Carmel Real Estate Market Shows Solid Gains in October, 2012

The Carmel real estate market didn’t look especially great in October, 2012 versus the previous month. But compared to where the market was this same time 1 year ago, some solid gains were realized. Total sales, for example, fell 19 percent, from 137 closings in September to 111 in October. But versus last October’s total of just 80 this is a significant 38.8-percent improvement. And, from September through October of this year, an average of 143 closings took place each month, making for a 24.3-percent improvement versus this same period last year.

The latest stats for pending sales were improved, but not by much. October’s total of 101 was off by nearly 18 percent versus the previous month’s total of 123. But compared to last October’s total of 100 this is an improvement of 1 percent—not much to brag about, but also no worse. One big improvement could be seen in yet another comparison. From September through October of this year there were, on average, 124 pending transactions in the pipeline each month, or 19.2 percent more, compared to this same quarter in 2011.

Perhaps the best news came in the form of an 8.8-percent decrease in the total number of Carmel homes listed for sale, from 671 in September to 312 in October. Versus October of 2011, this is a very striking decrease of nearly 20 percent, and also a very healthy development for the market. What’s more, from September through October of this year there were 17.2 percent fewer Carmel homes on the market on average relative to this same 3-month period 1 year ago. Finally, of the 612 homes listed for sale in October, 130 were new listings altogether. This is just 7 fewer versus the previous month, and 11 percent below 1 year ago.

Some other pertinent Carmel real estate market stats:

  • Carmel homes spent an average of 84 days on the market in October, down by an average of just 2 days versus the previous month. Versus October of 2011 this is off by an average of just a single day. Over the past 12 months homes in Carmel have averaged no fewer than 71 days on market and no greater than 126. The 12-month average time on market is 91 days.
  • The absorption rate was 18.1 percent based on closed sales and 16.5 percent based on pending sales.
  • Sellers realized a respectable 90 percent of original asking price, down 2 percent versus September, and also down by just 1 percent versus October of 2011. The 12-month average sold-list differential based on original asking price in Carmel is 90 percent.
  • The sold-list difference based on final asking price was 96 percent. This represents a 1-percent improvement versus October of 2011. It is also a 1-percent improvement versus the 12-month average of 95 percent.
  • There were 5.5 months of inventory based on closed sales and 6.1 months of inventory based on pending sales.
  • The average ‘sold’ price of $347,000 was down 5.6 percent versus the September average of 286,000, but up 10.5 percent versus last October’s average of $319,000. The 12-month average ‘sold’ price is $319,000.
  • October’s average active price of $455,000 was down just 2.1 percent versus the previous month’s average of $459,000, but up 1.3 percent over last October’s average of 449,000. The 12-month average active price in Carmel is $468,000.
  • The Carmel median home price was $290,000.

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