April Market Report
Real estate picked up again during April, the close of tax season. I’m happy to report that new listings and more active buyers have followed, including a new listing that I brought to market yesterday in the Miramonte area of the Valley, next door to Bernardus Lodge. I have a good feeling about this season; it should be a great time to list with Summer in front of us and healthy real estate forecasts.
Cinco De Mayo is coming up, with local festivities planned at popular watering holes like Baja Cantina. We also have Memorial Day Weekend, which should bring another influx of interested real estate seekers. This week brought us a heat wave that I’m hoping will continue into Summer and get people off the fence and buying up properties in time for Summer.
As always, if you or someone you know is thinking about buying or selling, please call me directly. It’s never too early to get a jump on something, even if you’re not planning on making a move for a few months. And now onto the update….
Carmel Real Estate
Carmel inventory is down from 125 to 119 available homes. Closed transactions dropped from 24 to 20, with all but about 4 either near the downtown or Carmel Point areas, and with prices ranging from $725K to $3.3M. The highest priced closing was on Carmel Point at 26276 Camino Real for $3.3M. This was a newer, very well done home at over 2,600 sq ft with a Craftsman flare. There were some interesting sales, including a pied a terre that fetched a premium of $1.9M just off Ocean in the commercial district at the NW corner of Lincoln & 5th, and an over-sized, split level, dated home with a pool at Carmelo 4 SW Ocean. I don’t often see pools in this area. New, pending sales have picked up quite a bit; at the time of this report, there are currently 36 pending transactions from the month of April, up from 24 the previous month. 7 pending sales are over the $2M mark, the highest being a brand new, spec home at 2992 Franciscan Way that sold the first day on market from an asking of $3.595M. There seems to be a push towards new construction sales in the $2M to $3.5M range that’s bringing quite a few new builders to market. There were 2 closed land sales; a standard 4,000 sq ft lot on Monte Verde & 9th sold for $900K, and a parcel at the mouth of the Valley in the Carmel Views area sold for $425K.
Pebble Beach Real Estate
Pebble Beach inventory is up from 58 to 65 available homes. Closed transactions last month ticked upwards ever so slightly from 10 to 11. For April, Pebble didn’t break the $3M mark, and the high, high-end seems to have taken a small break. The highest priced closing was a beautiful ocean and course view home at 2877 17 Mile Drive for $2.895M, while the most notable was probably a stunning 80’s contemporary 1545 Venadero Rd, just up from the Lodge and centrally located, for $2.65M. At the time of this report, new, pending sales from the month of April stayed at 13, the same as the previous month. Most notable was a new construction, California contemporary of the utmost quality and materials at 3136 Stevenson Drive, from an asking price of $2.69M. While the market for this immediate location usually does not command these types of prices, a buyer saw difference in quality and opted to pay a premium. There was one vacant lot that closed at Sunridge & Sunset for $300K.
Carmel Valley Real Estate
Valley inventory is up slightly from 83 to 85 available homes. Closed transactions last month rose from 15 to 21, ranging from about $750K on Laurel Drive closer to the Village, to $3.825M in the Santa Lucia Preserve. $3.825M was the highest number for the month at 6 Rumsen Trice, which was a somewhat recent construction, beautiful Spanish hacienda style compound with views of the hills. Also quite notable was a sale in the Quail Meadows development at 5463 Quail Meadows Drive for $3.56M. This was a private, sophisticated, European Heritage home of over 5,500 sq ft and views of the Valley. New sales dropped from 29 down to 16 for the month, something which I think is due to a lack of inventory for this area. We saw action in both Quail Lodge and Carmel Valley Ranch developments, as well as the Los Laureles Grade area. Most notable was probably a river-side home at 59 East Garzas Road from an asking of $1.795M- elegant, flowing floor plan, high ceilings and newer construction. There were 2 closed vacant lot sales, both in the Preserve, and both on San Clemente for $600K and $365K, respectively. Two pending lot sales: one on Asoleado in the Preserve from an asking of $299K, and another on San Clemente from an asking of $439K.
Carmel Highlands Real Estate
The Highlands inventory rose a bit from 23 to 25 available homes. Closed transactions came up from just a single sale the previous month, to a total of 3 for April. As is somewhat typical, all three sales were over $1M, and two were far over. The most notable was at 155 Highway 1, which a newer, modern, if not Tony Stark-esque home cascading over the edge of the cliff and into the whitewater below. Truly a phenomenal property for $5.75M. Another high-dollar sale was at 106 Yankee Point Drive for $4.85M. This was a large, single-level view home on the edge of the water. No vacant lot sales of any kind.
Disclaimer: The numbers and activity represented in this report were drawn directly from the MLS, the California Association Of Realtors, Freddie Mac and other sources, and are generally accepted as correct but are subject to change and/or mistakes.