Quail 2Q2022 Market Update
Activity in Quail Lodge and Meadows tapered last quarter, back to 3 closed deals - one in Quail Meadows and two in the Lodge area. This is about half historic averages for these areas and down considerably from 1Q21 (13 deals closed). However, with the huge surge of demand and sales over the past 2 years in Quail we did set a new record in Quail Meadows with the sale of 5466 Quail Way, which we closed at $9M. This stunning Charlie Rose designed home had valley views and clean, modern architecture that the market loved. This represents the highest price paid for a property in Quail Meadows to date.
The two sales in Quail Lodge included Condo #14, which sold for $925K at the beginning of April and 7064 Valley Greens Circle, which closed for $3.65M and drew multiple offers. It’s also worth noting that all home sales in Quail Lodge this year were above the $2M mark. This is remarkable considering the median sales price for a house in Quail Lodge in 2012 was just $760K. Although it’s time for this market to cycle and prices will inevitably soften, we should know quickly if Quail was fundamentally underpriced a few years ago or if this surge in pricing is just part of the COVID real estate market surge.
Given that the Bay Area is increasingly looking at Carmel Valley - rather than just downtown Carmel - as a destination location for vacation homes, I anticipate that for the most part prices will stay strong and hold. But time will tell.