Our Pebble Beach and prime Carmel markets slowed a bit this week but remained reasonably steady. Two new sales in each market and 4 closed sales in Pebble and 1 closed sale in those sectors in Carmel.
Both of the new sales in Pebble were in that very hot lower bracket: both located in the MPCC part of the Forest, one with an ask of $899 and the other at $1.265. Basically ditto on the 4 closed sales: one at $1.523 in MPCC, the other 3 all under $1M. The entry level in all of our markets continue to benefit from the historically low mortgage rates – so far, the new more restrictive lending regulations which went into effect on Jan 1 do not appear to be having a materially chilling impact on demand.
Carmel’s sole closed sale was an ocean view contemporary located along Bayview on Carmel Point – hot property, selling in 3 weeks. We are finding increasing interest in contemporary homes and ocean view properties on The Point are always in favor. The two new sales included one cottage on Carmelo in the Golden Rectangle (ask of $1.8) and a very tastefully renovated home with guest house down near the Mission Ranch, close to Carmel Point (with an ask of $2.15).
So far, our markets continue to chug along fairly well this year. Top of the market seems to be taking a breather but velocity there is always slower so trends are difficult to discern – we’re keeping an eye on it. Traditionally, we’d begin to see some slowing as we approach tax season, followed by an increase in activity as we approach Memorial Day and our peak summer selling season. We’ll see what comes this year.
Friday, February 21: Pacific Grove Wine Art and Music Walk
Saturday and Sunday, February 22-23: Monterey Symphony presents Innovation