Tax day has come and passed with very little activity in the Pebble and Carmel markets. We continue to see historically tight inventory levels in Carmel and a softness developing in the middle price brackets of Pebble. There are a couple of interesting patterns emerging that we’re paying close attention to:
Pebble saw 2 new sales and only one closed sale last week. One of the new sales to pay particular attention to, a frontline contemporary on the 2nd hole of Pebble Beach with an ask of $10M, just went into escrow after being on the market for over 260 days. The other new sale was a condo in the upper forest with an ask of $695K. Worth noting that there were a handful of price reductions in the MPCC and estates part of Pebble – supporting the softness in the middle brackets in Pebble.
Carmel saw zero new or closed sales last week – we remain of the view that the lack of velocity in Carmel is closely tied to the lack of inventory. The market has clearly slowed this week, not atypical for this time of year but worth watching none-the-less.
Mike, Jess & Nic