[Please Note: The graphs on this page are updated daily. The links to current listings are current within 15 minutes. The PDF's of sold property are updated every two weeks or so. If you would like more detail about any items mentioned here, send me an email. Thanks, Malone]
Carmel Valley is a diverse real estate market that includes 800 square foot homes on 1,500 square foot lots in Carmel Valley Village, 150 acre equestrian properties in the Santa Lucia Preserve and Quintana, as well as golf condos and homes in Carmel Valley Ranch, Quail Lodge and Tehama. The real estate area described as “Carmel Valley” includes homes within minutes of the beach at the mouth of Carmel Valley and cabins with solar power and well water at the end of long dirt roads in the Cachagua valley to the south.
As with elsewhere on the Monterey Peninsula, home buyers continue to look at property in Carmel Valley but are hesitant to act. Sellers have responded by reducing their home’s list price in hopes of prompting an offer.
Market Profile
The Carmel Valley Market is clearly a “buyer’s market” with 44% of properties currently listed having experienced a price decrease.
Median List Price
Median list price held relatively level for the first 8 or 9 months of 2008 but is well off since last fall. The graph shows a 7 day rolling average. There has been an uptick in the last few weeks. It will be interesting to see if it holds.
The Market Action Index
The Market Action Index measures available home supply relative to the current level of demand. Index values above 30 indicate conditions favor home sellers, below 30 favors home buyers. As you can see, Carmel Valley is well below the 30 balance line.
Quartiles
Given the variability in housing stock in Carmel Valley, it can be useful to divide the market into quartiles. Forces at play, such as restricted credit, can impact the buyer of a $525,000 home on Robinson Canyon Road differently than the buyer of a $5,995,000 home in the Quail Lodge area.
Quartile 1 is the most expensive 25% of homes, quartile 2 is the upper-middle 25% of homes, quartile 3 is the lower-middle 25% of homes, and quartile 4 is the least expensive 25% of homes.
Median Price (per Quartile)
The greatest amount of variability in the last year has been in the highest price properties. Since late December of 2008 all three quartiles have trended down. Keep in mind that the “data set” for Carmel Valley can be small especially in the case of higher end properties.
Recent Sales
There have been 26 closed escrows so far this year. Carmel Valley Sold Homes Since 1 January 2009
There are 28 Carmel Valley properties in escrow now with close of escrow dates scheduled in the coming weeks. Pending Carmel Valley Home Sales.
Tracking Sales and Comparables
The easiest way to track comparables and properties of interest, is to use the Private Client MLS System to identify favorite properties. Once identified, the system will track and report on price changes, status changes, and the ultimate sale price when the property sells.
You can also take a quick look at Homes for Sale in Carmel Valley.
