Salinas, CA Housing Market: November 2024 Analysis
The Salinas, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $862,500, reflecting a modest year-over-year increase of 0.4%. This slight uptick indicates a relatively stable pricing environment despite broader economic uncertainties.
Conversely, the Median List Price has decreased by 2.1% year-over-year, now at $919,500. This decline suggests a potential softening in seller expectations or a strategic adjustment to attract buyers in a competitive market. The median Price Per Square Foot has risen by 1.7% to $548.77, while the Median List Price per square foot has surged by 10.0% to $590.66, highlighting a divergence between listing strategies and actual sales.
Sales activity has been robust, with 162 Homes Sold, marking a significant 12.5% increase from the previous year. Pending Sales have also seen a substantial rise of 20.6%, reaching 193. This surge in transactions indicates strong buyer interest and market momentum. New Listings have grown by 9.1% to 180, contributing to an expanded inventory, which is up by 21.5% year-over-year, totaling 542 homes.
The Months of Supply, a critical indicator of market balance, has increased by 20.0% to 3.3 months. This suggests a shift towards a more balanced market, potentially easing the competitive pressure on buyers. The Median Days on Market have extended by 19.0% to 69 days, indicating that homes are taking longer to sell compared to the previous year.
The average sale to list ratio remains steady at 99.0%, with a slight year-over-year increase of 0.1%. However, the percentage of Homes Sold above list price has decreased by 6.3% to 28.4%, reflecting a cooling in bidding wars. Price Drops have increased by 1.5% to 21.0%, suggesting that sellers are adjusting their expectations in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has declined by 6.2% to 33.2%, indicating a slower pace of transactions. This could be attributed to the increased inventory and longer days on market, providing buyers with more options and time to make decisions.
Overall, the Salinas housing market in November 2024 exhibits a mix of stability and adjustment, with rising sales activity and inventory levels counterbalancing the slight decline in list prices and increased market time. These dynamics suggest a market in transition, with opportunities for both buyers and sellers to navigate strategically.
