The real estate market across the Monterey Peninsula demonstrated resilience in 2024, maintaining overall health despite slowdowns at key price points.

 

Throughout the year—and particularly in the lead-up to the Q4 presidential election—the market experienced reduced activity in both inventory and demand. Many buyers and sellers chose to wait until after the election to make real estate decisions, leading to a 10% decline in the number of homes sold compared to Q3, and a 37% drop in new listings. Nevertheless, pricing held firm, with the average sales price rising 11% quarter-over-quarter and showing a modest 2% increase from Q4 2023.

 

On an annual basis, 2024 reflected stability, highlighting consistent demand despite political uncertainty. The average sales price rose 3% compared to 2023, while the number of homes sold increased by 5%. Total sales volume for the year reached an impressive $1.9 billion, up 6% year-over-year.

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Greater Carmel, Marina, and Seaside stood out as the ‘healthiest’ markets among the nine that I track, demonstrating consistent growth in both Q4 and throughout the year.

 

As we look to 2025, the momentum is evident, with 106 homes already set to close—a strong start compared to the 236 total sales recorded in Q4 2024.

 

For a more detailed look at how the nine markets across the Monterey Peninsula fared in Q4 2024, take a look at the attached market report.

 

Until next time, I’m wishing you all a healthy and happy start to 2025!

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- Devon