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 three new listings and one sale this week. The new listings for homes in Carmel are, on Ocean Ave. for $599K, on Guadalupe St. for $799K, and on San Pedro Ln. for $1.575M.
There were two new listing for Pebble Beach, on 17 Mile Dr. for $7M, on Sand Dunes Rd. for $5.2M. Along with last week’s listings this suggests that the market for high end luxury homes may be recovering, especially with all the new wealth being generated in Silicon Valley.
There were no price increases in Carmel or Pebble Beach.
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 Casanova St. from $3.9M to $3.495M, on Guadalupe St. from $920K to $875K, on Dolores St. from 1.198M to $1.095M, a REO on Hatton Rd. from $1.86M to $1,713,900, on Mission & 2nd from $1.295M to $1.265M, on Valley Way from $6.5M to $5.2M and on 8th & Casanova from $2.45M to $2.295M. In Pebble Beach three homes had a price decrease, on Padre Ln. from $6.5M to $5.75M, on Lookout Rd. from $849.9K to $831.9K, and on Porque Ln. from $2.595M to $2.495M.
As with everything else in this unique and historic housing market, perhaps the usual logic doesn’t apply. If prices are still falling, couldn’t an even better deal be waiting down the road a bit? No. House prices will continue to fall on a national basis at least through 2012, but you have to look past national headlines to our local market, which is already recovering nicely. The trouble with the national numbers is that they are heavily weighted toward the lower end of the market and to the distressed end of the market. Homes in Carmel and Pebble Beach appear to be rated a “buy” these days, especially among smart investors, who see a ripe market and potential for investment gains, so now is the time to buy.
This week there were one home in Carmel that sold and four in Pebble Beach. In Carmel on Oliver Rd.for $575K after 114 Days on Market (DOM). The Pebble Beach Real Estate sales were on Rodeo Rd. for $2.025M after 486 DOM, on Mariners Way for $687,400 after 149 DOM, a REO on Sloat Rd. for $538K after 108 DOM, and on Bird Rock Rd. for $2.025M after 45 DOM.
For a larger picture of sales of homes in Carmel, 64 homes have sold in the last 120 days (11/25/11 to 3/24/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 134 days and average $/sq ft is $558. 37 homes in Carmel were $1M or under and 31 of these homes were west of Highway 1.