciting trend we saw in February. Median sales prices increased across the region, indicating a strong demand for homes. Additionally, homes sold faster in February than in previous months. For example, in Carmel, days on market decreased from 56 to just 18, while Carmel By the Sea saw a drop from 9 to 3. Monterey also experienced shorter days on market, going down to 5 from 7. Seaside saw the biggest improvement, with days on market decreasing from 92 to 18, and Marina going from 107 to 43.
Alongside this strong growth in home sales, we also saw an influx of new listings, providing buyers with even more options to choose from. With many homes selling quickly and a growing inventory, it’s an exciting time to be in the market for a new home.
Overall, February 2023 was a very active month for the Monterey Peninsula real estate market, with strong growth in home sales, rising median income, and shorter days on market. If you’re thinking about buying or selling a home in the area, now is a great time to get in touch with a local real estate agent to explore your options and get expert advice on navigating this competitive market. Our team is always available to help you make the most of your real estate investment.
