Sunday, July 26, 2009

Monterey County Home Sales More Than Double vs. 2008; "Very, Very Busy With Lots of Buyers"

Moneterey County Herald -- Low prices and good interest rates are sparking an increase in home sales in Monterey County. "It's very, very busy. There's a lot of buyers out there," said Becky Jones, an agent at Shankle Real Estate in Monterey. Potential buyers are thinking "that maybe we've seen the bottom, or close to it."

In the first half of this year, the Monterey County Association of Realtors logged 2,279 home sales, up from 994 in the first half of 2008. The average sale price in the county was $313,000 in the first half of this year; a year ago it was $733,000.

Those numbers, agents say, are skewed by the high number of foreclosures in East Salinas. In the first half of this year, sales in East Salinas were about 20 percent of the county total; a year ago they were 5 percent.

There are also fewer homes on the market — 1,743 in June, down from 2,768 a year ago.

MP: Isn't this exactly what a real estate recovery would look like? A sizzling sales pace, lots of buyers, and falling inventory?


At 7/26/2009 8:49 AM, Blogger Unknown said...

Did you even read this article Mark?

It quite clearly states;
2008; 5% of sales are foreclosed homes
2009YTD; 20% of sales are foreclosed

When you combine that with volume more than doubling, foreclosed sales are up 8x over last year.

How does an 8x increase in foreclose sales in reality, translate to "fewer foreclosure sales" in Mark Perry's world?

At 7/26/2009 9:20 AM, Blogger Mark J. Perry said...

Bill: Sorry, I misread that part of the article, I updated the post.

At 7/26/2009 1:18 PM, Blogger misterjosh said...

But what happens when artificial government assists like the $8000 incentive and the low interest rate? I'm afraid it will lead to a second crash.


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