Carmel Highlands 2Q2022 Market Update
The Carmel Highlands and Carmel Meadows had a strong 2nd quarter thanks in part to a break-out quarter for Carmel Meadows. For perspective, there were only 9 sales in the Meadows in the last year and 4 of those came in this last quarter alone. Some of the impressive numbers for last quarter are:
•Total Sales: 12 properties compared to 7 this time last year (YoY) and 9 last quarter (QoQ)
•Average Sale Price: $5.2M compared to $4M last quarter
•Total Dollar Volume: $63M, up 9% from $57.7M last quarter
The rarely available offerings of Carmel Meadows seem to be hitting a sweet spot in the market right now with spectacular ocean views, larger homes (than you can get in Carmel), and proximity to town.
The average DOM of the 14 properties that are currently for sale (Active) or have just gone into escrow (Contingent) in the Highlands and Meadows is 105 days and rising. This trend indicates that sellers are over-shooting the market and listing too high. Indeed, with no end in sight for the present economic instability, if today’s sellers are not willing to reconsider their asking price, we expect the DOM for actively listed properties to further increase.
And yet, overall, the numbers are telling us that buyers are still out there and the demand for the Highlands and Meadows area has not diminished. It is just that buyers are now pushing back, and their hand is strengthening as balance returns to the real estate market.