The Carmel real estate remains a desirable commodity! Average sale prices are up, days on market are down, and there's extremely low inventory. Carmel real estate has historically held value through challenging markets, it's no wonder buyers are willing to pay top dollar to live here. Let's take a closer look at why the Carmel real estate market is see no signs of slowing down.
In Q3 of 2022, the average sale price for a home in Carmel was $2.6 million. That is down just 2% from Q3 of 2021. The average days on market was only 32 days for a home to sell, that is a short time. In Q3 23 homes sold, that is down 48% from Q3 of 2021 even with the decrease in sales we still have extremely low inventory with only 51 single family homes on the market as of writing this blog.
Why Is Carmel Still Holding Strong?
There are so many reasons why one would love to live in Carmel. Over the last several years buyers have had such a tough time getting a home in the area. With such low interest rates over the last several years and stock portfolios at all time highs, buyers flooded the market. Now that interest rates are rising, the demand is still there in a major way. Many affluent buyers feel Carmel is a great place to store value while inflation takes everyone for a ride, even Brad Pitt is buying into the market.
All Brad Pitts aside, Carmel is a small city located on the Monterey Peninsula in California. It's about a two-hour drive from San Francisco and it has a population of just over 4,000 people. The city is known for its dog-friendly laws, its quaint downtown area, and its picturesque beaches. It's has also been called home to many celebrities outside of Pitt, including Clint Eastwood, Doris Day, and Bing Crosby.
Carmel is adjacent to Pebble Beach which is home to the world-famous golf course and the annual Pebble Beach Concours d'Elegance car show. There are also many other great golf courses in the area including Cypress Point Club and Spyglass Hill Golf Course. In addition to golf, there are plenty of other outdoor activities to enjoy in Carmel including hiking, biking, fishing, and kayaking.
There are so many reasons why one would love to live in Carmel.
Bottom Line:
If you're thinking about buying a home in Carmel then now is the time to do it! Prices are rising at a normal pace and homes are still selling. Carmel is a beautiful city with plenty to do both inside and outside of town. Whether you're looking for a place to retire or raise your family, Carmel should definitely be at the top of your list!
