INTRODUCTION
Specializing in ocean and golf view properties in Carmel and Pebble Beach and premier properties in The Preserve, Mike Canning represents buyers and sellers of the best these areas have to offer. With 20 years of experience in the upper-end market and by limiting his clientele, Mike is able to provide the highest level of professionalism on behalf of his clients. Sotheby's proudly just recognized Mike as their #1 agent for the 9th consecutive year.
Current Market Comments
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June 25, 2009
Both the Carmel and Pebble markets witnessed activity this past week: Two properties went pending in Carmel – one in the Golden Rectangle and one on Carmel Point; Pebble had three properties close escrow and one property go into escrow. The price point for these pending sales and closed escrows is in the $1M to $3M range; as I observed last week, demand in both Carmel and Pebble continues to be concentrated in this price point.
-Mike
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June 15, 2009
As I prepare the Carmel and Pebble market statistics for my quarterly update at the end of this month, it’s clear that both markets continue to experience historically sluggish demand across all price points, especially near the middle and at the top, from $3M and up. According to our average data, Pebble sales-to-date are down nearly half and Carmel is down approximately 20%. The $1M to $3M price points continue to generate all of the activity for both markets.
-Mike
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June 8, 2009
Pebble Beach remains quiet at the top (nothing in escrow over $3M); renewed signs of demand below that level though buyers are very aggressive. Interestingly, Carmel quiet above the same threshold, also with nothing in escrow over $3M; Carmel also enjoying activity in the lower brackets, particularly between $1-$1.5M.
-Mike
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June, 1, 2009
The Carmel market has seen an acceleration in demand in the $1-$2.5M brackets and a slowing above that point; that said, the $2.5-$3.0 bracket is already on a pace to match historical records. Inventory has crept up in the $4-8 bracket. At this time, there are no pending sales above $3M. Heading into the peak selling season it will be interesting to see how demand behaves throughout the spectrum.
-Mike
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May 27, 2009
Pebble's evolving market reveals a couple of interesting observations: The market has dried up for sales between $2-$2.5 M and inventory has skyrocketed; the demographics of this bracket appear to be disproportionately affected by broader economic conditions. The top bracket (above $8M) remains completely shut down; no sales in over a year and none in escrow.
-Mike
Phone: 831.622.4848 | mike@mikecanning.com | P.O. Box 223239 | Carmel, CA 93922
