• Home Prices Up, Inventory Tight in Pacific Grove and Carmel

    by Marge Ann Jameson

    Home sales in Pacific Grove, tracked over the past five years, are now at a median of $619,800 and represent a 2.5 percent increase over June, 2013 and 4.6 percent over the quarter. The high was $740,000 in April, 2010, the low was $440,000 in December, 2011.

    “There is a lot of pent-up demand in Pacific Grove,” said Arlene Hardenstein Realtor® with Bratty and Bluhm Real Estate and president of the Monterey County Association of Realtors. “Inventory is still low compared to demand.” Hardenstein added that there are many areas which see multiple offers on properties, and an increasing number of offers over the asking price. Recent statistics show Pacific Grove properties at 100 percent of asking price, while homes in Seaside/sand City, South Monterey County, South Salinas, East Salinas, Carmel Highlands, Marina/Former Fort Ord were just over 100 percent of list price.

    Carmel, with 33 new listings and an inventory of 154 compared with Pacific Grove’s 23 listings and 63 in inventory, saw a total sales volume of $25,260,500 compared with $9,238,000 in Pacific Grove.

    Both areas are in high demand, not the least because of weather and the quality of schools.

    Carmel, with a median sales price of $1,075,000 recently, showed properties staying longer on the market at 102 days average, with only Big Sur (at 143) and Pebble Beach (at 122) staying on the market longer compared with other areas in Monterey County. Pacific Grove is at 39 days on the market while only North and South Salinas properties are snapped up more quickly.

    As property values increase, “things are looking much brighter for people who were under water, too,” said Hardenstein. By the same token, fewer sales of distressed homes — typically selling at a reduced price — account for some of the price growth.

    Rents have gone up a bit too, with a three-bedroom, two-bath home running about $2,200 as of March, 2013. By some accounts, rents could be as high as $2,600 for the same property and still be within reasonable parameters.

    posted to Cedar Street Times on August 1, 2013

    Topics: Front PG News, Marge Ann Jameson, Uncategorized

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