November 2008 Home Sales Compared to 2007 in Pebble Beach, Carmel, Carmel Valley
November is over. Certainly a slower real estate market on the Monterey Peninsula than in the months leading up to it.
Carmel Valley
Carmel Valley saw only two homes go into escrow. Then again, in November of 2007 there were only three home sales in Carmel Valley in November. The difference?
This year list the list price of Carmel Valley properties were $699,000 and $550,000. Last year: $2,850,000, $1,650,000 and $1,475,000.
The orange line represents Median Price 1 Year ago, the black line this year. The plateau we saw from May through mid September of this year has faultered in the last few weeks.
Carmel
Three homes went into escrow in Carmel in November. $599,000, 799,000, and $1,995,000. In November of 2007 nine properties went into escrow ranging in price from $1,190,000 to $8,999,999.
In the case of Carmel, list price was climbing a bit over the last couple of months. However, in November prices began trending downward at the same price levels as this time last year.
Pebble Beach
Six properties went into escrow in November of 2008 compared with 4 in the same month last year.
This years sales had list prices ranging from from 1.1 million to 3.775 million. Three of the six sales were listed above 3 million.
Two of the November 2007 sales were listed at just above 1 million and two where between 3.5 and 4 million.
As with all our markets, the listing or sale of a high priced home can “pull” the data one directon or another. This is especially true in Pebble Beach.
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