Market Update for week of 2/18 – 2/24
Life here on the Monterey Peninsula slowly got back to normal last week. AT&T golf week brought the usual crowds and excitement, and with it a healthy spike in activity after a quieter January.
There were a total of 3 closed transactions in Carmel, none of which were in the Golden Rectangle, an area where we’re seeing a firmer market and a severe lack of inventory. Two, 2 bed/2 bath cottages sold just under a million, and one 1 bed/ 1 bath condo closed for $525K. There were 5 new pending transactions- again none in the Rectangle, not for lack of prospective buyers. The Casa Paraiso compound on Mission and Santa Lucia went under contract from a list price of $5.1M. With a 12,632 sq ft lot, the newly renovated 2,892 sq ft house sits on a triple sized lot surrounded by high walls and gates. Quite the in-town treasure.
There was only a single closed sale in Pebble Beach last week, on El Bosque Drive for $1,070,000, which was a good sized house for the price, and sold 2 weeks after coming to market. It was a busy week with 5 new pending sales. A fairly good sized home with sweeping views sold on Sunridge on the estate side of Pebble from a list of $3,250,000. A 4,600 sq ft fairway home on Quarry Road by MPCC sold from a list price of $1,995,000. An interesting Spanish style hacienda also went pending on Trappers Trails at $1.7M.
Again, we saw only one closed sale in Carmel Valley on Paso Hondo Road for $715K. This was about 2400 sq ft on an 11,000 sq ft lot. We can see the spike in activity again, as we get closer to March, with a total of 4 new sales in the Valley. An exceptionally built view home on Via Milpitas in the Village area sold from a list of $2.295M, with 6,300 sq ft on about 5 acres. The valley continues to be in high demand with it’s increasing prices.
There was one closed transaction in the Highlands on Mal Paso Road for $1,212,000. This home was about 3,500 sq ft on an acre, and dated but with nice views offering some potential as to a remodel. Again new sales spiked in the Highlands last week with 4 new sales, which says a lot considering the small area it comprises. Buyers are still rushing to take advantage of some of the most affordable waterfront and ocean view deals in Carmel. A big home on Spruce Way went pending at $4,500,000 list price, and a bank owned property in the hills above highway 1, again with big ocean views, went under contract from a list of $4,250,000.
So far this week, crisp weather and clear skies. We can feel the market gearing up for a strong selling season.