Condominiums FOURTH QUARTER 2001 REPORT First Published in The Carmel Pine Cone February 2002

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

Condo Market Down - Prices Mixed
Fourth Quarter Report

Although the dollar volume from condominium transactions declined by 18% in 2001 from 2000, median sales prices increased in seven of the nine Monterey Peninsula markets.

Here is a snap shot. Total dollar volume was $84,643,000 in 2000, declining to $68,254,000 in 2001, a slippage of 19%. Yet median sales prices for the year were mostly up: Carmel by 27%; Carmel Valley by 15%; Marina by 22%; Salinas/Monterey Highway by 8%. Only Monterey and Seaside were down by 18% and 16% respectively. If you are a condo owner or prospective buyer use these figures as overall guidelines. Results in specific complexes may be quite different. What these declines mean is that in Monterey and Seaside there were relatively more sales in the less expensive complexes in 2001 as compared to 2000. Barometer Low Our Market Barometer, which gives the percentage of listings with purchase contracts, was only 17.65% on January 1, the lowest reading since July 1. 1996. The Barometer is a good gauge of activity and the supply/demand environment. Comparing the Barometer with the same date last year we see a sharp decline from 51% to 17.65%. On January 1, 2001 there were 61 listings, 31 of which were in escrow leaving only 30 available units in the entire Monterey Peninsula. In contrast, there were 70 available units on January 1 of this year. The outlook for buyers is much better today than a year ago. Volume Volume for the quarter, 30 sales, was not bad. Last year 36 units sold during the period. The dollar volume was down $3 million dollars.

Viejo Carmel

We have been paying special attention to Viejo Carmel and were a bit off the mark in our last report. At that time the Multiple Listing Service (MLS) showed three units in escrow and one sold. We wrote that we felt the owners were doing quite well in a declining market with one sale and three pending sales. It seems, however, that the three in escrow never closed. There still has been only one sale recorded on the MLS. The picture was, in fact, less than rosy for the ownership. Since our last report they cancelled the listing and are off the market. We assume they will be back relatively soon.

Overall, the market remains a promising one for buyers. There are condo fish to fry on the Monterey Peninsula.

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.