New Listings in Carmel

These are the new listings in Carmel in the last 30 days, sorted by list date. A few of these are well priced and will most likely sell in the next 30 days or so.

Scroll down to the next entry for market analysis.

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Carmel Market Update

The median single family home price in Carmel this week is $1,762,500.

There are over 246 homes for sale in the larger Carmel area. The average “days on market” is 106 days. Of the 246 homes, 29 percent (71) have seen a reduction in price from their original list price.

(Click on the graph for a larger version)

The Market Action Index is a very cool 11. An Index below 30 indicates a buyer’s market. While well priced properties are being shown, there is a lack of urgency on the part of buyers. The general sense is that a property that a buyer considers today will still be available days or weeks from now.

Market Action Index

Home prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. This index is a tool for measuring the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.
If the Market Action Index falls below 30 and remains there, prices are likely in for a downward correction.


(Click on the graphic for a larger version)

If the Index is above 30 it typically indicates a “Seller’s Market” because demand is high enough to quickly absorb available supply. And, prices will usually rise as a result.
Carmel is firmly in the “buyer’s market” range. This does not mean that well priced homes won’t sell for near asking, but buyer’s are looking for value and expecting sellers to negotiate.

Market by Quartiles
In markets like ours there can be variability between the upper and lower end of the market. For example, the first quartile, the most expensive properties in Carmel, have tended to hold up against a slight downward trend on the part of the other quartiles over the last couple of months. The most recent data indicates that this upper quartile may again begin trending with the other three.

Inventory in Carmel at the moment is split fairly evenly between each of the four quartiles. The most expensive properties, in Quartile 1, are spending a bit longer on the market. The most expensive properties tend to be larger and younger, no surprise there.

Carmel Days on Market (Oct 2007)

The general trend in days on the market continues. Homes are selling in Carmel but buyers are taking their time and looking for value and quality. As with elsewhere in the MontereyPeninsula there is no sense of urgency on the part of buyers. The feeling is that unless a home is extremely well priced or in near perfect condition it will still be available as they consider other homes.

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 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.

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.

Carmel Inventory Stabilizes (April 2007)

With Carmel's small size, "for sale" signs can have a disheartening effect on buyers as they travel our streets of living here. When they see only a few signs it confirms their belief that everyone wants to live here. Several signs in a block makes them wonder what they don't know.

Inventory has settled at just above 150 units, it would be nice to see it settle closer to 100 units.

Carmel Annual Prices & Sales

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Prices were relatively flat from 2005 to 2006. Sales were off from their recent high in 2004.