Today we look at the Carmel market.
There were 19 sales in November, December, and January 2009 compared to 36 sales during the same period last year. Yikes. We’ve seen 7 homes sell in the last 30 days, but 14 homes went pending in the same period. Inventory stands at 154 single family homes available versus 142 a year ago. The inventory and sales numbers calculate to a staggering 22 month supply of homes on the market.
The only bright spot in this report is the number of pendings in the last 30 days. Only time will tell if this represents a turnaround in market activity or just a blip. Considering that we’re seeing an increase in the number of short sales and bank owned listings in Carmel in recent days, a recovery still isn’t within sight.