Today we look at the Carmel Valley market.  Here are the latest numbers:

There were 18 sales in August, September and October of 2008 vs. 24 over the same period last year.  In the last 30 days there have been 7 sales and 4 pendings.  Inventory has increased from 112 this time last year to 131 today.  This calculates to approximately 22 months of inventory currently on the market, which is a whole lot.  Remember, typically 6 months of inventory is considered a neutral market where buyers and sellers have equal leverage.  This is definitely still a buyer’s market.

Yikes.  These numbers are tough to swallow.  Big contrast from last week’s report on Carmel.  Carmel Valley is definitely a different market than Carmel.  Homes in the Valley tend to be primary residences as opposed to second homes for Carmel.  Also, the Valley buyers tend to need financing more than Carmel buyers, which makes it that much tougher for Valley buyers considering the tightening loan restrictions.  Combine all this with the fact that most Valley buyers also need to sell a home before buying their next home and that makes for a slow, slow market for sellers, and a very, very good opportunity for ready, willing, and able buyers.