Pacific Grove Market Update

The Pacific Grove housing market had a slow start in November 2022, with only 5 homes being sold in the 93950 area. This is a significant decrease from the 14 sales the previous month, representing a 64% drop in activity. Despite the decline in sales, there was some good news for sellers in Pacific Grove. The median sale price for homes in the area increased 17% from $1,125,000 in October to $1,315,000 in November. This is a promising sign for homeowners looking to sell their property, as it shows that demand for homes in the area is still strong.

However, the days on market did see an increase in November. The average number of days that a home stayed on the market rose to 66 from 13 in October. This may be due to the decrease in overall sales, as there are fewer buyers in the market to make offers on properties.

Despite this, sellers in the 93950 area still received a good return on their investment, with an average of 97% of the asking price being received in November. While this is slightly lower than the 99% received in October, it is still a strong showing in the current market. Overall, the Pacific Grove housing market had a mixed month in November 2022, with some ups and downs in the performance of the market.