Pete was wondering if this is a good time to buy a house in Carmel Valley for $1.0 to $1.2 million. We know it’s been hot all around the 92130, so let’s examine the market data higher up to see if there are any threats from above.
In the first half of 2012, there were eight canyon-front Belmonts, Lexingtons, Derby Hill, and Promontory homes that sold between $1.167 and $1.6 million, plus one big bomber closing at $1.7 million.
This year there has been a flurry of canyon-front homes that have listed since April 1st with higher pricing. The list is now up to eleven homes priced between $1.45 and $1.925 million, a healthy increase year-over-year.
Are they selling?
If none of them had gone pending by now, we’d call it a glut.
But there have been five canyon-front homes go pending since April 1st (two listed in March, and three listed in April), so the higher-end buyers who don’t want to wait to pay $2,000,000+ at for Alta Del Mar are picking out the best of the bunch.
This house was listed in 2011 on the range $1.375 to $1.45 million – but did not sell. This year they listed for $1.59 to $1.69 million, and it was marked pending within 9 days:
As other potential buyers see these go pending, and then close escrow near list price, they will probably jump in too and make the best deal they can on those remaining for sale.
So with the somewhat-healthy action above, it probably is a good time to buy in the hotter $1.0 to $1.2 million range – if you can find the right house, at the right price!
Get good help!