Interesting times in the Pebble Beach and prime Carmel markets. We’re in an historical lull in the seasonal marketplace and exceptionally tight Carmel inventories, together making the tea leaves harder to read; that said, there’s a sense of new patterns emerging and we’re paying close attention to the action and inaction.
Carmel had zero new sales and one closed sale last week; the closed sale being a very nice, larger home down next to The Point which sold instantly and closed at $3.3M, over the ask. Those facts alone are a bit hard to wrap your head around – we remain of the view that the lack of velocity is closely tied to the lack of inventory – the sale over ask lending support to that conclusion.
Pebble Beach saw one new sale and 5 closed sales. The new sale was a major fixer in the MPCC area at the absolute bottom of the market: $695,000. The days of those prices are virtually over. The 5 closed sales were all under $2.65M, three under $1.35M. The only Pebble Beach Townhome on the market closed escrow at $2.1M; ok unit – fair condition and no view – the townhomes continue to find great favor in the marketplace and many have undergone major renovations – first time that I can remember there were zero townhomes on the market.
Too early to call a trend-line but the market clearly slowed this week. Again, not atypical for this time of year but worth watching.
Big Sur Marathon in town this weekend. Good luck to all the participants.