[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]
Pebble Beach is a diverse real estate market ranging from multimillion dollar ocean front estates to 1,000 square foot homes valued in the $600,000s.
As with elsewhere on the Monterey Peninsula, home buyers continue to look at property in Pebble Beach but are hesitant to act. Sellers have responded by reducing their home’s list price in hopes of prompting an offer. Nearly half of the property listings in Pebble Beach have seen a price decrease since first coming on the market.
Market Profile
There are currently 6 Pebble Beach properties in escrow ranging in list price from $8,995,000 to a 1,200 square foot house listed for $895,000. Pending Pebble Beach Sales. There have been 20 closed home sales in Pebble Beach since January 1, 2009, ranging in sale price from $3,200,000 to $675,000. Pebble Beach Sold Homes.
As with other Peninsula markets, Pebble Beach remains firmly at the “buyer’s” end of the spectrum with 207 average days on market.
While Pebble Beach is certainly healthier than many other high end markets, a telling statistic is the 39% percent of listed properties that have seen a price decrease.
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, Pebble Beach is well below the 30 balance line.
Quartiles
Given the variability in housing stock in Pebble Beach, it can be useful to divide the market into quartiles. Forces at play, such as restricted credit, can impact the buyer of a $600,000 home differently than the buyer of a $6,000,000 home.
Pebble Beach quartiles have the following Characteristics:
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. Keep in mind that the “data set” for Pebble Beach is quite small so the listing or sale of one property at the higher end can move the curve quite a bit.
Most of the large fluctuations in list price occur in the upper quartile. However, if you look only at the bottom half (quartile three and four) you see that the lowest priced homes have trended downward since 2007.
Average Days On Market
Average days on market for Pebble Beach continues to climb, pushed higher as the rate of absorption has fallen off the economy has faltered.
Interestingly, when the data is divided by quartile it is the second quartile of homes, those with a median price of $3,395,000 that are spending the greatest number of days on the market.
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.
