Today we’re looking at the Carmel Valley market.
There were 10 sales in the last three months compared to 11 sales in the same period last year. We’ve had 4 sales in the last 30 days and 6 properties have gone pending in the same period. Inventory has increased dramatically from this time last year’s count of 94 to today’s total of 130 single family homes available for purchase.
The Carmel Valley market is as slow as it’s ever been in recent memory. The inventory levels in Carmel Valley are always cyclical, tending to peak in August and bottom out in December. The December inventory counts have gone from 68 in 2004, to 80 in 2005, 86 in 2006, 88 in 2007, and a staggering 113 in 2008. Since December it has steadily risen, as it typically does every year, and now stands at a seasonally high 130. With so many choices, buyers have tremendous leverage with sellers, which tends to push prices downward. This is a great opportunity for buyers to negotiate a fantastic deal.