Pacific Grove Market Report October 2021

In the Pacific Grove real estate market there were 13 closed sales in October 2021. This is 24% down from 17 sales the month before. This is driven up the median sales price as well which was a 27% increase from $1.3 million in September to $1,650,000 in October. The days on the market rose to 16 from just 10 in September. On average, sellers in the Pacific Grove and the 93950 ZIP Code received 100% of their asking price in October compared 102% in September. A year ago, there were 23 closed sales with the median sales price of $1 million. There were 22 new listings and an average price per square foot at $907, which compares to this month or October which is $1115 per square foot.

It's important to navigate the current real estate market, which means paying attention to different statistics. As a Pacific Grove real estate expert, it is my duty and my job to pay attention to the slight inflections and changes to the real estate market. This helps us know when to buy, at what price to sell. It also helps to know when to sell and list the property. Selling different times of the day or the month can definitely affect prices and is important to find that sweet spot before listing or selling a property.

It's also important to find that sweet spot when buying. Homes are flying off the market and with an average days on the market of just 16, homes are selling rapidly, which means that buyers need to be preapproved and ready to go before listing. Sellers also should have a pre-inspection done, which ensures that buyers probably won't get their own home inspection speeding along the entire process.

For more information on Pacific Grove real estate, buying or selling in this area, or tips on when and how to list, contact my office below at any time.