The “Valley” is the most geographically diverse of our real estate markets with lots ranging from a few thousand feet in the neighborhoods located close to the mouth of the valley and near Carmel Valley village, to large equestrian properties and vineyards of tens to hundreds of acres. Within Carmel Valley are there are several developments including the Santa Lucia Preserve, Tehama, and Carmel Valley Ranch. Each of these developments has distinctive qualities and unique market characteristics that impact the broader Carmel Valley numbers.
Carmel Valley Inventory and Average Sale Price
Total inventory in Carmel Valley declined through the latter half of 2011. First quarter inventory of 264 homes compares favorably with 336 homes on the market during the first quarter of 2011. Average days on market also fell from 231 days in the first quarter of last year to 173 days in the first quarter of this year.
Average Sale price climbed in November and December of 2011, held relatively steady in December and January, and has declined in March. The first quarter of 2011 saw an average sale price in the Valley of $830,878 while this year the first quarter average was $722,100. It is important to keep in mind that with the wide range of property values in the Valley the addition or subtraction of one or two high priced properties can have a big effect on overall market statistics.
Given the range of property and home sizes in Carmel Valley, it is helpful to divide the market into equal fourths or quartiles.
|Quartile||Median Price||Sq. Ft.||Beds||Baths||Age||Days on Mkt|
The table demonstrates the range of the Carmel Valley market. The median price of homes in the top 25% of the market is six times the median price of homes in the lowest 25%. The most expensive homes are also three times as large as the least expensive. It is interesting to note that the fastest moving quartile of homes is the third quartile. These homes are closing in an average of 130 days on market versus the less expensive quartile at 182 and the most expensive quartile at 308 days.
With a median price of $699,000 the third quartile is positioned to take advantage of the historically low interest rates and the higher than national average FHA loan amount of $729,750.