July Market Update
Car week is upon us! Come next week, the Monterey Peninsula will experience an influx of car enthusiasts and rare automobiles from all over the world. Being somewhat of a self-proclaimed car guy, his is my favorite event of the year. If I’m going to sit in an hour of traffic to go from Carmel Valley to downtown Carmel-by-the-Sea, I would prefer to look at Italian sports cars and one-off prototypes rather than a sea of AT&T courtesy cars. Just kidding….I love courtesy cars.
All joking aside, the Italian and Pebble Beach Concours’, along with Historic auto races and auctions next week, are a great time to showcase Carmel and Pebble Beach real estate. Sales have stayed relatively steady through the last month- mid-Summer is generally one of the year’s slowest times and we have seen a little slowing. Carmel Valley property saw the heaviest action, with Carmel and Pebble Beach trailing close behind. Pebble Beach real estate is actually showing signs of increasing momentum.. Carmel-by-the-sea real estate looked sharp with 4 closed sales and 7 new sales just in the Golden Rectangle, the downtown area’s most sought after pocket. From an investment standpoint, this area offers quick turn around and continues to be hot. One particular sale of note was on San Antonio 2SW 11th at $5.7M from a list of $6.95M almost a year before. The Carmel Highlands have seen some big sales; the 3 highest at a list of $4.45M, a closed sale at $9.25M and another pending sale at a list of $13.5M. It’s great to see the higher-end market get more and more traction here and also in Pebble Beach.
Although we’ve seen mild slowing in the $1M to $1.5 range, I predict it has most to do with the time of year and also a lack of inventory now that buyers have been out in force since the Spring. Especially encouraging is the over 4% rise of housing prices from this time a year ago, on a national level. This is interesting when considering we are a stronger market than most of the country. It’s great to feel so much movement in the Pebble Beach and Carmel real estate markets, and I’m excited to see what this next week brings.
Also as an announcement, I have moved to David Lyng Real Estate on Lincoln between Ocean and 7th in downtown Carmel, almost right next to the Cypress Inn, which I’m very excited about! Below are your actual statistics for each area……….
11 closed sales, between $540K and $1.75M, with one at $5.75M
23 new sales, between $445K and $3.895M
2 closed sales, at about $1M and $9.25M
2 new sales, at $13.5M and $4.45M
12 closed sales between $380K to $2.5M, spread evenly, and one at $5.65M, which was a Del Ciervo view property.
11 new sales, 2 on the estate side at $6.25M and $9.375M, respectively, and a foreclosed lot on Sombria at a list of $2.8M. Pebble Beach seems to be finally starting to make a healthy comeback.
19 closed sales from $329K to $3.8M. The Del Mesa and also Carmel Hacienda 55 yr and older condos are getting a lot of action. There was also a foreclosed lot at $720K in Tehama.
22 new sales from $229K to $2.2M