Today we look at Pebble Beach. Here are our top 3 conclusions from looking at the statistics:
1. Inventory levels (105 actives and pending-shows) are just about at 2006 levels for July (106), and slightly below July 2007 levels (110). This slightly downward trend indicates a potential better market for sellers ahead.
2. Ten sales in June represent the most of any month this year (March had 10 also). The last time we hit 10 sales in a month prior to March was May of 2006 with 12. Although total unit sales through the first half of 2008 was only one higher than the first half of 2007, this recent activity may mean that the market is picking up a bit.
3. Sales volume in 2Q08 was drastically higher than 2Q07 ($63M vs $21M). Some large sales and a zero number in May 2007 have skewed this difference a bit but the numbers are what they are, an indication that sales are increasing.