Carmel Valley Median Price and Sales (May 2007)

Carmel Valley prices have climbed to date this year while the number of units sold has remained relatively flat. As elsewhere on the Peninsula the sale of higher priced homes are pulling the average and median up while the number of lower priced properties that have sold as fallen off.

Carmel Median Prices and Number of Sales

Average and median prices are holding their own in Carmel but this doesn't tell the whole story. The lower end homes, which in Carmel are in the $800,000 to $1,200,000 range, are not selling well while the upper end homes continue to sell albeit at a slower rate than in the last few years.

Pebble Beach Median Price and Sales (May 2007)

Pebble Beach is a good example of a market where one or two sales can dramatically skew averages. Properties in Pebble range from the $1,000,000 level to the tens of millions. The sale of one Estate property in a given month swings the numbers dramatically.

As with elsewhere on the Peninsula, the lower end properties are being negatively impacted while the upper end remains somewhat insulated.

Carmel Valley Inventory vs Sales (May 2007)

Carmel Valley Inventory continues to climb after a fall in late 2006. Sales remain relatively flat for the last two months.

Pacific Grove Inventory Continues to Rise (May 2007)

Inventory in Pacific Grove continues to climb from its recent low at the start of the year. I expect inventory to continue to climb for the next couple of months as more sellers enter the market for the summer season. While sales continue, they haven't kept pace with the growing inventory.

Carmel Homes Inventory vs. Sales (May 2007)

There has been an uptick of inventory in May and it continues in June.

Some of the increase in inventory is related to new listings coming on to the market in anticipation of an increase in buyers coming into town this summer.

Water, Water, Water....Credits and Fixtures

Here on the Monterey Peninsula we have a relatively unique system of "water credits" that are an important part of understanding a property's value.

Every home on the Peninsula has a certain number of water credits assigned to it. If you buy the home and wish to remodel it you cannot exceed the number of existing water credits.

In simple terms: If you buy a two bath home you probably won't be able to add a third bathroom.

So, when considering a property here....ask how many water credits there are, and understand their value.

For a more complete explanation of the system, the communities affected, and some of the interesting rules visit my water page at www.malonehodges.com/water.

Marketing--Property specific websites

With 70% of buyers first seeing the home they will ultimately buy on the Internet, the importance of Internet marketing can't be overstated. The San Jose Mercury News just ran an article about property specific websites--something I have been doing for a while, and that I believe in.

See http://www.lobosview.com/ as an example.

Property specific websites give buyers a chance to see more photos, explore the floor plan, and follow up on a visit. All my advertising includes the property's website. This also helps track effectiveness. If I see a spike in web visits after an advertising campaign I can judge how well the ads are driving potential buyers to the property.