Happy Labor Day. In July, inventory levels for detached homes in Carmel Valley – priced up to $1.2M – shot up 70% from July 2009. That was a big increase and I questioned whether this was the beginning of a buyers’ market with more homes for sale leading to lower prices, etc.
I just ran the data for August and things look much better; more homes went into escrow last month and many fewer new homes (50) were listed for sale in August. The chart below shows that there are now only 2.8 months of inventory for detached homes priced up to $1.2M. That means this segment of the market absorbed all of that new inventory from last month and a surprising “balanced market” resulted by the end of the month.
Let me know what you think is happening in the Carmel Valley real estate market.
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