How is the Market?

Across the Monterey Peninsula, the market can be tough on sellers at the moment.

There are buyers, but there is no sense of urgency to act. In times past, if a buyer found a house they liked they moved quickly to make an offer for fear it wouldn’t be available when they were next in town/fully ready to buy/or had sold their other home. A property for sale today will most likely be available days or weeks from now.

Most buyers are wise not to rush; to take the time to understand the pros and cons of a property. Many elect to wait in hopes that a more desirable property or better priced alternative will present itself. The exception is when there is excitement about a property and its price, both of which we are able to create on our 1265 Lisbon Lane, Pebble Beach property.

Carmel Valley Median Prices 15 Sept 2007

Median Prices in Carmel Valley have indeed fallen over the last few months. This is partly a function of decreases in list price of properties currently on the market and from sellers recognizing that the market has changed and adjusting their initial asking price accordingly.

47% of the properties currently on the market in Carmel Valley have undergone a price decrease since coming on the market.

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 Valley 2006 annual Prices & Sales

The number of sales in Carmel Valley in 2006 was well off from 2005 but prices held.