| City | Carmel |
| Dates Analyzed | June 28 through July 5th |
| Property Type | Single-Family Residential |
| # of Homes For Sale | 171 |
| Avg List Price | $ 2,159,751 |
| Median List Price | $ 1,399,000 |
| # of Homes Sold | 4 |
| Avg Asking Price | $ 2,550,750 |
| Avg Sales Price | $ 2,400,000 |
| Achievement Rate | 94% |
| Median Sales Price | $ 1,687,500 |
| Avg Days on Market | 94 |
| Notes | Homes are selling in approximately 3 months in Carmel. This relatively fast under these market conditions. The average sales price is over 2 million dollars. But with approximately 16 properties selling per month and 171 active listings, there are about 10 months of inventory. 6 months of inventory is a balanced real estate market. We are in a buyer’s market. |
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Homes for Sale in Monterey, CA – July 4, 2011
Happy 4th of July! Here is what is selling in Monterey, CA this week. Visit ZachGoldman.com for more information.
| City | Monterey |
| Dates Analyzed | June 27th through July 4th |
| Property Type | Single-Family Residential |
| # of Homes For Sale | 83 |
| Avg List Price | $ 718,422 |
| Median List Price | $ 599,000 |
| # of Homes Sold | 4 |
| Avg Asking Price | $ 403,225 |
| Avg Sales Price | $ 391,500 |
| Achievement Rate | |
| Median Sales Price | $ 360,500 |
| Avg Days on Market | 69 |
| Notes | 4 lovely properties sold in Monterey this week. 3 of the 4 properties sold for under $400k. This is an indicator that people are looking for affordable properties in Monterey, possibly for investment purposes. |
Now (2010) vs. the most recent Peak of the Real Estate Market – Carmel; April 7, 2011
Carmel, CA –
Real estate markets are cyclical. Historically, an entire cycle lasts 15 years. In Carmel, we saw our peak 7 years ago in 2004 and 2005. We are at the bottom of the trough, seeing current figures that resemble those of 2002 and 2003.
There were drastic increases in the market environment in 2004, which led to fearfully inflated market conditions from 2005 through 2007. A steep decline in real estate ensued, leaving us in our current market, which I expect to last for a couple more years.
It’s a great time to buy, but also a good time to sell for those who’s needs have changed and who still have some equity in their current property. You may be selling low, but you have the opportunity to buy lower, getting more for your money.
Number of Closed Sales:
- 2004 (peak) = 269
- 2010 = 167
- Difference = -38%
Total Sales Volume:
- 2005 (peak) = $435,718,251
- 2010 = 221,469,840
- Difference = -49%
Average Sales Price:
- 2005 (peak) = $1,962,694
- 2010 = $1,326,166
- Difference = -32%
El Dorado Realty Company 