Carmel is one of California's most desirable destinations. The housing market reflects that with one of the highest-priced real estate markets in the country with a median price of $2,210,000 as of July 2021.
That number hasn't shown any sings of slowing down with a steadily increasing price point as the months and years go by. In the past 3 months alone, the median home value has increased 18%. Obviously, the temperature of the market is a significant factor as Summer real estate typically flies off the shelf, but this Summer is different.
In July alone, Carmel saw 35 sales with an average (including the stale listings) of just 26 days on market. More properties were selling than homes being listed due to such insane buyer demand.
For frame of reference for just how explosive this market is, the July 2020 market had an Average Days On Market of 85. Even though a small handful more properties sold, the duration of the sales cycle shows how there is ~ 4x more buyers in the market for homes.
People are craving true work/life balance and they are looking at the peninsula to find it. There is no surprise that Carmel has been the hottest real estate market in the country this Summer and one of the most popular cities nationwide with the recent pandemic forcing everyone to deeply assess their own values and how to live this one short life we have.
With many local companies, as well as some of the major players in Silicon Valley pushing their back-to-office dates from September to October, or opening up to the flexibility or work-from-home indefinitely, we're anticipating the market to remain as active as it was in July for the next few months.
A Summer real estate market typically peaks after labor day. If you have been waiting for the top of the market to try and sell, all signs are pointing toward that time being now.
Let's discuss your options and put a plan in place to see if a buyer is willing to pay top dollar for your home in September (on or off-market).
