On February 8th we reported in our Blog the improvement in sales on Carmel Point. We stressed the importance of this individual market as a leading indicator for the larger Carmel marketplace. Based on recent data as of February 25th, it appears that Carmel Point is again confirming its reputation as a leading indicator. In the first 56 days of 2011 we have experienced 32 closed sales in Carmel. This compares with 18 sales during the same period in 2010 representing a 78% increase. Carmel currently has 182 properties on the market of which 32 are in escrow.
Beginning in 2011 we are in the 6th year of the downturn. It appears at least for the Carmel market, buyers have decided it is time to be back and make a deal. It is not suprising that a market like Carmel, California would be the last to feel the effects of the downturn and one of the first to show new life.