Our local market continues to impress with strong demand and increasing sales prices. Inventory levels are down significantly. For all of Carmel, the number of active listings is down 38% from March and down 35% in Pebble Beach. In Carmel, there are only two single family homes on the market under $1M and only 24 under $2M. Furthermore, last month sellers in Carmel received an average of 111% of their asking price!
The absorption rate is another way we evaluate the strength of the market. The absorption rate is the number of sales per month divided by the number of listings. Traditionally, an absorption rate over 20% signals a seller’s market, while a rate under 15% indicates a buyer’s market.
Absorption Rates | 2020
Carmel93921 and 93923
ACTIVES
SALES
Absorption Rate
June
151
26
17%
July
139
52
37%
Aug
121
74
61%
Sept
119
64
54%
Oct
94
65
69%
Pebble Beach93953
ACTIVES
SALES
June
66
13
20%
July
58
19
33%
Aug
50
16
32%
Sept
51
26
51%
Oct
48
22
46%
The moral of the story is that buyer’s need to be prepared for a competitive landscape with limited choices. But the question everyone is asking is how long do you think this will this last?
In late 2023 Fourtané Jewelers, owned by the Bonifas family, opened a second Carmel location just up the street on Ocean Avenue from their famous jewelry and watch salon in the historic Pine Inn. Known as a worldwide purveyor of rare vintage jewelry pieces and of the finest watch brands in the world, including Rolex, Patek Phillipe and Cartier, the new, two-story boutique focuses solely on jewelry. The Bonifas family also owns a Rolex Boutique in San Diego, which they are currently expanding.
AT&T Pebble Beach Pro-Am Tournament Director and Monterey Peninsula Foundation CEO Steve John has played as an amateur in the legendary golf tournament nine times, and each time, his excitement never waned.
"It was truly a treasured invitation," he says. "It's impossible to play center fi eld in a professional baseball game, but you can be part of something special with the Pro-Am."
A mainstay of the Monterey Peninsula for almost 80 years, the tournament has been officially ...
I had been referred to potential buyers who were relocating to Carmel from Colorado. They were the type of buyers that could be successful in the crazy days of COVID. Decisive, ready and able. It was March, 2021 and a gorgeous four bedroom home on one of my favorite streets in Carmel Valley had just hit the market. I called my clients and the husband literally hoped on a flight the very next morning. He boarded a plane with only a cup of coffee in ...
The Abstract Works and Social Commentary of Artist Michael Snodgrass
At Monica Graham Fine Art in Carmel-by-the-Sea, passerby often do a double take when noticing certain pieces through the window. The eye-catching work of artist Michael Snodgrass is a conversation starter due to the versatility and uniqueness of his style.
Carmel Realty Company Realtor, Chrissy Handel, spent an idyllic childhood in Carmel barbecuing at
Carmel Beach with her family, running into her grandmother playing cards or lunching with her friends at ¬the Beach & Tennis Club at Pebble Beach Resorts and hiking in Big Sur on the weekends with her parents. Now she enjoys sharing many of the same activities with her son, Christopher, 14, and watching him thrive in the community she loves.