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.