Market Update for Carmel, CA

The real estate market in Carmel, CA saw a decrease in the number of homes sold in November 2022, with a total of 8 sales, compared to the 12 sales that occurred the month before. This represents a 33% decrease in sales activity from October 2022 to November 2022.

Despite the decrease in the number of homes sold, the median sale price for the 93923 area saw a significant increase in November 2022. The median sale price is the price point at which half of the homes sold for more and half sold for less. In October 2022, the median sale price was $2,155,000, but it rose to $2,750,000 in November 2022, representing a 28% increase. This suggests that there may have been a higher number of higher-priced homes sold in November 2022 compared to October 2022.

There was also a decrease in the days on market (DOM) in November 2022, with an average of 16 days, compared to 19 days in October 2022. The DOM is the number of days that a home is listed for sale before it is sold. A lower DOM can indicate that homes in the 93923 area are in high demand and are selling more quickly.

On average, sellers in the 93923 area received 97% of their asking price in November 2022. The asking price is the price that the seller originally lists their home for sale. Receiving a high percentage of the asking price can indicate that the market is strong for sellers, as buyers are willing to pay close to the listed price for homes in the area. This can also indicate a high level of competition among buyers, as they are willing to pay higher prices in order to secure a home in the 93923 area.