Monthly home sales and median price data don’t tell the full picture about the real estate market in Carmel or Pebble Beach.
To help you get a better understanding of market performance we publish this weekly summary of luxury real estate transactions for Carmel and Pebble Beach.
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 eleven new listings and six sales this week. The new listings for homes in Carmel are, on 8th & Casanova for $2.450M, on Mission & 12th for $1.840M, on Monte Verde & 13th for $3.195M, on Carmel Riviera Dr. for $1.495M, on Yankee Beach Way for $2.498M, on Dolores for $2.795M, on Camino Real & 12th for $1.295M, a REO on Torres & 8th for $2.75M, on 15th Ave. for $1.49M, on Monte Verde & 7th for $1.05M, and finally on Ocean Ave. for $5.5M.
Returning to normal after the rush for the AT&T there were three new listing for Pebble Beach, on Forest Way for $899K, on Ronda Rd. for $3.9M, on Porque Ln. for $2.595M.
There were no price increases in either Carmel or Pebble Beach..
Eleven homes decreased in price, continuing to fuel buyers believe that there is still bargains to be had. In Carmel five homes had a price decrease, on Carmelo & 12th from $1.588M to $1.35M, on Lower Trails from $1.095M to $1.098M (according to MLS!), on Atherton Dr. from $1.175M to $895K, on Casanova & 2nd from $1.695M to $1.599M, and finally on Casanova & 8th from $1.395M to $1.295M. In Pebble Beach six homes had a price decrease, on Viscanio Rd. from $3.9M to $2.4M, on Arroyo Rd. from $950K to $795K, on Lopez Rd. form $1.199M to $1.179M, on 17 Mile Dr. from $2.495M to $2.295M, on Lookout Rd. from $849,900 to $837,900, on Vaquero Rd. from $987.5K to $875k.
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 six homes in Carmel that sold and three in Pebble Beach. In Carmel on 14th Ave. for $2.7M after 325 Days on Market (DOM), on Fisher Pl. for $548K after 127 DOM, on Monte Verde & 13th for $1.15M after 91 DOM, an REO on Ribera Rd. for $795K after 360 DOM, on Palou Rd. for $1.65M after 360 DOM, and finally on Santa Fe & 5th for $640K after 7 DOM. The Pebble Beach Real Estate sales were on Larkin Rd. for $535K after 14 DOM, on Bird Rock Rd. for $2.125M after 83 DOM, and finally on Rodeo Rd. for $4.25M after 10 DOM. Pretty short Days on Market for Pebble Beach, a good sign that maybe homes are now moving.
For a larger picture of sales of homes in Carmel, 62 homes have sold in the last 120 days (11/04/11 to 3/03/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 138 days and average $/sqft is $600. 37 homes in Carmel were $1M or under and 35 of these homes were west of Highway 1.