Are There More Homes for Sale?
Many visiting see real estate "For Sale" signs on homes and ask, "Why are there so many homes for sale? Is it unusual?" Looking at the past year's data of new listings by month and market, we can see that the answer is no.
- Many people trade up, trade down or move within the Monterey Peninsula
- There is a constant demand of people looking to move to the Monterey Peninsula
- Some homes have been in families for decades and as generations move on, they sell
New Monthly Listings By Market - 18 Months
Opportunities in November and December
November and December see some opportunities for both Buyers and Sellers of real estate.
Opportunities for Buyers
Many Sellers make the mistake of overpricing their home when first coming on the market in a competitive Spring market. In May there are twice as many new listings as what is seen in November and December. And now a May listing is already 180 days old.
So now Buyers have an opportunity to find homes that are ready to sell – with motivated Sellers. They have been on market for a while and with homes that haven't been getting many fresh looks from REALTOR®s and their clients.
Opportunities for Sellers
As mentioned, November and December see half the new inventory of the Spring months. It is a great time to list your house and get the attention of REALTOR®s and "Real Buyers" who are actively looking for homes. Sellers' homes get attention this time of year. And the sales results of the last few years illustrate the point. There are more home sales in December than August.
When looking to buy or sell a home –it pays to look at the data.
About
Mark Peterson was born and raised on the Monterey Peninsula, is a realtor at Monterey Coast Realty in Carmel, and a Lecturing Professor of Strategic Management and Marketing in the College of Business at California State University, Monterey Bay.
