Last week a small wave of new inventory began to hit the market in the Downtown Carmel area. About time, right! While the lower inventory numbers have been great for my seller’s asking prices, many of my buyers have been forced to shelve their purchase goals for the time being. Now with this new wave of inventory, we should see more potential buyers reengage, and a rise in transaction numbers.
Carmel
Housing inventory for Carmel is currently at 113. Last week we saw 2 closed transactions; 1 on Pradera Road in the Carmel Meadows area for $3.999M with commanding views from Point Lobos to Pebble Beach and Pescadero Point, and another on Pescadero Road in the Carmel Woods area for $1.695M for a well remodeled cottage. New sales in Carmel soared to 9 for the week, as we watched a resurgence into the market by buyers not normally seen until later in the year. A large, slightly dated, tudor style home on Ocean View Avenue on the Point was a new sale at an asking of $5.15M, and a modern 2 story, oversized 2 bed, 2 bath just South of the Rectangle with ocean views went under contract at a list of 3.85M. Most of the other action was in the $1M to $1.5M cottage range. No vacant land sales.
Pebble Beach
Housing inventory for Pebble Beach is currently at 61. There was only 1 closed sale last week for Pebble Beach, in the Country Club East area for $1.005M. There were 6 new sales, which is big considering inventory levels here. A large ocean/golf course view home on Bird Rock Road overlooking the 15th tee at MPCC went under contract from an asking of $3.1M. There was also activity on the estate side of Pebble; 1 estate home (no view) was a new sale on Spruance Road at an asking of $2.55M, and another on Rhonda (again no view) fell out of contract and immediately sold again at it’s $1.799M asking price. The rest of the activity was in the Country Club area and the Upper Forrest. No vacant land sales.
Carmel Valley
Housing inventory for Carmel Valley is at 81. There were no closed transactions last week, but there were 5 new sales. One sale of note was in Quail Meadows for a large contemporary home on Valley Knoll Road from an asking of $2.195M. There was some activity in the higher range of the Quail Lodge development, itself, and also 2 new contracts in the Carmel Hacienda 55+ community, which represents the lower end of our local retirement community options. There was 1 closed bank owned vacant land sale in the Santa Lucia Preserve on about 35 acres for $585K.
Carmel Highlands
Housing inventory for the Carmel Highlands is at 23. There were no closed or new sales last week. No vacant land sales.
Current Mortgage Rates
As of last week…
- 30-yr. fixed: 4.41% fees/points: 0.7%
- 15-yr. fixed: 3.45% fees/points: 0.7%
- 1-yr. adjustable: 2.56% Fees/points: 0.5%
Upcoming Local Events
1/21 Ribbon cutting at Marilyn Monroe Spas
1/25 & 1/26 Whalefest Monterey
Cheers,
Ryan
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.
