The energy around town has picked up with the summer season upon us and the selling season warming up. Pebble’s sales velocity has remained stable through the 2nd quarter while Carmel has been more inconsistent, largely due to shrinking inventory; that said, good news for buyers this last week Carmel with a much needed spike in inventory.
The middle of the Pebble market surged with 3 of the 5 new sales coming from within the $3-8M range. The new sales included two frontline fixers – one just below Spyglass Hill with an ask of $4.2M and the other on MPCC shore course with an ask of $4.495M, a recently renovated home just above the lodge with an ask of $3.695M and two major fixers in the MPCC area with asking prices of $1.19M and $1.095M. The closed sales included two fixers coming from the Country Club West region that closed at $1.035M and $1.038M (both within 3% of list prices). It’s good to see activity pick up within the middle ranges of the Pebble market which has been the softest sector of late. One new listing to mention, 10 Spanish Bay Circle just hit the market – those front-line condos are highly sought after and rarely available – could sell quickly.
Carmel saw zero closed sales and just one new sale this week as it simmered down from last week. The new sale was a renovated cottage on Monte Verde with an ask of $2.545M. The other highlights for the week came from the inventory side with 3 new listings hitting the market this week. The notable new listings include a classic Murphy style home on Carmelo with an ask of $4.95M, a fixer on Monte Verde with an ask of $1.595M and newer Mediterranean on 15th with an ask of $1.925M. We are seeing a clear pick-up in showing activity for our listings in Carmel and Pebble now and are forecasting an increase in sales in the middle and top over the next couple months.
As an aside, we are delighted to announce that we were the victors of a listing video contest held by Inman News. If you have a moment over the weekend, please enjoy the video we created by clicking on the following link. See PDF copy of the article if interested as well.
6/6-7- World Oceans Day Celebration
Mike, Jess & Nic