Carmel Valley sales continue to track at a very slow pace. August 2011 sales were up slightly from Aug 2010 but were 33.% lower than the prior months’ sales. August YTD sales of 77 are running 11.5% behind the last years YTD sales of 87.

The market continues to be dominated by lower end distressed sales with the median price in August of $606,000 down 30.7% from $875,000 in August of 2010.

One positive note is the slow workdown of inventory with  current  properties for sale in August at 106 down from 155 in August of 2010. The days on  market have also dropped which is a good indication of a more competitive marketplace for fewer homes.  See Market Action Report – Carmel Valley – August 2011 YTD for analysis and trends.

Carmel Valley real estate cycles have traditionally trailed from 6 months to a year  the upturns that we see in Carmel. As demonstrated by an improving market for higher end Carmel homes we can anticipate that buyers will slowly return to the higher end homes in Carmel Valley. It is not known how quicky this pattern will emerge but we are clearly working our way through the cycle.