Which area of the Monterey Peninsula experienced the largest drop in unit sales in 2008 vs. 2007?

a)  Carmel

b)  Carmel Valley

c)  Pebble Beach

d)  Pacific Grove

The answer is (a) Carmel, which is a bit surprising since Carmel is usually more resilient to downturns than the rest of the Peninsula areas.  Numbers can be misleading though.  Carmel was the only one of these areas to not experience a sharp decline in median price.  To see all the numbers in detail, please read our just released State of Real Estate report for 2009.