Summer is upon us! The crowds have returned and tourism is up again. I waited 2 minutes at the corner of Dolores and Ocean today, just to take a left turn! I suppose that is a good sign.. As I write this, I’m sitting an open house at the corner of 8th and Casanova in downtown Carmel-by-the-Sea, getting plenty of activity from local renters looking to buy, and a lot of Silicon Valley, tech types looking to finally make the move. Our Carmel real estate market has slowed just a bit against the rush of buyers we experienced this Spring, which is normal as we break into Summertime. Still, activity is well up from this time last year, and buyers continue to take advantage of the deals and record breaking, low interest rates. Below is your May real estate market report for Carmel, Carmel Valley and Pebble Beach.
Carmel & Pebble Beach Market Update for the month of May
Carmel
A total of 33 Carmel homes sold last month, between 581K and 3.2M. There were a handful of homes sold on the South side of Carpenter, hovering right around 1M. The Golden Rectangle, which draws it’s borders between Santa Lucia and Ocean Ave, and everything from Lincoln down to Scenic Dr, was firing around the 1.5M range. Carmel Point is starting to pick up a bit, offering the best dollar value for ocean views and proximity to the beach in downtown Carmel. Carmel-by-the-Sea real estate remains the highest going price per sq ft in the area.
Carmel Highlands
Only one home sold in the Highlands during May, on Mount Deon Rd, for $2,350,00, off abut 15% from a list of $2,775,000. This area continues to offer one of the better values of Carmel and Pebble Beach real estate for the best of both square footage and ocean views.
Carmel Valley
23 homes closed in Carmel Valley, from 130K out past Carmel Valley Village, to 2.7M in Sleepy Hollow. A great majority of sales closed were in or around the Village area. There was one sale in Quail Meadows, and one also at Quail Lodge. The Brookdale Dr area and Tierra Grande near the Mid-Valley Shopping Center also had one closed sale, each. The 55 and over condos, Hacienda Carmel, near Rancho Canada, experienced a high level of activity, as they are often the lowest priced condos in the Valley. Carmel Valley Real Estate continues to be one of the best “bang for your buck” buys right now.
Pebble Beach
A total of 12 Pebble Beach homes sold in May, most not on what is known as the “estate side”, which for the most part is the Southern side of Pebble. These sales ranged from 720K to 1.8M. I believe buyers are getting ready to start pulling the trigger more in this area very soon. Think Texas this Summer….
