Condo Report First Quarter 2016
Monterey Peninsula Condo Report- 1st Quarter 2016
Huge Dollar Gain Marks the Quarter
Heavy Action at Hacienda Carmel and Del Mesa Carmel
By: Paul Brocchini and Mark Ryan
The two salient factors of the first quarter were: 1. the huge dollar gain, up 63% from last year, $19,563,300 to $31,923,130. 2. the scarcity of available listings, only 33 unsold condos on the entire Peninsula on April 1.
It was a very strong beginning to the year.
During the bust you could hardly give away units at Hacienda and Del Mesa. Now, when priced right, you can hardly keep them on the market. Nine Hacienda units and five Del Mesa units closed escrow during the first quarter.
Of the four markets which had first quarter sales a year ago, two were up, Carmel Area plus 10% and Marina plus 13%. Monterey Area was up a fraction and the Pebble Beach under one million dollar market down a bit. None of these markets had enough transactions to paint a true price picture, but we know for sure that at a minimum values are holding.
All four markets that had no deals in the first quarter of 2015 had sales this year.
As we reported at the end of 2015, the market is solid and especially propitious for sellers.
The charts are based in whole or in part on data supplied by the Monterey County Association of Realtors’ Multiple Listing Service (MLS). Neither the Association nor the MLS guarantees or is responsible for their accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity