A disconnected marketplace.
Pebble Beach is struggling with a lack of consistent demand in the high end homes. The marketplace is almost bipolar with an average listing price of $3,363,000 yet the average sales price in November was only $827,000. Until we see demand in the higher prices this disconnect will likely continue.
In November there were 5 sales as compared to 3 sales in November 2010. November YTD sales of 71 are running 4% behind last years year-to-date-sales of 74. Please see Pebble Beach Market Action Report – November 2011 for a complete discussion of current trends.