Salinas, CA Housing Market: September 2024 Analysis
The Salinas, CA metro area housing market in September 2024 presents a dynamic landscape with notable shifts in pricing and inventory. The Median Sales Price has surged to $960,000, marking an impressive year-over-year increase of 11.3%. This upward trend is further reflected in the median Price Per Square Foot, which has risen by 15.6% to $612.99. These figures indicate a robust appreciation in property values, suggesting strong demand in the market.
Conversely, the Median List Price has seen a modest increase of 0.3% year-over-year, now standing at $992,000. The Median List Price per square foot has also experienced a significant rise of 9.3%, reaching $611.65. This disparity between sales and list price growth could indicate a competitive market where buyers are willing to pay more than the initial asking prices.
In terms of sales activity, the number of Homes Sold remains unchanged from the previous year at 177 units. However, Pending Sales have increased by 4.0%, totaling 206, which may suggest a potential uptick in future closed transactions. New Listings have surged by 13.0% to 208, contributing to a substantial 30.9% increase in inventory, now at 614 homes. This rise in inventory has led to a significant 90.0% increase in the Months of Supply, now at 3.5 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased by 10.0% to 49 days, suggesting that homes are taking longer to sell compared to last year. The average sale to list ratio has slightly decreased by 0.6%, now at 98.6%, indicating that homes are selling closer to their list prices. Additionally, the percentage of Homes Sold above list price has decreased by 2.3% to 33.9%, while the rate of Price Drops has also declined by 2.3% to 20.7%.
Furthermore, the percentage of homes going off the market within two weeks has decreased by 5.8% to 31.1%, suggesting a potential cooling in buyer urgency. These metrics collectively paint a picture of a market that, while still strong, is experiencing some moderation in its previously rapid pace.
Overall, the Salinas housing market in September 2024 is characterized by rising prices and increased inventory, with signs of a gradual shift towards a more balanced environment. Buyers and sellers alike should remain attentive to these evolving trends as they navigate the market.
