June Newsletter

Some encouraging movement this month! Mortgage rates are finally heading below 7%. Even prior to that, we’ve been noticing buyers as a whole acclimating to the current environment and realizing that perhaps their buying opportunity won’t get much better. Last week, the consumer price index showed goods and services came down 3.5% from March, and the 10-year treasury dropped 10 basis points. In any event, the general feelings around town are, real estate is attractive.

Our team had a busy week, last week, with 3 closed sales, 2 of which were in the prime areas of city of Carmel; one on Dolores & 13th, in the Golden Rectangle, and another on Camino Real & 4th, just North of Ocean Avenue, with ocean and Pebble Beach views. A third closing was an off-market that we procured for some buyers looking to move home to the area, and was a renovation opportunity roughly 5 minutes from Ocean Avenue, on Carmel Valley Road, offering left to right views of the Santa Lucias, all the way to Carmel Bay. We also brought to market an incredible Montecito style estate, in the Markham Ranch community of Corral De Tierra, with two individual lots; one vacant and one built out as a 6,468 Sq Ft compound- for a total of roughly 13 acres. We subsequently brought the buyer in with a non-contingent offer and we are moving swiftly towards closing! Please scroll down to view each of these wonderful properties.

For April, there were 28 closed sales in April vs.18 April 2023. The good news for overall market movement, is there were 132 active listings as of May 1st. That’s the highest level in the past couple of years. The average closed sale price per sq. ft. was up 15% YTD at $1,350 per sq. The high-end has also been firing quite healthily here.

In Pebble Beach the number of closed sales in April was actually down 48% over this time last year with just 17 closed units. Inventory is rising though with 36 active listings as of May 1st. Price per sq. ft. is slightly down (6%) to $1,018 per sq. as we are witnessing a slowdown in the Pebble Beach premium real estate market north of $5M.

What’s happening on the ground? In Carmel, the finished, new construction/fully rebuilt product has continued to be the leading market driver. Homes in the prime areas, such as the Golden Rectangle, or oceanview products, have been almost equally as attractive to buyers. Combine all three, and you’d have a unicorn in today’s market, as can be seen by the recent $28M record breaking sale on Scenic & 8th. In Pebble Beach, inventory has grown, substantially, but due to the quality, and sometimes location, of that product, transactions have actually fallen as I outlined above.

We have some very nice, new listings coming down the pipeline in prime Carmel over the Summer, so stay tuned. We also continue to carry an extensive buyer book, with clients looking to get into the market this season with high quality homes- it is still a good time to list.

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