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Q1 2024 Market Report

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Much like the close of 2023, the Monterey Peninsula's real estate market had a sleepy start to 2024. The typical rainy and windy weather conditions throughout the opening months of the year paired with continued economic pressure on both the entry level and luxury ends of the market led to a slow first two months of the year. The entry level market remained uneasy due to lingering elevated interest rates. The higher end of the market stayed slow over the winter months due to macro-economic uncertainty, geopolitical concerns, and other distractions that kept most affluent buyers on the sidelines. Luckily, as we moved into March, we felt a surge of activity. After 91 new listings in January and 98 more in February, March saw 152 new listings come to market. This was the highest number of new listings we have seen come on the market in one calendar month since June of 2022.