Today’s update focuses on Pebble Beach.
There were 20 sales in August, September, and October of 2008 compared to 17 in the same period last year. Four properties sold in the last 30 days, and four properties went pending. Inventory today stands at 112 homes, an increase from last year’s 100 homes available. All these numbers translate to a MOI (Months of Inventory) of 17, which still means it’s very much a buyer’s market. Although Pebble Beach real estate showed a slight uptick in unit sales vs. 2007, the total sales volume over the 3-month period was drastically different ($32M in 2008 vs. $46M in 2007). This data confirms the general feeling among our team that the lower end properties are what’s moving presently in Pebble Beach. It seemed like only a few months ago that we were saying that the high end hasn’t been affected by this real estate downturn, but that’s clearly not the case today. This means for those folks waiting to buy that multi-million dollar dream home in Pebble Beach, now’s a pretty good time to do so.