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May 6, 2012

Carmel & Pebble Beach Real Estate News for Apr. 28th 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 real estate transactions for Carmel and Pebble Beach. There is also a 120 day sales and median price data for homes in Carmel and Pebble Beach at the end of this section. Previous weeks information can be found on our Blog.

Homes in Carmel are outperforming real estate in Pebble Beach. Overall the Carmel real estate market still seems to be strong, and growing. In total there were six new listings and six sales this week. Good activity for Carmel and inventory levels are still leveling off. The new listings for homes in Carmel are, on Camino Real for $2.195M, on 4th Ave. for $1.495M, on Casanova St. for $2.395M, on Lincoln & 9th for $1.625M, on Lobos & 2nd for $1.15M, and on Crespi for $2.15M. At any time, you can easily find the latest listings by watching the New MLS Listings slide show on this page or by clicking on the address link.

There were one new listing and three sales for Pebble Beach. The new listing is on Bird Rock Rd. for $850K.

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

Nine homes decreased in price, continuing to perpetuate buyers believe that there is still room to negotiate on asking price. In Carmel seven homes had a price decrease, on Atherton Dr. from $1.175M to $850K, on Dolores St. from $3.795M to $3.695M, on Walker Ave. from $1.995M to $1.695M, on Dolores & 10th from $2.2M to $1.695M, on Tolando trails from $1.175M to $1.125M, on Guadalupe & 7th from $1.075M to $995K, and a REO on Morse Dr. from $823,500 to $783,902.  In Pebble Beach two homes had a price decrease, on Portola Rd. from $5.25M to $4.95M and on Vaquero Rd. from $987.5K to $880K.

Homes in Carmel and Pebble Beach appear to be rated a “good 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 six homes in Carmel that sold and three in Pebble Beach, seeming to endorse the comments above. In Carmel on Santa Fe & 5th for $1,165,560 after 419 Days on Market (DOM), on Edgefield Pl. for $1.04M after 266 DOM, on Carmelo St. for $2.0M after 177 DOM, on Flanders Dr. for $600K after 112 DOM, on Casanova & 8th for $1.175M after 60 DOM, and on Canyon Dr. for $576K after 34 DOM. The Pebble Beach real estate sales were on Riata Rd. for $5.155M after 414 DOM, on Crest Rd. for $585K after 272 DOM, and on Bird Rock Rd. for 920K after 3 DOM.

For a larger picture of Carmel Real Estate sales, 78 homes have sold in the last 120 days (12/30/11 to 4/28/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 146 days and average $/sq. ft. is $574. 45 homes in Carmel were $1M or under and 12 of these homes were REO properties. In Pebble Beach there were 49 real estate sales, from $6.4M for a home on Portola Rd. to $395K for a house on Shepherds Knoll and 8 were REO properties. Average DOM is 203 days and average $/sq. ft. is $504.

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