| 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. |
Tag Archives: carmel homes
What’s Selling on the Monterey Peninsula?; April 18, 2011
We are three-and-a-half months into the year (2011). Everyone is sitting on the edge of their seat, anticipating a perspective; some sort of idea as to where we are in this economic roller coaster. The housing market plays a huge roll in our position. I try to share information in this blog that helps you get a feel for where you can position yourself on your seat…on the edge or comfortably against the back-rest.
Today I’m reporting the status of single-family residential real estate sales year-to-date on the Monterey Peninsula (Carmel, Monterey, Pacific Grove, Pebble Beach). Comparing the same time period in 2010 to 2011 is a nice way see where we were and where we’re going. As you can see below, inventory is up 26%, number of sales is down 29%, Foreclosures are up 26%, Short Sales are up 47%, average and median sales prices have remained steady, and average days on market (DOM) has increased by 13%.
| 2010 | 2011 | %Difference | ||
| New Listings | 322 | 435 | 26% | |
| Sold Listings | 148 | 115 | -29% | |
| Foreclosed Listings | 31 | 42 | 26% | |
| Short Sale Listings | 31 | 59 | 47% | |
| Avg Sales Price | $1,237,553 | $1,245,040 | 1% | |
| Median Sales Price | $797,500 | $800,000 | 0% | |
| Avg DOM | 114 | 131 | 13% | |
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%
What’s Selling in Carmel, CA; March 28, 2011
What a beautiful weekend in Carmel. We saw torrential downpours on Friday and Saturday, and were graced by the sunshine on Sunday.
54 homes have sold in Carmel since the beginning of the year. That’s approximately 18 homes per month. There are currently 145 homes for sale in the same area. With an average of 18 homes selling per month, there’s 8 months of inventory available at the end of March versus the 10 months of inventory that we had at the end of February.
February is traditionally one of the slowest months of the year in Carmel. Real estate sales have rebounded nicely in Carmel during the month of March. The average sales price was $1,179,880. This is 8% below the average asking price of $1,279,312. The median sale price was $975k, 11% below the median asking price of $1,089,000. The avg DOM (days on market) was 131 days, and the average PPSF (price per square foot) for homes sold in Carmel was just above $700.
I expect that sales trends will continue to improve through Spring and into the Summer. I am seeing a lot of construction trucks throughout the neighborhoods of Carmel lately, telling me that people are buying and improving again. This is great for the area!
Please feel free to share your thoughts or questions below. I look forward to our discussion.
~ Zach
El Dorado Realty Company 