The Monterey Peninsula, specifically Carmel and Pebble Beach, has reached a very consistent level of real estate activity. Homes that have been sitting on our market for one and two years, have been selling steadily over the last quarter, leaving some hot areas with very little inventory. Carmel Valley and Carmel-by-the-Sea are two such examples, with property under $2M, remaining very popular. Pebble Beach continues to trail a little behind, with high dollar estates still experiencing low activity.
On a national level, 71 percent of people surveyed by Fannie Mae say it is a good time to buy. Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized. The median sales price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report.
The U.S. housing market is showing signs of bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier.
All in all, I remain confident that we are seeing the beginnings of a turn around in our local market. We personally closed 2 sales in Carmel Valley this month in the $1M to $2M range, with a couple others in escrow in that same price range. Buyers are really taking advantage of the amazing opportunities out there, while sellers seem to be showing greater signs of willingness to be realistic on their prices. Normal sales are lining up with foreclosure prices as a means to compete (which we are happy to see), and short sales are becoming easier to complete in a timely manner.
We hope everyone had a wonderful Mother’s day, and are looking forward to an amazing Summer and Fall selling season! Please let us know if we can be of any assistance to you or your friends.