August Market Update
Please excuse the August market update being so late this month- We had some technical difficulties with our website’s back end that took quite awhile to resolve. Back in business now! Just a quick breakdown of the market for this month….
August brought with it a slowing of new home sales that is typical as we break into the Fall quarter. Specifically, Carmel Valley and Pebble Beach new activity dropped to about half, which is due in part to the low inventory we’ve been experiencing. Pebble Beach had a couple big sales- 2 closed at $7.178M and $8M, respectively, and another new sale at 3371 17 Mile Drive for $12.75M. It will be interesting to see at what number it closes, and of course it’s nice to see the high-end market continue to get traction even with a general, seasonal slowing in Pebble Beach real estate. The Carmel Highlands, for being such a small area, continue to get activity in the high-end range with another closed sale at 169 Spindrift for $10.5M. And as always, the “bread and butter” of our area, Carmel and Carmel-by-the-Sea, proper, maintained with steady closed and new sales, and 3 closed sales in the Golden Rectangle.
Below are your August statistics. As always please send any market questions or friends my way. Take care.
Pebble Beach Real Estate
8 closed sales, 6 from $399K to $2.2M, and 2 at $7.178M and $8M. 3 total were on the estate side of Pebble Beach, closest to the Carmel access gate.
4 new sales. 3 at $685K, $695K and $875K on the Pacific Grove side of Pebble Beach, with the fourth new sale on the estate side at $12.75M.
Carmel Real Estate
22 closed sales, from $300K to $3.485M.
20 new sales, from $349K to $3.995M, which was a new sale at 2337 Bay View Ave in Carmel Point.
Carmel Highlands Real Estate
1 closed sale at $10.5M.
3 new sales at $774K, $1.05M and $1.175M, 2 of which had an ocean view.
Carmel Valley Real Estate
8 closed sales from $430K to $985K.
8 new sales from $223K to $950K, spread evenly, the highest of which being a short sale, 4 bedroom house on an acre in the Los Laureles Lodge area.