Strong home sales continue across Carmel, Pebble Beach and the Monterey Peninsula. More than $1.5B has sold through the first six months of the year. Looking at sales across the entire Bay Area you can see that the median square footage size in our region is the largest.
As home sell-through started in July, demand has remained steady. The shortage of new supply is causing an increase in market velocity resulting in multiple offers not as common in our area. Over the past two weeks we've been involved in several competitive offers (10 offers,11 offers, 11 offers, 10 offers, 10 offers). Data and charts prepared by Patrick Carlisle, Chief Market Analyst at Compass.
What to expect in real estate across Pebble Beach, Carmel, Pacific Grove and Monterey in 2021. National, regional and local trends. Overall it remains a strong market to sell. Contributing to this is the monetary policy, low interest rates and resilient financial markets that provide confidence that it is a good time to buy. Home shoppers want to begin experiencing their new home. This is key as it supports market velocity for sellers.
2020 was a year of extremes. After the initial pandemic drop in activity, the real estate market went into hyper-drive, with median home sales prices hitting dramatic new peaks. The luxury home market, in particular, was extremely strong. A macro analysis looking at how Carmel - Monterey performed in context to other areas and historically over 20+ years.