For the first time in a long time the Pebble Beach and prime Carmel markets had zero new sales this week (a couple of deals did go into escrow in Carmel today but they won’t show up in the MLS until Monday and will be reported in that weekly report). It’s not unusual to see a lull around the distractions of the school year ending but we’re keeping a close eye for unusual trend lines. We are not forecasting this recent lull to continue into our prime summer market months but stay tuned. We’ll have our regular quarterly update out in a couple weeks and will touch on the data in more detail then.
Pebble did see 5 closed sales this week, reflecting the very healthy earlier demand. Sales ranged from: $2.6m, $1.8M, $1.44M, $717K and a condo at $451K. Sales at $2.5M and under have dominated activity this year in Pebble. We are looking to see demand rising up the price spectrum but aren’t seeing it, but for the substantially increased activity at the very top of the market.
The prime parts of Carmel had 2 closed sales, an entry level cottage at $1.2M and a fairly priced home down near the Point south of Santa Lucia at $1.525M. Not a lot of action but, not to sound like a broken record but, Carmel has been handcuffed with incredibly tight inventory – something we’re going to analyze and address in more detail in our quarterly update.
Saturday, June 21: Carmel House & Garden Tour
Saturday, June 21: Carmel Valley Art & Wine Celebration
Saturday, June 21: PCA Porsche Parade
Sunday, June 22: Big Sur Sound and Story at the Henry Miller Library