September Market Update
September surged forward with Carmel and Pebble Beach real estate both increasing in sales activity. Carmel Highlands real estate stayed about level with August, and Carmel Valley real estate more than doubled it’s production from the previous month. This year has really been one for the books. 2011 was marked by stubborn sellers, rigid buyers and 6 month escrows that loved to fall out right before closing (my favorite!!). 2012 on the other hand, has seen buyers and sellers meeting in the middle, and of course inventory dropping sharply as a direct result. Banks have become somewhat streamlined in their approval process of foreclosures (and even short sales!), and with different tax breaks expiring, and our Presidential election coming up in a month, buyers are rushing to find that perfect home in whats left of a buyer’s market. All these factors are contributing to the beginning of a strong fourth quarter. I have enjoyed watching homes sell in certain areas where comparable homes sometimes sold only at the beginning of the year for 3% and 4% less! I am hoping that this trend continues as our market makes some strong corrections.
Pebble Beach real estate upped the ante a little last month with 10 closed home sales ranging from $677K to $3.45M. There were two closed land sales at $325K and $750K. 11 total new home sales went under contract from a list price of $399K to $1.995M, and another home at $15M- 3296 17 Mile Drive, which sits on 2.75 grassy, oceanfront acres just to the North of the Lodge. There was a notable new land sale at the Cypress Point Gold Club for $4.95M, on almost 2 acres with golf course and water views.
Carmel Highlands real estate saw no closed transactions, but 4 new homes went into escrow at $995K, $1.199M, $1.25M and $5.95M right on the water. 3 of the 4 had an ocean view. There was also one new ocean view lot sale at $699K.
Carmel real estate saw an increase of both closed escrows and new home sales. There were 27 closed home sales ranging from $335K for a 1 bed condo on Mission St, to $2.8M for a brand new 3,400 sq ft spec home on 4th & Casanova. 6 of the closed transactions were in the Golden Rectangle at $1.1M, $1.15M, $1.175M, $1.25M, $2.15M and $2.3M. There were 22 total new home sales, from $529K to $2.35M, and one at $5.595M at 26387 Isabella on Carmel Point, actually fronting on Scenic Drive, with street access on Isabella. There was also one new lot sale at $995K in the Hatton Fields area of Carmel near the top of ocean, and no closed land sales. Carmel-by-the-Sea real estate continues to be a strong frontrunner.
Carmel Valley real estate hit an end of summer home run, doubling activity with 16 closed home sales from $320K to $1.45M, and 19 new home sales, 7 of which were in the upper end of the market from $1.1M to $4.25M.
Looking like good things on the horizon for our beautiful area. The Carmel Arts and Film Festival kicks off tonight at the Sunset Center, following the Blue Ocean Film Festival, which 2 weeks ago raised awareness of our ocean’s ecosystems. The action never ends! Hope to see you all there.