After lackluster performances in recent weeks, Carmel saw an uptick in activity with 4 closed escrows and 5 new sales. Pebble trailed slightly with 2 closed escrows and 4 new sales while Quail Meadows extends its banner year with 5th closed escrow in ’16. We’ve entered the last leg of Q2 and are projecting to finish considerably slower than Q2’s in recent years. With a likely rate increase from the Fed, it will be interesting to see how it impacts our local market. As always, a few highlights from the week below:
All sales in Pebble this week came under the $2M threshold, which remains the main driver of Pebble’s market. The top closed escrow was a U-shaped Ranch-style home on an inlet in the MPCC area that closed at a surprising 9% over the list price of $1.275M. The other closed escrow was a 1960’s Ranch-style fixer in the Country Club East area that also closed over the list price of $890K. The top new sale is a 1920’s Spanish Colonial in the inner part of the MPCC area with an ask of $1.698M. The other new sales include a traditional style home on a main artery in the MPCC area, listed at $1.495M; a Ranch-style fixer just South of Spyglass with an ask of $1.399M, and a condo also South of Spyglass, listed at $995K.
Carmel picked up the pace this week, nearly eclipsing the double digits marker in sales, which is an indicator of a strong week. The top closed escrow was a recently built 3-story condo in the heart of downtown Carmel that close at $4.6M (4% off of list price). The other closed escrows include a Ranch-style home in Hatton Fields that closed at $1.36M (9% off of list price); a charming Bungalow in NE Carmel that closed at $1.25M (4% off of list price) and a Cape Cod-style home also in NE Carmel that sold at the list price of $915K. The top new sale comes from the quiet and coveted Hatton Rd- after being on the market for only 7 days, it went into escrow with a list price of $3.195M. The other new sales include a Contemporary-style home across from River School, listed at $1.895M; a charming cottage in NE Carmel with an ask of $1.599M; a 1920’s MJ Murphy built cottage in NE Carmel listed at $1.275M and another cottage in NE Carmel with an ask of $1.25M. Interesting to note that NE Carmel has experienced an uptick in activity despite a dwindling supply.
The Highlands remained quiet for the third week in a row. We represent 2 of the 4 pending sales in the Highlands and anticipate both to close next week, barring no any expected delays. If all 4 close before end of quarter, the Highlands will finish with a significant slowing compared to recent history.
As mentioned earlier, Quail Meadows had another closed escrow this week- bringing the total for the year to 5. By comparison, the annual average in the ‘Meadows is 2 sales. The lone sale was a custom built home on Quail Meadows Drive that closed 6% off of the list price of $3.445M. Great to see this level of interest in what is considered Carmel’s best kept secret.
Mike, Jess & Nic
CLOSED ESCROW- 3150 Bird Rock Rd, $1.4M (9% over List Price), DOM=3
CLOSED ESCROW- 1039 Laurel Ln, $890K (1% over List Price), DOM=10
NEW SALE – 3035 Valdez Rd, $1.698M, DOM=100
NEW SALE – 2924 Sloat Rd, $1.495M, DOM=259
NEW SALE – 1210 Bristol Curve, $1.399M, DOM=277
NEW SALE – 2 Spyglass Woods Dr, $995K, DOM=307
ACTIVE LISTINGS= 68 Homes (31 in MPCC area, 30 in Central Pebble, 7 in Upper Forest), 24 Lots
CLOSED ESCROW- Mission 3SW of 7th, $4.6M (4% off of List Price), DOM=19
CLOSED ESCROW- 3406 3rd Ave, $1.36M (9% off of List Price), DOM=38
CLOSED ESCROW- 24832 Lobos St, $1.25M (4% off of List Price), DOM=73
CLOSED ESCROW- Camino Del Monte 1SE of Torres, $915K (Full Price), DOM=367
NEW SALE – 25647 Hatton Rd, $3.195M, DOM=7
NEW SALE – 2777 15th Ave, $1.895M, DOM=325
NEW SALE – Lobos 2SE of 2nd, $1.599M, DOM=48
NEW SALE – San Carlos 3NE of 1st, $1.275M, DOM=20
NEW SALE – Santa Fe 2SW of 4th, $1.25M, DOM=4
ACTIVE LISTINGS= 78 Homes (16 in NW Carmel, 14 in NE Carmel, 20 in Golden Rectangle, 13 in Carmel Point, 6 in SE Carmel, 9 in Hatton Fields), 3 Lots
No news to report in the Highlands
ACTIVE LISTINGS= 16 Homes (6 oceanfront), 7 Lots
CLOSED ESCROW- 5490 Quail Meadows Dr, $3.225M (6% off of List Price), DOM=154
ACTIVE LISTINGS= 6 Homes (4 in Quail Meadows, 2 in Quail Lodge), 2 Lots