Real Estate Report presented by Therese Kent

March 2018 Report

Single Family Homes in Monterey County, Carmel, All Neighborhoods Change >


Median Price
$1,900,000
-2.7%
Average Price
$2,525,550
+12.4%
No. Sold
19
+18.8%
Pending Properties
32
+3.2%
Active
102
+15.9%
Sale/List Price Ratio
94.6%
+0.7%
Days on Market
123
+25.3%
Days of Inventory
145
-12.2%

Market Barometer

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Market Commentary

Prices & Sales Up in February

The median price for single-family, re-sale homes in Monterey County rose 11.3%, year-over-year, to $595,000 in February. 

The average price for homes went over $1,000,000 for the first time since January 2008. At $1,010,190, the average price jumped 27.6% compared to last February.

The median price for condos surged 75.6% year-over-year to $555,000. The average price gained 69.9% to $596,519.

Home sales were up 0.6% year-over-year. Condo sales were up 85.7%.

The sales price to list price ratio, or what buyers are paying compared to what sellers are asking, continues to hover just below the 100% mark.

The ratio for homes was 97.4%. For condos it was 97.9%.

Property is selling slightly faster than normal. It is taking only sixty-two days from when a home comes on the market to when it goes under contract. The average for the past fourteen years is sixty-eight days.

For condominiums, it took sixty-five days from listing to contract in January. The average is sixty-six days.

Inventory, or the lack thereof, continues to be the biggest factor in the Monterey market, as it is throughout the Bay Area.

There are only seventy-eight days of home inventory. The average is one-hundred and ninety-three.

For condominiums, there are forty-one days compared to an average of one-hundred and ninety-four.

As of February 5th, there were four hundred and sixty-three homes for sale. The average is 1,333.

There were thirty-nine condos for sale. The average is one hundred and twenty-two.

Deed vs. Title: What's the Difference?

By: Audrey Ference

Deed vs. title: What's the difference? Most people use the terms interchangeably, but there's a significant difference between the two— a distinction that's important to understand when you're ready to purchase a home. So let's look at what distinguishes deed from title.

Deed vs. title: The difference between these 2 real estate terms

"A deed is a legal document used to confirm or convey the ownership rights to a property," explains Anne Rizzo of Title Source Title Clearance. "It must be a physical document signed by both the buyer and the seller."

Title, however, is the legal way of saying you have ownership of the property. The title is not a document, but a concept that says you have the rights to use that property.

So when you buy a property, you will receive the deed, a document that proves you own it. That deed is an official document that says you have title to the real estate.

How to get the deed and take title of a property

To get the deed and "take title," or legally own the property, your lender will perform a title search. This ensures that the seller has the legal right to transfer ownership of the property to you, and that there are no liens against it. If everything is clear, then at closing the seller will transfer the title to you, and you become the legal possessor of the property.

The title or escrow company will then ensure the deed is recorded with the county assessor's office or courthouse, depending on where you live. You'll generally get a notification a few weeks after closing that your deed has been recorded. If you don't, check with the professional who did your closing and ensure that the paperwork has been filed. At that point, you have the deed and title to the real estate and the property is all yours.

What is title insurance?

Even with all of the due diligence a title company does before closing, there are rare instances when title problems can pop up later (e.g., missed liens and other legal issues that can be very costly to resolve). To protect against any financial loss, two types of title insurance exist: owner's title insurance and lender's title insurance.

"Unlike other types of insurance that protect the policyholder from events that may happen in the future, an owner’s title policy protects the buyer from events that have happened in the past," says Rizzo. "That may jeopardize their financial interest, such as title defects from fraud or paperwork errors, unpaid liens against the property, or claims that someone else is the real, legal property owner."

On the other hand, when you secure a mortgage, your lender or bank will require that you purchase lender's title insurance to protect the lender's investment in case any title problems arise. Lender's title insurance essentially protects the lender's interest in your property, which is typically until your mortgage is paid off.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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