Carmel Valley Ranch 2Q2022
We are increasingly seeing the Bay Area look at Carmel Valley as a retreat and vacation destination, which will benefit Carmel Valley Ranch in the short and long run. Comparable to the rest of the Peninsula, we’re seeing activity normalize this quarter, with 3 sales, which is down from this quarter last year (9 closed) but up from last quarter when just one house sold. We’re also seeing the pace slow down with the average days-on-market stretching to 39 days, up from 4 last quarter and 15 the prior quarter. That being said, this is shifting more in-line with the historic average for the Ranch, which was approximately 30-60 days. The more time on the market is also providing buyers with a little more wiggle room on the price; buyers negotiated approximately 5% off the list price this quarter, as compared to paying 2.5% over ask last quarter.
The three sales this quarter included two on Club Place and one up on the Summit on Locust that just closed for $1.995M. Demand continues to be very strong for the Summit, with buyers paying a premium for the additional space, square footage and views in that neighborhood. The two other sales were at 9923 Club Place ($1.6M) and 9802 Club Place ($1.33M). We have seen a steady appreciation of values in the Ranch over the past decade, going from a median sales price of $790K in 2012 up to $1.78M this year. However, it appears that the market is already cycling a bit, with prices falling this year, down a touch from $1.79M last year. Although we anticipate some softening of pricing, Carmel Valley Ranch has consistently been a strong buy and held up well against market cycles, so we anticipate the rebound to be quick.
We are pleased to provide this analysis about your community and welcome any questions or feedback about this report. You can expect to receive it every quarter but if you need any further information or would like to discuss how this might impact the value of your home, feel free to reach out anytime.