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 five new listings and six sales this week. The new listings for homes in Carmel are, on Guadalupe & 7th for $1.075M, on Junipero & 12th for $514.9K, on 6th Ave. for $632.9K, on Upper Trails for $780K, on Handley Dr. for $835K.
There were six new listing for Pebble Beach, two on 17 Mile Dr. one for $4.25M, and one for $3.695M, on Crespi Ln. for $12.5m, and two on Sloat Rd. one for $699K and one for $2.7M, and on Congress Rd. for $1,349,500.
There was one price increase in Pebble Beach on 17 Mile Dr. from $3.495M to $3.695M.
Eight homes decreased in price, continuing to prolong buyers believe that there is still room to offer less. In Carmel four homes had a price decrease, on Aquajito Rd. from $1.995M to $1.85M, on Flanders Dr. from $899K to $825K, on 1st & Carpenter from $798K to $768K, on Vizcaino & Mt. View from $1.05M to $999K. In Pebble Beach four homes had a price decrease, on Trapper Trail from $2.15M to $1.9M, on Lookout Rd. from $849.9K to $835.9K, on San Carlos from $1.15M to $1.09M and on Sloat Rd. from $895K to $825K.
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 two in Pebble Beach. In Carmel on Randal Way for $3.025M after 280 Days on Market (DOM), on Hatton Rd. for $2M after 124 DOM, on Santa Fe & 5th for $505K after 10 DOM, on Oak Pl. for $480K after 19 DOM, on Pradera Rd. for $3.85M after 15 DOM, and on San Carlos & 3rd for $1.595M after 245 DOM. The Pebble Beach Real Estate sales were on Wranglers Trail for $1.028M after 513 DOM, and on El Bosque Dr. after 2 DOM.
For a larger picture of sales of homes in Carmel, 65 homes have sold in the last 120 days (11/11/11 to 3/10/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 132 days and average $/sq.ft is $587. 36 homes in Carmel were $1M or under and 31 of these homes were west of Highway 1.