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. Previous weeks can be found on our Blog.
Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be strong,and growing. In total there were eight new listings and nine sales this week. A lot of activity for Carmel and inventory level is dropping. The new listings for homes in Carmel are, on 15th Ave. for $3.15M, on Guadalupe St. for $985K, on Camino Real & 4th for $2.975M, on Aurora Del Mar for $3.895M, on Lobos St. for $1.499, on Mission for $999K, on Upper Trails for $785K, and on 14th Ave. for $989K
There were two new listing for Pebble Beach, on 17 Mile Dr. for $3.75M, on Bird Rock Rd. for $895K.
There were no price increases in Carmel or Pebble Beach.
Seven 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 Carmelo St. form $2.8M to $2.499M, on Morse Dr. from $869K to $819K, on Ocean View Ave. from $5.2M to $4.495M, and a REO on Handley Dr. from $835K to $799.9K. In Pebble Beach three homes had a price decrease, on Marcheta Ln. from $2.45M to $1.95M, on Lookout Rd. from $849.9K to $829.9K, and on Arroyo Dr. from $1.495M to $1.395M.
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 nine homes in Carmel that sold and five in Pebble Beach, seeming to endorse the comments above. In Carmel on Casanova St. .for $1.2M after 680 Days on Market (DOM), on Guadalupe & 6th for $1.25M after 647 DOM, on Forest Ave. & 7th for $500K after 34 DOM, on Santa Lucia & San Antonio for $4.1M after 302 DOM, on Atherton Dr. for $825.3K after 302 DOM, on Santa Rita & 3rd for $718K after 119 DOM, on Santa Fe for $925K after 48 DOM, on Casanova & 13th for $1M after 3 DOM, and on Guadalupe & 1st for $735K after 8 DOM. The Pebble Beach Real Estate sales were on Costado Rd. for $760K after 491 DOM, on Sloat Rd. for $640K after 145 DOM, on Wildcat Canyon for $575K after 131 DOM, on Lost Barranca Rd. for $1.65M after 128 DOM, on Crest Rd. for $637,199 after 78 DOM.
For a larger picture of Carmel Real Estate sales, 70 homes have sold in the last 120 days (12/02/11 to 3/31/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 150 days and average $/sq. ft. is $594. 39 homes in Carmel were $1M or under and 33 of these homes were west of Highway 1.