The Salinas, CA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.8% year-over-year, settling at $864,000. This decline contrasts with the Median List Price, which has risen by 5.9% to $998,500, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics reveal an upward trend, with the median Price Per Square Foot increasing by 8.7% to $611.76, and the Median List Price per square foot surging by 17.7% to $639.69. These figures suggest a strong demand for space, despite the overall decline in sales prices.

Sales activity has shown significant growth, with the number of Homes Sold increasing by 12.9% year-over-year to 140 units. Pending Sales have experienced a remarkable rise of 60.3%, reaching 218 units, indicating robust buyer interest and potential future sales growth. New Listings have also increased by 5.4% to 194, contributing to an inventory rise of 11.9%, now totaling 480 homes.

The Months of Supply have decreased by 10.0% to 3.4 months, suggesting a tighter market compared to the previous year. The Median Days on Market have remained relatively stable, with a slight increase of 1.0% to 50 days, indicating that homes are selling at a consistent pace.

The average sale to list ratio has decreased by 1.9% to 98.0%, reflecting a slight reduction in the negotiation power of sellers. The percentage of Homes Sold above list price has dropped by 10.4% to 24.3%, further emphasizing the shift in market dynamics. Price Drops have increased by 8.3% to 20.2%, suggesting that sellers are adjusting their expectations to align with market conditions.

Finally, the percentage of homes going off the market in two weeks has risen by 19.6% to 32.1%, indicating that a significant portion of homes are still attracting quick buyer interest despite the overall market adjustments.