After a strong finish to 2019, the Monterey Peninsula was off to a healthy Q1,
2020. The underlying real estate fundamentals seemed to be improving
until we experienced the drastic changes brought about by COVID-19,
resulting in Monterey County’s Shelter in Place order on March 17, 2020.
Despite the abrupt change in our ability to show property, volatility in the stock
market, and economic uncertainty, first quarter results were strong as most sales
were already in escrow headed towards close. Since then, however, the number of
new listings and new sales has dramatically slowed.
While we would traditionally be looking at Q1 results as a strong indicator for
what’s to come, at this point, any forecasting based on Q1 or 2019 is not useful.
There are fundamentals of our market that support our belief that it will be less
impacted than others. Factors such as incredible beauty, more space (compared to
the Bay Area and LA) and limited inventory will always drive demand.
While we all navigate the future ahead, our team is prepared to help our clients
make the most of opportunities and help address any potential challenges. This
includes new sales tools, insights, and messaging strategies.
Over time, like the stock market, our real estate market always delivers. We live
in one of the most desirable communities in the world with a limited inventory of
homes. We know that together we will return to being a healthy, vibrant community,
with appreciating real estate values and an extraordinary quality of life.
We are available to answer your questions, discuss the market or share resources.
We are tracking the data and in touch with colleagues whether contractors, home
inspectors, lenders or other Realtors, so please reach out if there is a specific metric
you are hoping to understand further.
Wishing you well,