Condominiums THIRD QUARTER 2006 First Published in The Carmel Pine Cone NOVEMBER 2006

Contents Market Barometer Median Sales Prices Gross Dollar Volume Sales by Quarter Days on Market

Condo Market Falls
To Historic Lows

Third Quarter Report

There is no need for lengthy comment on the market for condominiums on the Monterey Peninsula. The market is awful and a look at the charts published with this report tells all you need to know.

The Market Barometer, the percentage of listings in escrow, fell to an historic low of five percent on October 1. On that date there were 128 listings of which only seven were in escrow. Buyers had their pickings of 121 units. That is the largest inventory of available units we have ever seen. The lowest previous reading was on July 1 of this year at 13 percent. A year ago the reading was 27 percent and two years ago 49 percent.

Gross dollar volume fell 46 percent from last year, $40,541,000 to $21,933,000. Unit sales declined 53 percent from 71 to 33. Precisely as in the detached single-family home market, median selling prices varied from market to market in relation to last year. Carmel prices were off by less than one percent while Del Rey Oaks, minus 11 percent; Monterey, minus 18 percent; and Pacific Grove, minus 19 percent; showed significant drops. These drops probably are a greater reflection in a change in the mix of what sold (more low-end units sold this year as compared with last) than in an absolute decline in value. Nonetheless, the declines were noteworthy. Carmel Valley and Pebble Beach, in the category of under one million dollars, were actually up. Carmel Valley registered a gain of seven percent and Pebble Beach 20 percent. In spite of these rays of sunshine, the third quarter was a weak one for sellers, and the market is not showing any signs of improvement.

The charts are based in whole or in part on data supplied by the Monterey County Association of Realtors' Multiple Listing Service (MLS). Neither the Association nor the MLS guarantees or is responsible for their accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

For a printable copy of this report please click Report

Please Call Us

We have lived on the Monterey Peninsula since 1978 and in the heart of Carmel since 1986. We know the market and have deep experience assisting both buyers and sellers.

Many of our buyers are from out of town and before they act they need to gain an understanding of our local market. If you are an out-of-town buyer, you are extremely dependent on your agent for guidance. We are skilled at assisting you up the learning curve so that you can make sound decisions. The way we prosper is by putting our buyers into good, solid situations.

We know the market and would be happy to evaluate the value of your condo at no charge. We know how to help you get ready for market to get the best price for your property. Selling a property is a cooperative effort between the seller and his or her agent. We will guide you on the team approach to success.

Please email us, call us at 831-626-2221 or 831-622-4642, or write us at PO Box 350, Carmel, CA 93921.