Monterey Housing Market Report – May 2026
Here's a look at how the Monterey, CA real estate market performed in May 2026, based on actual sold data from the MLS.
Market Snapshot
- Homes Sold: 21
- Median Sale Price: $1,020,000
- Average Sale Price: $1,126,680
- Average Price Per Sq Ft: $718
- Average Days on Market: 103
- Sale-to-List Price Ratio: 96.7%
Month-Over-Month Trends
Compared to April, the median sale price in Monterey moved 13.2% down (from $1,175,000 to $1,020,000). The number of homes sold was 27.6% down compared to the prior month (29 vs. 21). Average days on market shifted 35.5% up (76 days to 103 days).
Year-Over-Year Comparison
Compared to May 2025, the median sale price is 8.9% down (from $1,120,000 to $1,020,000). Sales volume is 8.7% down year-over-year.
What This Means
Monterey's real estate market is showing clear signs of cooling as we head into summer. The median sale price dropped 13.2% month-over-month to $1.02 million, marking a noticeable pullback from April's activity. More telling than the sales volume decline is the jump in days on market from 76 to 103 days—a significant shift that suggests homes are sitting longer before finding buyers. This slowdown likely reflects broader market dynamics: higher mortgage rates continue to dampen buyer enthusiasm, and the seasonal spring rush appears to be fading earlier than usual this year.
The gap between what sellers are asking and what they're getting has also widened slightly. With active listings now sitting at a median asking price of $1.19 million while sales prices average around $1.02 million, there's some negotiating room emerging. That 96.7% sale-to-list ratio indicates sellers aren't getting their full ask, and the 130 average days those listings have already spent on the market suggests patience is required. For buyers, this slower pace could offer better leverage than we've seen in recent years, though inventory remains relatively tight at 96 active listings. Monterey isn't in free fall, but the market has definitely lost its momentum.
Monterey Sales by Zip Code
| Zip Code | Homes Sold | Median Price | Avg $/SqFt | Avg DOM |
|---|---|---|---|---|
| 93940 | 21 | $1,020,000 | $718 | 103 |
Sales by Property Type
| Property Type | Homes Sold | Median Price | Avg $/SqFt |
|---|---|---|---|
| SINGLE_FAMILY | 14 | $1,116,500 | $734 |
| CONDOS | 4 | $628,000 | $680 |
| MULTI_FAMILY | 2 | $1,525,000 | $685 |
| LAND | 1 | $932,277 | N/A |
Sales by Price Range
| Price Range | Homes Sold |
|---|---|
| $400K - $499K | 1 |
| $500K - $749K | 3 |
| $750K+ | 17 |
Current Active Listings
As of this report, there are 96 active listings in Monterey with a median asking price of $1,197,500 and an average of 130 days on market.
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