Pebble Beach and Prime Carmel Markets Wake Up

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After dozing intermittently the past few weeks, both markets heated up this week.  The prime parts of Carmel saw 3 new sales and Pebble Beach saw 4 – very healthy activity again – appears the potential slowing trend line may not be a trend.

Two of Carmel’s sales were along San Antonio, a great location for views and proximity to beach but traffic-impacted; one had an ask of $5.2M and the other $5.25M; the third new sale was a smaller home in the Golden Rectangle with an ask of $1.375M. Carmel’s two closed sales were down south of Santa Lucia near The Point that closed at $1.525M and $1.825M. Again, this was a solid week of activity in Carmel and our expectation is that things will likely improve as we move into July.

Pebble’s 4 new sales were all at the lower levels ($847K, $1.749M, $1.799M and $2.1M), extending the recent pattern of demand under $2M. Pebble also saw 3 closed sales this week: condo at $451K and two MPCC homes at $1.02M and $1.15M. Encouraging to see the resumption in activity, albeit all concentrated at the lower levels.

Around Town:

6/28 – Book Ends: Photographs by Cara Barer and Mary Ellen Bartley at the Carmel Center for Photographic Arts

6/30 – CSU Summer Arts Festival at CSUMB

Best,

Mike

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