Pebble Beach real estate markets continue to be dominated by lower price sales. With 62 properties currently listed for over $2m, only 5 of these properties are pending sales. In contrast there are 71 properties listed under $2m with 13 of these residences in a pending sale catagory. During the month of September there were 10 closed sales, all under $2m. There is clearly an oversupply of high end residences on the market and it will take several years to correct this imbalance.
The average sales price in September was $936,320, down 9% from the previous September, and down 30% from the previous month. Please see the Market Action Report – Pebble Beach YTD Sep 2011 for a complete discussion of current trends.
There is no more iconic golf course in the world than Pebble Beach. This incomparable beauty will survive the current real estate market cycle and once again we will all focus on why we are drawn to this majestic coastline.