Monterey Peninsula Condo Report - First Quarter 2018 - Market Continues to Hum Along

The good times continue to roll for sellers of condominiums.  On April 1^st 31% of listings were in escrow, a strong number, The gross dollar volume was down from the first quarter of last year last year, principally, we reason, from the fact that three of the eight markets surveyed had no sales and there were no million dollar plus sales in Pebble Beach.  Still, there were only four fewer sales this year from last. The median sales price was up in all of the markets that logged sales.  The average days to sell decreased in three of the markets.  On 1 April, there were 67 condos listed as opposed to 55 last year, so we had a bit more inventory this year.  Still, the market is tight especially in relation to the down market when dozens of properties sat unsold for months.

FEATURED COMPLEX –RIVERWOOD

An interesting and attractive complex is Riverwood, on Rio Road near The Crossroads. It is next door to Arroyo Carmel, a complex we will feature in a future report.  There were three closed Riverwood sales during the quarter, No. 70, two beds, two baths, 1,040 square feet that sold in 193 days for $600,000; No. 79, two beds, three baths, 1,363 square feet that sold in 38 days for $630,000; and No.10, two beds, two baths, 1,040 square feet that sold in six days for $15,000 over asking price at $675,000.

The last sale was particularly impressive for its almost immediate sale and for fetching a sum over the asking price.  Riverwood prices, which suffered during the down market, appear to be back to pre-crash levels.

For buyers, Riverwood is an attractive option.  It has a super convenient location, the common area maintenance is superb and many of the units have been tastefully updated.

ATTENTION BUYERS AND SELLERS – PAUL AND MARK IN THE TRENCHES

We know this market and are here to provide you with smart representation.  Call, email or text and we will respond immediately.  And we are never too busy to accept your referrals.

Paul Brocchini and Mark Ryan are real estate agents with Carmel Realty Company, NE Corner of Dolores & 8^th, Carmel-by-the-Sea. They can be reached at either 831-238-1498 (Mark) or 831-601-1620 (Paul) The charts are based in whole or in part on data supplied by the Monterey County Association of REALTOR®s' 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.