Carmel Real Estate…How the Market Looks Compared to a Year Ago

October 1st, 2008 malone Posted in Carmel, Market Update | Comments Off

I recently had discussion with several clients about how the market “feels” compared to last year.

I decided to run some comparisons and see what the numbers say about the Carmel real estate market:

Pretty clear that this year is quite a bit different from last. The orange bar is the 90 day median price trend line from a year ago. The black line is this year. It is interesting to see the inflection of the black line over the last few months.

Let’s explore that for a minute. If we look at the median price in Carmel by quartile (that is, divide the entire population of sold properties into 4 equal parts. It appears that the inflection is do to movement in the upper end of the market.

Back to the year to year comparison.

If we crunch the data for median price per square foot we would expect to see a similar curve, and here it is:

And finally, again as one would expect inventory for the greater Carmel area is well above levels seen a year ago. The rate of increase has declined and there has even been a bit of leveling in the last could of weeks. I, and many of my colleagues, have put more properties in escrow and entertained more offers in the last couple of weeks than in the previous month.

 


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