Pebble and Carmel shared the lead with 6 collective sales apiece this week. We’re just past the halfway marker for this quarter and have seen a noticeable slowing in our local market- trending to finish about 15% lower than the two previous Q2s. Historically, we lag the Bay Area market, which is also seeing a mild tapering in activity. We’ll continue to follow this potential trend as we enter the peak of our selling season. A few highlights from the week below:
Pebble moved at a moderate pace this week with 3 closed escrows and 3 new sales. The top closed escrow was a tastefully remodeled Mathams designed home in the heart of the MPCC area that closed quickly (7 day close) at $2.7M (10% off of List Price). The other two closed escrows included a Ranch-style teardown on the 7th hole of the newly renovated Dunes Course, which closed at $975K (2% off of List Price) and a condo in the Upper Forest that closed at the full price of $699K. The top new sale is a Spanish Colonial style home on the 1st fairway of MPCC’s Shore Course with a reduced list price of $1.8M. The two other new sales included a 60’s era Ranch-style fixer in the Country Club East area with an ask of $1.15M and a Rustic-Contemporary style home in the Upper Forest, listed at $850K. Worth noting that inventory has been leveling off in the high 60’s in the second quarter thus far.
Similar to Pebble, Carmel had a mild week with 2 closed escrows and 4 new sales. The top closed escrow was an oversized cottage designed by John Thodos, just East of downtown on Junipero that closed at $2.65M (17% off of List Price). The other closed escrow is a 1930’s English-Country style home on the private and coveted street of Shafter Way that closed at $2.09M (5% off of List Price). We’re very excited to represent the sellers of the top new sale this week- a charming cottage in a great location in Carmel Point that’s listed at $2.5M. The other new sales include a well designed cottage in NE Carmel with an ask of $1.895M; a small 1920’s cottage on Camino Real in the Golden Rectangle that’s listed at $1.7M, and a partially remodeled Bungalow in NE Carmel with an ask of $1.299M. Carmel’s inventory has leveled off in the lower 70’s.
The Highlands market has tapered considerably in Q2, partially due to a deficient inventory supply (down to 15 homes).
Demand for the Quail area remains high with another new sale this week. After 27 days on market, the extensively remodeled Mediterranean-style home on the 9th green is in escrow with an ask price of $1.695M. Inventory is down to 7 homes in the Quail Lodge and Meadows area.
Mike, Jess & Nic
CLOSED ESCROW – 991 Pioneer Rd, $2.7M (10% off of List Price), DOM=88
CLOSED ESCROW – 2972 Crescent Rd, $975K (2% off of List Price), DOM= Off-Market
CLOSED ESCROW – 4 Shepherd’s Knoll, $699K (Full Price), DOM=3
NEW SALE – 1033 Broncho Rd, $1.8M, DOM=185
NEW SALE – 2822 Raccoon Trl, $1.15M, DOM=17
NEW SALE – 4113 Pine Meadows Wy, $850K, DOM=5
ACTIVE LISTINGS= 68 Homes (30 in MPCC area, 32 in Central Pebble, 6 in Upper Forest), 23 Lots
CLOSED ESCROW – Junipero 4NE of 8th, $2.5M (17% off of List Price), DOM=112
CLOSED ESCROW – 25633 Shafter Wy, $2.09M (5% off of List Price), DOM=19
NEW SALE – 2417 San Antonio Ave, $2.65M, DOM=110
NEW SALE – Santa Fe 3SW of 3rd, $1.895M, DOM=56
NEW SALE – Camino Real 2NW of 10th, $1.7M, DOM=16
NEW SALE – 24832 Lobos St, $1.299M, DOM=73
ACTIVE LISTINGS= 74 Homes (14 in NW Carmel, 15 in NE Carmel, 19 in Golden Rectangle, 13 in Carmel Point, 5 in SE Carmel, 8 in Hatton Fields), 3 Lots
NEW SALE – 8025 River Pl, $1.695M, DOM=27
ACTIVE LISTINGS= 7 Homes (4 in Quail Meadows, 3 in Quail Lodge), 2 Lots
No news to report in the Highlands
ACTIVE LISTINGS= 15 Homes (6 oceanfront), 7 Lots