There are 150 properties for sale in Carmel, with properties taking over 180 days to sell….when they sell. These days, the number of sellers that “give up” is well above past years. This is reflected in the higher number of expired and canceled listings.
As the market has softened I have seen buyers shift their attention from areas such as Carmel Woods or south east neighborhoods of Carmel-by-the-Sea to closer to town and into the “golden rectangle.” Properties are still selling in all neighborhoods but buyers are looking for the perfect home or the near perfect deal. There is no particular sense of urgency on the part of buyers.
Market Profile
Carmel remains firmly at the “buyer’s market” end of the spectrum. We had an uptick in activity in late August and early September, unfortunately that has cooled with the ongoing economic crisis. There has been some indication as we move into mid November that buyers are returning to the market. (See the Market Action Index below)
The Market Action Index
The Market Action Index (MAI) measures available supply relative to the current level of demand. Index values above 30 indicate conditions favor sellers, below 30 favors buyers.
I predict we will see an improvement in the Market Action Index, and a reduction in inventory as we move towards the holidays. While I hope to see an increase in sales, much of the improvement will be a result of sellers pulling their homes off the market before the holidays.
Median Price Per Square Foot
Homes in Carmel are not generally priced by square foot, but it can be informative to track the square foot price as an indicator of the market’s trend.
Median Price by Quartile
To more accurately describe the sub-markets within Carmel, I report the median price in quartiles. The most expensive 25% of homes make up the first quartile, the next 25% the third quartile, the next 25% the third, and the least expensive 25% are the fourth quartile.
While the upper quartile is well off of what we saw in 2005, in the last few months it was these higher priced properties that have been lifting the overall market.
Recent Sales
There were seven properties that closed escrow in Carmel since the 10th of October ranging in sale price from a low of $815,000 on Upper Trail to a high of $2,700,000 on Camino Real. A PDf of Carmel Solds is here:
The easiest way to track comparables and properties of interest, is to use thePrivate Client MLS Systemto 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.
Carmel Real Estate Market Update 18 Nov 2008
There are 150 properties for sale in Carmel, with properties taking over 180 days to sell….when they sell. These days, the number of sellers that “give up” is well above past years. This is reflected in the higher number of expired and canceled listings.
As the market has softened I have seen buyers shift their attention from areas such as Carmel Woods or south east neighborhoods of Carmel-by-the-Sea to closer to town and into the “golden rectangle.” Properties are still selling in all neighborhoods but buyers are looking for the perfect home or the near perfect deal. There is no particular sense of urgency on the part of buyers.
Market Profile
Carmel remains firmly at the “buyer’s market” end of the spectrum. We had an uptick in activity in late August and early September, unfortunately that has cooled with the ongoing economic crisis. There has been some indication as we move into mid November that buyers are returning to the market. (See the Market Action Index below)
The Market Action Index
The Market Action Index (MAI) measures available supply relative to the current level of demand. Index values above 30 indicate conditions favor sellers, below 30 favors buyers.
I predict we will see an improvement in the Market Action Index, and a reduction in inventory as we move towards the holidays. While I hope to see an increase in sales, much of the improvement will be a result of sellers pulling their homes off the market before the holidays.
Median Price Per Square Foot
Homes in Carmel are not generally priced by square foot, but it can be informative to track the square foot price as an indicator of the market’s trend.
Median Price by Quartile
To more accurately describe the sub-markets within Carmel, I report the median price in quartiles. The most expensive 25% of homes make up the first quartile, the next 25% the third quartile, the next 25% the third, and the least expensive 25% are the fourth quartile.
While the upper quartile is well off of what we saw in 2005, in the last few months it was these higher priced properties that have been lifting the overall market.
Recent Sales
There were seven properties that closed escrow in Carmel since the 10th of October ranging in sale price from a low of $815,000 on Upper Trail to a high of $2,700,000 on Camino Real. A PDf of Carmel Solds is here:
Carmel Solds.
Carmel Solds from July through October.
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.