Today we look at the Carmel market.

There were 39 sales in August, September, and October of 2008 compared to 38 sales during the same period last year.  We’ve seen 7 homes sell in the last 30 days, and 6 homes went pending in the same period.  Inventory stands at 148 single family homes available versus 164 a year ago.  The inventory and sales numbers calculate to an 11 month supply of homes on the market, a significant improvement from just a month ago when we saw 14 months supply.  It is interesting to note that half of the pendings from the last 30 days are for homes under $800,000.  It seemed like just yesterday that a home under $1M in Carmel was as likely as a mountain lion sighting.  It now seems that both are common.  We are starting to see our seasonal slowdown in sales but the fact that only 7 homes sold in the last 30 days tells me that it is slowing slightly more than expected.  Still, the Carmel area remains the most healthy housing market on the Peninsula.