With the AT&T rolling into town we traditionally see a wave of new inventory coming to market; this year there has been some bump in inventory but, less than in year’s past. We’re keeping an eye on tight inventory levels (they do vary through the price spectrum) and their effect on sales velocity and prices.
On the sales front, last week was another very solid week, with 3 closed and 2 new sales in the prime parts of Carmel and one closed and three new sales in Pebble. The upper brackets in Carmel are roaring, particularly on Carmel Point. We saw a $6.8M new house close on Scenic on The Point, an older, larger ocean view home on Ocean View also on The Point close at 5.0 and a classic cottage in the Golden Rectangle closed at 2.225. The new Carmel sales included another Carmel Point home that has been on the market for ages, with a last ask of 3.295, and another nice cottage in the Rectangle with an ask of 2.495. That’s strong activity by any historical standards.
Pebble saw a front line MPCC home close at 4.7 and two MPCC fixers with asks of 1.195 and 1.248 go into escrow; additionally, after nearly 10 years on the market, we represented the buyer of the ocean front Chappellet property this week – with an ask of 16.95 – we’re honored to have been retained to represent the buyers of this historic property.
We’re frequently asked about the effect of the AT&T tournament on the local real estate markets. Clearly, a lot of people hold properties from market beginning in the fall and bring them to market just ahead of AT&T; we see a large inventory bump every year ahead of the tournament. On the sales front, we don’t generally see a similarly large bump in new sales the exact week of the tournament but, we do generally see a meaningful numbers of deals incubated which close +/- 30 days later. We’ll be tracking this activity again this year and report back in the weeks following the tournament.
Looks like our extended dry weather is going to hold for the golf next week. Hope you’re able to get out there and enjoy it.
Mike, Lynn and Jess