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Condominiums FOURTH QUARTER 2003 REPORT First Published in The Carmel Pine Cone February 2004 |
Contents
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Condo Market Achieves
Record Dollar Volume
Fourth Quarter & Year-End Report
For the first time in history, the annual dollar sales volume for Monterey Peninsula condominiums topped one hundred million dollars. The market almost reached that total it last year with $99,735,000 in sales, but fell just short. In 2003 dollar volume increased 10.6% to reach $110,339,000.
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In view of the small size of our condominium market, that figure is impressive. The big dollar markets, Carmel, Carmel Valley, Pebble Beach and Monterey have held their own. Carmel rebounded nicely from a weak year in 2002 ringing up over $15 million in sales as opposed to $7 million last year. Carmel Valley was off a little bit, but both Pebble Beach and Monterey had nice gains. The market achieved this record-breaking number with an increase of only two sales, 221 transactions in 2003 as opposed to 219 in 2003. Higher prices drove the increase in dollar sales. Six of the nine markets had increases in the median sales price. Monterey had the biggest gain at 17%. The strong barometer reading of 37% on January 1 assures us that the first quarter of 2004 will continue to be strong. A spot check on February 4th showed that the Barometer had slipped a little bit. On that date there were 67 listings of which 19 were in escrow or 28%. This is still a strong number demonstrating that there will be a significant number of closed transactions during the quarter. A contradiction to these good numbers is the time that it took to get units sold in 2003. Look at the Days on Market chart, and you will find that the big money markets of Carmel, Carmel Valley and Pebble Beach had long selling periods: 295 days in Carmel, 233 days in Carmel Valley and 374 days in Pebble Beach, more than a year. This is in contrast to Del Rey Oaks and Marina where the average days on market was seven and eight days respectively. The market is not as tight as it was on January 1, 2000 when there were only 31 listings, and 20 of those were in escrow. Imagine! At that time there were only 11 units available on the entire Peninsula. On February 4, there were 48 units available, not a lot but a reasonable selection to choose from. Still, on balance it is a seller's market in which prices will remain firm or continue up. |
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Year 2003 Tables
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.
We Help BuyersMany 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 Help SellersWe 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.
