MCAR IN THE NEWS & ANNOUNCEMENTS
Visit our About MCAR page regularly to stay updated on our involvement in real estate news. Discover articles and videos that highlight our commitment to sustainable and community-centric development. We invite you to explore the practical insights and responsible strategies that shape MCAR’s contribution to the evolving landscape of real estate.
NOVEMBER 14, 2023
Source: Monterey Herald
Monterey Herald: Monterey County median price for single-family home at record $1.093M
- The median price of a single-family home in Monterey County hit a record high of $1,093,000, substantially beating the previous record of $944,500.
- Chronically low inventory and ongoing increased demand contribute to overall rising prices despite price reductions in other regions and on limited listings here.
- Previously rising interest rates contributed to this record, but lower rates may not help reduce prices as local cities are slow to resolve their housing inventory shortages.
OCTOBER 24, 2023
Source: KION
Coverage of Salinas Rent Stabilization meeting
- The City of Salinas is beginning to discuss rental housing price controls despite their rental registry only being a few months old and not having collected much data.
- Studies show availability worsens by ~20% and cost worsens by ~25% when rental housing is overregulated.
- The Mayor requested further study of the pros and cons of imposing artificial price controls on rental housing.
May 12, 2023
Source: Monterey Herald
Monterey County’s constricted housing stock helps squeeze median price up to $900K
- Ten consecutive interest rate increases and decades of local government not approving enough housing result in a peak in prices compared to last year.
- The desirability of living in Monterey County along with a constricted housing supply works against achieving greater affordability.
- “It leaves people out, people who work in our communities and want to live here too, but Realtors can help them find resources like first-time homebuyer down-payment assistance.”
April 5, 2023
Source: KSBW
Coverage of Salinas Rental Registry ordinance
- The City of Salinas passed its rental registry ordinance after a year of meetings with stakeholders representing all sides of the issue.
- Mandatory rental housing inspections were removed from the ordinance as a condition of proceeding at all.
- Negotiation lowered fees and the amount of information required to register, and increased the grace period before late fees are applied.