Carmel Valley’s Housing Market Data Tells Two Very Different Stories
That’s right. I did some analysis this week to look at home prices, inventory, etc. for detached homes in 92130. I was surprised at the results.
For detached homes up to $1M, median prices are flat compared to October 2008, and there is only 1.9 months of inventory - one sign of a seller’s market.
For 92130 homes between $2M - $7M, however, median prices are down 15% from October 2008 and there is, get ready, 51 months of inventory on the market right now! This is an important data point because it means that, at current rates buyers are closing escrows, it would take 51 months - more than 4 years - to sell all of the homes on the market between $2M - $7M in Carmel Valley, 92130. And that is only if no other homes come on the market in the meantime! If more new listings continue to come on the market at these prices, it will push a full recovery out that much further.
What does it all mean.? Simply, that we have more of a balanced market for homes under $1M and a lot of improvement to go in the luxury home market. It is not quite a traditional buyers’ market either because of tightening in the lending and credit market, the current economic climate, unemployment, general cautiousness of buyers, etc. This also means that prices, unfortunately for luxury home sellers, still have to come down more. This will thin out the inventory which is a necessary step before luxury prices will stabilize and recover. So, in other words, things must get “worse” (for sellers) before they better.
Call or email me with any questions.
Kevin P. Cummins, J.D.
Realtor / Broker / Attorney
Coldwell Banker – Carmel Valley
CA Lic. # 01812762
Cell: 858-750-9577
Fax: 858-793-9944
