If you live on the Monterey Peninsula, you are probably wondering if your home value has increased over the past year or two with the rebound of the real estate market. Here are some interesting statistics we have pertaining to Monterey County Home Values:
- Median Home Values have increased by 30.2% from $295,000 to $384,000
- Average Home Sales Price rose by 23% from $478,205 to $587,976
- Home for Sale decreased 22.5% from 950 to 736 Homes
- Home that were Sold fell by 15% from 3,116 to 2,650
- Average Days Homes were on the Market fell by 21.6% from 70 to 55 Days
Below is a chart reflecting the statistics:
So what does all of this mean for Monterey County Home Owners?
Values are up and are predicted to increase throughout 2014 however interest rates are predicted to increase too so while more people may have the ability to sell their homes for a greater profit, there are most likely going to be less buyers able to buy if interest rates increase. If you are interested in learning more about the value of your Monterey, Carmel, or Pebble Beach home, complete our short questionnaire to find out your home valuation in seconds.