October Market Update
Happy (Almost) Holidays! The lights are up on Ocean Avenue, and holiday shopping has begun. Real estate-wise, things finally started to slow in our overall market for October. This is typical as we approach the holiday season. Carmel remained fairly strong while other upper end areas such as Pebble Beach and the Carmel Highlands quieted, noticeably. Below are your October statistics.
Pebble Beach yielded 11 closed home sales from $399k to $2.179M for an upper end condo at 78 Spanish Bay Circle. Only 4 were over $1M. We saw new transactions slowing with only 7 new home sales, from list prices of $728k to $2.4M at 1261 Lisbon Lane. 1439 Oleanda Rd went pending at a list of $1,650,000 after only 9 days on the market. There was one closed lot sale on a wooded lot on Mora Lane for $400k.
Carmel slowed just a bit from the previous month with 22 closed home sales from $500k to $3.4M, 4 of which fell into the Golden Rectangle. The highest price for a closed home was $3.4M at 26392 Valley View Ave on Carmel Point. There were 19 new home sales, 3 of which were in the Golden Rectangle, and the highest of which was again on Carmel Point at 2465 Bay View at a list of $3.195M. Again we see the Carmel Point area boasting high end activity due to it’s overall value and proximity to the beach. There was 1 closed lot sale at 26026 Ridgewood Road for $938,433.00. This was an 8,200 sq ft lot by Mission Trail Park to the East of Junipero Street.
The Carmel Highlands dropped off a bit and had 3 closed home sales at $725k, $730k and $1,050,000.00, all of which had minimum to some water views. No new home sales.There was 1 new land sale at 164 Corona Rd for $1.9M, which went pending in 28 days. This included 85 acres and an existing well, and had active permits for a 6500 sq ft home and caretakers unit.
There were 13 closed home sales in Carmel Valley, from $180k for a Carmel Hacienda condo, to $1.76M for a 3870 sq ft home on a private, 1 acre lot on Prado Del Sol. There were 15 new sales, again at the Carmel Hacienda condos for $333k, to $5.495M for a 3 year old home and high-end finishes in Tehama at 25805 Via Malpaso with 5667 sq ft and 12.9 acres. There were 5 closed lot sales from $165k to $1.1M (Preserve). Only 1 new land sale, also in the Preserve, at $650k.
Save for our seasonal slowing, we continue to see growth in the overall real estate market.