Monterey 2Q2024

As anticipated, the second quarter of the year experienced a significant rebound from the typical first-quarter slowdown in the Monterey market. The most notable rebound from Q2 2024 in Monterey was the 61 total home sales, which eclipsed any quarterly home sales total we have seen since 2021. Of those 61 home sales, nearly a third came from the Old Town and New Monterey regions, both of which continue to be highly desirable areas amidst a competitive buyer’s market.

In addition to the impressive sales in Old Town and New Monterey, the Monte Vista and Skyline areas also saw significant property transactions, further demonstrating the robust activity across various regions in the Monterey market. And, while sales were significantly up, the days on market were significantly down – with homes taking an average of 21 days to sell during Q2, down 34% from Q1 while down 12% YoY.

Surprisingly, amidst the significant increase in home sales during the second quarter, the median sales price in Monterey decreased by 4% from Q1, with the median sales price at $1.23M to finish the second quarter. However, despite the slight decrease from the first quarter, YoY the median sales price is up 36% from the same quarter last year. As the second quarter of 2024 came to an end, the usual lull in the first quarter gave way to an unexpected surge – exceeding market expectations and signaling a strong recovery. This positive trend indicates that despite concerns about a struggling market and external impacts, there is clear momentum in the Monterey housing market as we segue into the third quarter of 2024.