March Market Update

For March we saw the market gain a little more momentum on the Monterey Peninsula. Carmel and Pebble Beach maintained activity growth as we moved into Springtime. Nationally, we even saw the number of “underwater” homes (that is, homes whose market value are less than what is owed on the home) decline. We’re seeing a lot of strong indicators for a continued housing recovery on both the national level, and within our local markets here at home. The market is stronger than it has been in several years. We’re seeing a comeback in the high end, as well as a continued fury of demand in the lower and mid-ranges. We’re also witnessing what appears to be a move away from the “buyer’s market”, to which we’ve become accustomed, and a shift towards a more healthy, “seller’s market”.

Carmel made itself heard with 29 closed home sales in March, more than doubling the previous month’s activity. 6 of the sales were in the Golden Rectangle, and the highest price fetched was Scenic 5 SE of Ocean Ave for $3.2M with partial ocean views and very few days on market. Carmel is HOT.

Pebble Beach more than doubled production from the previous month with 18 closed home sales, and managed to put itself on the map again with a $22.5M sale last month near the Ghost Tree and just a short drive from the Lodge. We saw a couple of other high dollar new pending sales, including one at a list of $8.295 on Padre Lane with no real ocean views and having only been on market for 44 days. Truly remarkable the comeback we’re seeing in the local upper end of the market.

Carmel Valley increased activity yet again to a total of 20 closed home transactions. This area still seems to have the highest demand, yet the lowest inventory. This is perhaps what is keeping the number of transactions from flying through the roof. The highest sale price was Brookdale Drive for $1.75M for a 3300 sq ft house on an acre with a pool (no view). The Del Mesa and Carmel Valley Ranch condos were flying off the shelves.

The Carmel Highlands stayed steady with 4 closed home transactions, the highest of which being a large bank owned spec house on highway 1 in Big Sur with ocean views (land side of the highway). A somewhat eclectic design that spent a few years on market. All 4 transactions were over $1M and offer at least some ocean views.

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