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April 22, 2012

Carmel & Pebble Beach Real Estate News for Apr. 14th 2012

The real estate market in Carmel and Pebble Beach is very unique and to help you get a better understanding of market performance we publish this weekly summary of the real estate transactions for Carmel and Pebble Beach. There is also a 120 day sales and median price data for homes in Carmel at the end of this section. Previous weeks information can be found on our Blog.

Homes in Carmel look like they are now being impacted by the lower end of the price scale real estate in Pebble Beach. Overall the Carmel real estate market still seems to be buoyant, and growing. In total there were nine new listings and three sales this week. Good activity for Carmel and inventory levels are still dropping. The new listings for homes in Carmel are, on Torres & 2nd for $739K, on North Mesa Dr. for $695K, on Aspen Pl. for $539.9K, on Santa Lucia for $1.585M, on Whitman Circle for $1.1M, on N. W. Perry Newbury Way for $996k, on Monterey St. for $889K, on Junipero for $1.499M and on Lazarro Dr. for 950K.

There were two new listing and two sales for Pebble Beach. The new listings are on Sherman Rd. for $1.75M, and on Quarry Rd. for $1.75M.

There were no price increases for homes in Carmel or Pebble Beach.

Six homes decreased in price, continuing to prolong buyers believe that there is still room to negotiate on asking price. In Carmel two homes had a price decrease, on Fairfield from $1.05M to $995K, and on 5th Ave. & Santa Rita from $2.38M to $2.28M. In Pebble Beach four homes had a price decrease, on Arroyo Dr. from $950K to $775K, on Congress Rd. from $1.499M to $1.289M, on Lookout Rd. from $795K to $775K, and on Porque Ln. from $2.595M to $2.395M

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.The increased buying activity from investors and second-home purchases may be factors behind the recent pickup in real estate sales in Carmel and Pebble Beach.

This week there were three homes in Carmel that sold and two in Pebble Beach, seeming to endorse the comments above. In Carmel on San Pedro Ln for $900K after 139 Days on Market (DOM), on Camino Real & 4th for $1.07M after 9 DOM, and a REO on 6th Ave. for $632.9K after 7 DOM. The Pebble Beach real estate sales were on Oak Knoll Rd. after 235 DOM, and on Middle Ranch Rd. for $760K after 6 DOM.

For a larger picture of Carmel Real Estate sales, 69 homes have sold in the last 120 days (12/18/11 to 4/14/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 148 days and average $/sq. ft. is $595. 39 homes in Carmel were $1M or under and 29 of these homes were west of Highway 1.

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