2017 Carmel Point Market Update – Residential Sales Increased 35%
Carmel Point sales in 2016 increased to a total of 19, as compared to 14 in 2015. This 35% increase in the number of residential sales is a continuation of a strong and consistent market. There were two sales in 2016 for over $10m. The median selling price in 2016 was $2,480,000 as compared to $2,500,000 in 2015. The average selling price in 2016 was $3,352,180 compared to $3,235,500 in 2015.
The Market Reflects a Continuing Recovery
Median and average residential sales prices are only a guide to the general market and primarily reflect what part of the marketplace is currently selling. Individual home values have been consistently strong over the past five years and reflect a continuing recovery from the depths of the great recession in 2008-2009.
Influence of the Silicon Valley
One factor affecting the high end of the Carmel Point marketplace is the strong activity in San Francisco and the Bay Area. Although their markets are slowing somewhat and returning to a more normal market, over 60-65% of our buyers come from Los Gatos-Saratoga, north to San Francisco and Marin and they have a direct impact on the strength of our marketplace.
2017 Carmel Point Market Update – Projections
In 2017 we expect high end sales to once again be a strong factor in the marketplace. Inventories are balanced and the demand will again be steady.
Where am I?
A point of view. I am standing on one of the most prominent locations on Carmel Point. From this vantage, you can see in all directions. Think you’ve got it? Leave a comment below with your guess!
Back in the Day
In 1856, John Martin and his family ended their long voyage and docked in Monterey. Years later the family purchased property that encompasses all of what is now known as Carmel Point. One of the earliest dairies in California was built on this site. We now know this property as Mission Ranch, owned by local Carmel citizen, Clint Eastwood. Carmel Point was also the site of the earliest ocean front golf course in the Carmel, Pebble Beach area. But it wasn’t meant to be. The only remaining evidence of the Carmel Point Golf Course is a plaque on the wall of what was then the caddie shack for this historical setting.
“We must be sure that the legacy of faith received from the pioneers who came before us is never lost.” – M. Russel Ballard
2017 Carmel Point Market Update – Nature Walk
The walk on Scenic Road at Carmel Point is one of the most stunning and picturesque sights in the world. As you stroll down the lane you have Point Lobos on the right and the crashing surf in front as it breaks on the Carmel River State Beach.
March 11, 2017 – Carmel Art Walk – Meet the artists and tour 21 artist-owned galleries in Carmel-by-the-Sea on the second Saturday of every month from 5-8pm.
March 16-19, 2017 – Relais & Chateaux GourmetFest – The GourmetFest is an international food and wine festival in the quaint village of Carmel-by-the-Sea featuring the talents of Chefs from around the world!