The Carmel real estate market had a difficult year in 2009. There were 398 single-family and condo-units listed in 2009, of which 155 properties sold. With an average of just 13 sales a month, the inventory build-up reached a high of 30.6 months to clear. Days on the market averaged 172 days. Of the 155 properties sold, there were 12 sales in which the listing agent(s) also represented the buyer(s) (7.75% of sales).
The chart below shows the sales to list price for the 93923 zip code.
Looking at the selling data and tracking the historical price points of repeat sales, the market in Carmel has, by and large, returned to 2002-2004 price levels, depending on location.
Of particular interest to many readers will be the Carmel Valley Ranch data points. There were 15 active listings for sale in 2009, with 4 properties sold. The average selling price was $962,500. Average listed price $1,116,250; days on the market 177; sales to list price (13.8%). Average square footage of sold properties: 2,338; average price per square foot: $411.68. Three out of the four properties sold were on the golf course – all had multiple quality photographs.
On Wall Street there is a saying that “so goes January, so goes the year.” With just 5 days into 2010, there is already one sale pending. With the worst real estate market since the Depression probably behind us, the downside risk at this point is probably minimal. Bargain priced opportunities for qualified buyers are excellent, vis a vis the last four years.