Q1 2014 Report
Recent Significant Sale | 2987 The Old Drive, Pebble Beach | List Price: $4,995,000 Listed By Chris Pryor
Dear Friends, Both Carmel and Pebble Beach finished the year with strong quarters, resulting in better than average results for Yr End ’12. The lower end price brackets were mainly responsible for the better than average yearly performance figures in both geographies. Once again, I will be reporting on an abbreviated Geography in Carmel. It includes homes above $1 million in the Golden Rectangle (Dolores to Scenic), all of Carmelo, all of San Antonio, Scenic, Bayview, Ocean View, and Valley View. My Pebble Beach statistics cover all activity in the Forest for properties over $1 million. I am happy to report above average performance for Carmel and such strong numbers for Pebble Beach. I am confident we have bounced off the bottom and with some additional inventory I believe we will experience a strong 2013. Activity levels are strong and I believe we will begin to see prices heading up at a slow but encouraging rate. If you have any questions or would like to discuss my findings I would be happy to answer phone calls or an email.
Steve LaVaute & Chris Pryor
Steve LaVaute
Chris Pryor
831.241.1434 | Steve@CarmelRealtyCompany.com
831.229.1124 | Chris@CarmelRealtyCompany.com
Q1 2014 Report Pebble Beach Results: 1. Pebble Beach continued its robust performance quarter to quarter. The result for the year was 66 homes sold vs. an average of 48 for the 9 year period. This represents 138% of an average year. 2. The Inventory of Active Homes for Sale is 50. Much like in the Carmel Geography we find the Inventory to be below the recent annual sales rate. The current inventory is at 76% of last years Sales. 3. The number of sales at or above List price of only 2 units is less than I would have expected considering the strength of the number of houses sold. This is not alarming as the average discount off of List Price was 25% less than average. 4. The DOM (Days on Market) was 30% greater than average (179 vs. 123). With the robust sales figure and the higher than average DOM figure the result is that many homes that have been on the market for an extended time have sold. In recent years this is the first time the average DOM for Active listings has been under 300 days. 5. Much like the Carmel Geography the Sales figures are dominated by the lower price brackets. 48 of the 66 sales were less that $2.5million. A special note is that the inventory in the lower brackets is only 13 houses. With similar demand in these brackets should result in upward price pressure. 6. The average discount off of List Price in Pebble Beach of 7.7% was strong especially after such a robust sales performance.
PEBBLE BEACH STATISTICS Yr End 2012 Sold Price Ranges
2004
2005
2006
2007
2008
2009
2010
2011
2012
Avg.
Q1’12
Q2’12
Q3’12
Q4’12
2012
Active YTD
Pending YTD
$1 - $1.5 M
13
3
1
5
5
9
12
7
25
9
7
8
6
4
25
7
3
$1.5 - $2 M
19
13
8
14
9
9
13
10
15
12
2
2
4
7
15
2
1
$2 - $2.5 M
16
9
11
9
7
5
5
6
8
8
5
0
2
1
8
4
1
$2.5 - $3 M
4
5
11
5
5
7
3
4
5
6
2
1
2
0
5
8
1
$3 - $4 M
7
11
4
8
8
2
3
9
3
6
1
1
0
1
3
8
1
$4 - $8 M
1
3
1
3
3
2
3
8
8
4
4
2
2
0
8
10
1
$8 M+
5
7
3
4
4
2
0
1
2
3
0
0
1
1
2
11
0
Total
65
51
39
48
41
36
39
45
66
48
21
14
17
14
66
50
8
At or Above List Price
9
10
3
5
4
0
1
8
2
5
1
1
0
0
2
n/a
na
Average DOM
87
90
93
87
151
140
121
159
179
123
236
164
136
177
179
299
82
List Vs. Sales
-8.5
-7.7
-9.3
-7.5
-16
-16
-11.6
-7
-7.7
-10.1
-9.6
-7
-6.4
-9
-7.7
na
na
2010,2011,2012
2012 Quarterly
30
30
22.5
22.5
15
15
7.5
7.5
0 $1 - $1.5 M $2 - $2.5 M 2010
$3 - $4 M
2011
Steve LaVaute
$8 M+ 2012
0 Q1’12
$1.5 - $2 M $2.5 - $3 M Q2’12
Steve LaVaute & Chris Pryor, Carmel Realty
Q3’12
$4 - $8 M Q4’12
2012
Chris Pryor
831.229.1124 | Chris@CarmelRealtyCompany.com 831.241.1434 | Steve@CarmelRealtyCompany.com Cell: (831) 241-1431, Email:slavaute@gmail.com, Cell: (831) 229-1124, chris@carmelrealtycompany.com Information believed to be reliable as obtained from Monterey County Assoc. of Realtors, Pro MLS Listings.
Q1 2014 Report Carmel Results: 1. Carmel results were 46 homes sold vs. a 9-year average of 44 homes sold. This is the second time since 2007 that sales exceeded the 9-year average. 2. For Year End there were 5 homes that sold at or above the current List price. While the List price may not be the original List price it is the most recent. 3. The Active inventory of homes for sale in this Geography is 31 homes. This is the first time in 4 years that the inventory level was not at or above the average years sales over the 9-year period. 4. The average DOM (Days on Market) was 163 days from List date to Close of Escrow. While this is higher than the 9-year average it is encouraging that many of the Active homes have been listed for sale for an extended period of time. In most cases these homes were over priced. 5. The lower price brackets continue to dominate the Sales in both Geographies. 40 of the 46 Sales were less than $3million. The corresponding inventory of homes for sale in these brackets is 12 homes. Continued demand in the lower brackets should produce upward price pressure. 6. The average discount off of List Price was 8.2% vs. 12% average over the 9-year period.
CARMEL STATISTICS Yr End 2012 Sold Price Ranges
2004
2005
2006
2007
2008
2009
2010
2011
2012
Avg.
Q1’12
Q2’12
Q3’12
Q4’12
2012
Active YTD
Pending YTD
$1 - $1.5 M
13
3
1
5
5
9
12
7
18
7
4
4
6
4
18
3
0
$1.5 - $2 M
19
13
8
14
9
9
13
10
9
10
1
2
2
4
9
0
1
$2 - $2.5 M
16
9
11
9
7
5
5
6
7
9
0
3
2
2
7
6
0
$2.5 - $3 M
4
5
11
5
5
7
3
4
6
5
0
3
1
2
6
3
0
$3 - $4 M
7
11
4
8
8
2
3
9
2
6
0
1
1
0
2
8
2
$4 - $5 M
1
3
1
3
3
2
3
8
2
2
1
1
0
0
2
5
0
$5 M +
5
7
3
4
4
2
0
1
2
4
1
0
1
0
2
6
0
Total
65
51
39
48
41
36
39
45
46
44
7
14
13
12
46
31
3
At or Above List Price
9
10
3
5
4
0
1
8
5
4
2
2
0
1
5
n/a
n/a
Average DOM
87
90
93
87
151
140
121
159
163
134
164
138
129
221
163
345
164
List Vs. Sales
-8.5
-7.7
-9.3
-7.5
-16
-16
-11.6
-7
-8.2
-12
-6
-8.4
-8
-9
-8.2
na
na
2010,2011,2012
2012 Quarterly
20
20
15
15
10
10
5
5
0 $1 - $1.5 M $2 - $2.5 M 2010
$3 - $4 M
2011
Steve LaVaute
$5 M + 2012
0 Q1’12
$1.5 - $2 M $2.5 - $3 M Q2’12
Q3’12
$4 - $5 M Q4’12
2012
Chris Pryor
Steve LaVaute & Chris Pryor, Carmel Realty Company
831.229.1124 | Chris@CarmelRealtyCompany.com 831.241.1434 | Steve@CarmelRealtyCompany.com Steve LaVaute Cell: (831) 241-1431 Email:slavaute@gmail.com, Chris Pryor Cell: (831) 229-1124 Information believed to be reliable as obtained from Monterey COunty Assoc. of Realtors, Pro MLS Listings.