Monster week in both Carmel and Pebble Beach this week. The prime parts of Carmel saw 6 closed sales ($1.2M, $1.592M, $1.825M, $1.9M, $2.19M and $3.8M) and two new sales ($1.825M and $3.699M). If there was any hint of a pause potentially settling into the market that notion received a counter-punch this week.
Pebble Beach saw 3 closed sales and one new sale; steady in the abstract but two of the sales were at $7.45M and $7.6M, adding weight to the building demand going up the price spectrum in Pebble. The third sale, a home up on Sunridge at $2.8M, just adds to the rising price trendline. The one new sale was a fixer near Spyglass along Bristol Lane with an ask of $1.55M. Interesting to note the lack of activity at the bottom of Pebble – that inventory has largely evaporated.
Couple of additional observations adding color to the trending market:
– Carmel has started 2013 off with 27 deals closed over $1M, which is the highest level seen over this same period in the past 4 years. Prices have also been on the rise with the median sales price so far in 2013 at $2.025M, up 29% over the first five months of last year.
– Pebble Beach is also off to a very strong start with 31 deals that closed over $1M, down slightly from the 33 in the first five months of 2012 but nearly double the levels seen in 2009. Also of note, the average days on market for Pebble came in at 89 for 2Q13, down 26% from the second quarter of 2012.
Around town this weekend:
5/17-5/19: Monterey Bay Aquarium presents Cooking For Solutions
5/17-5/19: Monterey Symphony Presents Ecstasy
5/18: Apertures & Appellations: Wine Tasting & Photography at the Center for Photographic Art
5/21: Aubergine Presents: Terroir featuring Thailand
Congratulations to Chef Justin Cogley for being awarded Food & Wine’s Best New Chef for 2013!
Mike, Lynn & Jess.