Monday Market Recap

  • Canning Properties Group
  • 05/24/21

 

  • Of the regions we cover, there were 14 Closed Escrows this week, representing a slight drop from last week’s total of 17 sales.
    • Sales prices for the week ranged from $4.675M for a cottage style home with ocean views in Northwest Carmel to a $558K unit in the Del Mesa complex in the mouth of the Valley.
    • This brings the total investments for the week to $31.8M – down from last week’s total of $60.2M, where the market saw two sales in Pebble Beach above $10M.
  • Average Days on Market for the week dropped down to 24.5 DOM – which is well below the previous week’s average of 66.5. This is in part due to some properties that were on the market for a prolonged period finally entering escrow. The market remains active across the board.
  • There was a wave of new activity last week with 15 new sales – ranging from a $12.5M Colonial style home on the 2nd green of Pebble beach to a $1M unit in the Del Mesa complex.
  • Negotiations remain very tight week-after-week with discounting hovering at or above list prices. Believe it or not, week, the average rose to 1.6% over list price.

Other Items in the news:

  • After being in a stand-still for 3 years, the Rancho Canada Development passed a key milestone this week after the Appeals Court gave the project the green light to proceed.
  • Aquarium is now open to the public!
  • We are officially two weeks away from most of the COVID restrictions being lifted, which is great news for our local businesses as we enter our peak tourism season.

 

Work With A Team. Work With The Best.

With over 30 years of experience in the Pebble Beach and Carmel markets, they know the market – both the openly listed and discreetly available inventory. Together with their associates, they are uniquely qualified to offer the highest level of professionalism and service on the Monterey Peninsula.