The 83 homes on the market in Carmel Valley have been on for an average of 175 days. Half the listings are new on the market in the last 126 days. The valley remains firmly at the “buyer’s market” end of the spectrum with a Market Action Index of 7. The median price is just under $1,295,000 where it has been for several weeks.
While the median price has leveled off, the price per square foot has been trending downward. This is consistent with larger homes trending down at a faster rate than less costly homes. Buyers are getting more home for their money.
The most expensive homes (the first quartile) have seen the most dramatic drop in median price over the last 9 months. (The Black line is the first quartile, or most expensive 1/4 of homes. The median price for homes in that quartile is $2,546,500.)
If you would like to track the Carmel Valley market on a weekly basis, subscribe to my Weekly Market Update.
If you would like to track new listings as the come on the market and follow specific properties through the listing and sales cycle, subscribe to my Private Client MLS service , by sending me an email at malone@malonehodges.com.
