The market as a whole right now is relatively flat. We historically rely on sales of entry level homes to be bought from move up buyers from Salinas, but since that market is hurt by the sub prime debacle, we no longer have that pressure. We also have a flux of condo conversions that are impacting lower end values. Higher end homes and markets are holding strong. It will be interesting to see what happens when the 1000+ homes are built on the former Fort Ord.
ARCHIVED BLOG POSTS
So I looked this morning at the amount of inventory in Monterey County knowing this time last year, we had 17 months of inventory (the amount of time to sell every listing at the current rate if no new listings came on board). Well, to my surprise, we were down to just three months! How is that...