Monterey Peninsula Real Estate Sales Update

Welcome to The Heinrich Team’s Monterey Peninsula Real Estate Sales Update, where we provide a market analysis with our comments for several of the major neighborhoods along the Monterey Peninsula. The areas we cover include Carmel Highlands, Carmel Point, Carmel Valley Ranch, Carmel Valley Village, and Quail Lodge.

Monterey Peninsula Real Estate Sales | CARMEL HIGHLANDS SALES

THE CARMEL HIGHLANDS MARKET PLACE began the year at a very slow pace. During the first two months of 2017 there was only one closed sale. On a brighter note, 4 properties went under contract during the first two months representing an increased rate of homes sales above the 2016 pace. During 2016 there were 8 sales, well below the five year average of 14 sales per year.

As of the end of February there were 23 active listings in the Carmel Highlands market area, ranging from an asking price of 1 million to $11,900,000. the average price of the active listings is $4,950,000 with the median price at $4,100,000. The average days on the market are 183. During the two month period 5 homes did not sell and were taken off the market.

Markets ebb and flow and can be affected by the last years events such as the Soberanes Fire and this year’s torrential rains. As things quiet down we can hope for a more steady sales rate with a likely increase in activity for the higher end properties. During 2016 the sales tended to be int he lower price ranges.

THE NORTHERN CALIFORNIA ECONOMY continues to be the strongest growth engine in the country and this will be a contributing factor to a rebound in the number of Carmel Highland sales.

Monterey Peninsula Real Estate Sales | CARMEL POINT SALES

SALES OF CARMEL POINT HOMES BEGAN THE YEAR AT A RELATIVELY SLOW PACE. During the first two months of 2017 there were only two sales. On a brighter note, 4 properties went under contract during the first two months representing an increased rate of sales above the 2016 pace. During 2016 there were 19 sales.

As of the end of February, there were 11 active listings in the Carmel Point market area ranging from an asking price of $2,795,000 to $15,000,000. The average price of the active listings is $7,400,000 with the median price at $4,900,000. The average days on the market are 183. During the two month period 2 homes did not sell and were taken off the market.

Monterey Peninsula Real Estate Sales | CARMEL VALLEY RANCH SALES

SALES OF CARMEL VALLEY RANCH SINGLE FAMILY HOMES BEGAN THE YEAR AT A SLOW PACE. During the first two months of 2017 there were only two sales, with 1 property going under contract during the same time period. there were no townhome sales during the first two months with one townhome under contract.

As of the end of February, there were 2 single family active listings and 3 townhome offerings ranging from an asking price of $949,000 to $2,995,000 The average days on the market are 181. Inventory is currently at record low levels.

Monterey Peninsula Real Estate Sales | CARMEL VALLEY VILLAGE SALES

SALES OF THE CARMEL VALLEY VILLAGE SINGLE FAMILY HOMES BEGAN THE YEAR AT A STEADY PACE. During the first two months of 2017 there were four sales, with 1 property going under contract during the same time period. There was one townhome sale during the first two months with two townhomes going under contract.

As of the end of February there were 13 single family active listings ranging from an asking price of $560,000 to $2,900,000. The median price offering is $1,220,000. The average days on the market is 92. There are no townhomes currently on the market.

Monterey Peninsula Real Estate Sales | | QUAIL LODGE SALES

SALES OF QUAIL LODGE HOMES BEGAN THE YEAR AT A RELATIVELY SLOW PACE. During the first two months of 2017 there were only two sales, with 3 properties going under contract during the same time period. The current sales pace is slightly below that of 2016 where there were 27 sales.

As of the end of February, there were 5 residential active listings and 1 townhome in the Quail Lodge market area ranging from an asking price of $3,675,000 to $1,574,000. The townhome is listed at $819,000. The average days on market is 180. Inventory is at the lowest level for several past years and we expect to see more homes coming on the market during the Spring.