June Market Update

For anyone driving down the street in Carmel-by-the-Sea, it is difficult not to acknowledge the incredible increase in activity; restaurants packed on weekday nights, crowded sidewalks and people splurging in our many retail shops. The Fourth of July holiday weekend we just had was a success and clearly indicative of a economic rebound. We’re expecting the Pebble Beach Concours in August to bring yet another healthy spike in tourism and buyer activity.

There were 19 closed sales and 13 pending transactions of homes in Carmel, so activity is looking healthy. All of the sales fell between $355K to $4.8M, spread evenly throughout that spectrum. Downtown Carmel-by-the-Sea continues to get major activity even as we get into what are historically our slower months.

No closed sales in the Highlands this month, however June had 3 pending sales which continue to be pending. 2 of the homes are pending at a list price of right around $1M, both with ocean views. Spindrift Road had a pending sale at a list of $11.5M- quite a remarkable home. This is still a fantastic area for value when considering big ocean views combined with square footage.

11 closed homes and 22 pending sales in Carmel Valley, with the areas from Laureles Grade to the Carmel Valley village retaining the highest activity, and the Carmel Hacienda condos by Rancho Canada golf course continuing to get heavy activity as well. A 6 bedroom home on 5 acres sold in Sleepy Hollow at $3M, and one home in Quail Lodge at around $1M. The Quail Lodge area has some great golf course fairway view deals right now.

Pebble Beach is starting to pick up with 7 closed sales and 14 pendings sales. 4 of the solds were under $1M, while the other 3 were in the $3.5M to $5.5M range. This is great to see, as the high end market in Pebble Beach had been struggling, and I think a positive result of the heavy activity from vacationing Texas buyers. They always tell me how much they love the cool weather there versus the 110 degree temperatures they’re used to.