We’ve watched Carmel homes increase in value since late Spring 2020 when the demand increased dramatically with COVID, and now that our community has opened up again it’s been interesting to see the impact on prices. We are still experiencing very low inventory with strong demand from second home buyers out of the area, and properties in great locations have been receiving multiple offers in some cases.
Realtors are touring again, which has been great. During COVID viewing properties was limited to showings with clients or sometimes a scheduled preview if we had a client in mind for the home. Touring helps us easily compare values and get a sense of how the market is evolving, so these past couple weeks of having that opportunity has been very insightful. Here are a couple of examples of how we’re noticing prices change in Carmel lately.
This screenshot above shows pricing on a newer build in Carmel, standard 1600sqft home. Before COVID the price was $2,380,000. It didn’t sell, and now it is being offered at $3,225,000.
Another example above: this is a brand new home in Northwest Carmel with great ocean views that closed at $2,684 per square foot. Just three years ago the first comparable new build exceeded $2,000/foot and set a new standard for new construction 1600sqft homes selling north of $3,000,000. Six months after the above sale was listed, this property below enters the market at a similar price but 20 years older.
We’re watching the market closely for our clients looking to buy and sell in Carmel-by-the-Sea. If you would like to stay current on the market, feel free to subscribe to our weekly statistics on the market found here.