Weathered Cypress Tree on the Monterey Peninsula Country Club Golf course in Pebble Beach
Pebble Beach real estate is some of the most desirable real estate in the world, and it appears the real estate market in Pebble Beach, CA is stabilizing. With a limited number of sales per year due to the small number of home sales, it is hard to draw concrete conclusions from one year to the next, but there are clear trends revealing themselves over the past several years.
The number of Pebble Beach homes sold has been steadily increasing since bottoming out in 2009 at only 63 home sales! . There were 115 reported home sales in Pebble Beach in 2012 compared to only 84 home sales in 2011. That is increase of 36.9%!.
The Average Price of a Pebble Beach home has been declining for the past 3 years due primarily to an abundance of lower priced inventory that seems to have dried up in the latter half of 2012. The Average Price of a Pebble beach home was $2,120,000 in 2010. It dropped to $1,850,000 in 2011 and was even lower in 2012 at $1,730,000. This represents a drop of 6.5% in the Average Price of a Pebble Beach Home.
The Median Price of a Pebble Beach home was fairly flat over the past three years hovering around $1,100,000. In 2011, the Median Price of a Pebble Beach home was $1,104,000 and rose 2% in 2012 to $1,127,500.
Pebble Beach Foreclosures Sold decreased in 2012. There were 10 Foreclosures Sold reported in 2012 compared to 18 in 2011. That is a 44.4% decrease in the number of foreclosed properties sold in Pebble Beach in 2012. We are also seeing less foreclosures coming on the market in Pebble Beach. We ended 2012 with no active foreclosure in all of Pebble Beach compared to 6 active foreclosures at the end of 2011!
Short sales in Pebble Beach were down year- over-year with only 10 short sales sold in 2012 vs. 18 short sales sold in 2011. A telling number that shows Pebble Beach is flushing through its short sale inventory is the number of active short sales at the end of the year. In 2011, there were 7 active short sales on the market to end the year. I am happy to report there were no active foreclosures in Pebble Beach at the end of the year in 2012!
Sales Price vs. List Price was slightly improved in Pebble Beach real estate in 2012 at 94.1% vs. 93.5% in 2011. These numbers are almost identical to the city of Carmel, which makes sense as there are higher priced properties in both Pebble Beach and Carmel and these properties have more room to negotiate than the lower priced homes in each of these markets. Days on Market was also lower in 2012 although just slightly. It took 135 days on average to sell a Monterey County home in 2012 vs. 142 days on average in 2011.
The Pebble Beach Real Estate market seems poised for recovery in 2013. Inventory is low and will make both selling as well as finding a home to purchase buying a new home challenging. Be sure to work with a top real estate professional. If you don’t already have one, myself or one of my team members would be happy to assist you in your Pebble Beach real estate transaction.
Pebble Beach Community Information
Carmel Real Estate 2012 vs. 2011
Monterey County Real Estate 2012 vs. 2011
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