Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be stable, if not growing. In total there were six new listings and two sales this week. The new listings for homes in Carmel are, a REO on Handley Dr. for $810K, on Camino Real for $1.45M, on San Mateo Ave. for $999,995, another REO on Morse Dr. for $823.5K, on Casanovo for $3.695M and on Ribera Rd. for $849K.
There were three new listing for Pebble Beach, on Congress Rd. for $1,349,500, on Stevenson Dr. for $1.249M, and on 17 Mile Dr. for $27M. The latter suggesting that the market for high end luxury homes may be recovering, especially with all the new wealth being generated in Silicon Valley.
There was one price increase in Pebble Beach on 17 Mile Dr. from $3.495M to $3.695M.
Ten homes decreased in price, continuing to prolong buyers believe that there is still room to offer less. In Carmel seven homes had a price decrease, on Aquajito Rd. from $3.495M to $2.95M, on Casanova from $3.9M to $3.495M, on Guadalupe from $1.095M to $889K, on Monte Verde & 12th from $1.289M to $1.149M, on Vizcaino & Mt. View from $1.049M to $995k, on Dolores & 10th from $2.2M to $1.795M and a REO on Handley Dr, from $835K to $810K. In Pebble Beach three homes had a price decrease, on Lookout Rd. from $849.9K to $833.9K, on Ronda Rd. from $3.9M to $3.499M, and on Vaquero Rd. from $987.5K to $895K.
To directly quote Louis Cammarosano, general manager of HomeGain, “home buyers and sellers continue to remain apart as to home valuations with the vast majority of home owners thinking their homes are worth more than their agents and the market are telling them.” Based on this it looks like there is still leeway for Home Buyers to negotiate on price, and buyers who offer cash are in a really strong bargaining position. Buyers with loans need to be pre qualified and ready to buy or risk a lower cash offer winning the sale.
This week there were two homes in Carmel that sold and two in Pebble Beach. In Carmel on Guadalupe for $667K after 114 Days on Market (DOM), and on 2nd for $525K after 32 DOM. The Pebble Beach Real Estate sales were on Hermitage Rd. for $1,042,500 after 492 DOM, and on El Bosque Dr. for $475K after 321 DOM.
For a larger picture of sales of homes in Carmel, 66 homes have sold in the last 120 days (11/18/11 to 3/17/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 135 days and average $/sqft is $560. 39 homes in Carmel were $1M or under and 35 of these homes were west of Highway 1.