Building Dreams, one Home at a Time
Our Goal is to help you navigate the complexities of Silicon Valley Real Estate such that you are happy to recommend us to your family and friends.
2221 Oakland Road #268, San Jose, CA 95131
Pebble Beach is an unincorporated area of Monterey County, and is a resort destination and home to the famous golf courses of Cypress Point Club, Monterey Peninsula Country Club, and Pebble Beach Golf Links.
“In planning the development of the Del Monte Forest, we first laid down a system of parks and bridle paths and roads which would forever protect the character of the region and make it possible for those who loved its natural beauty to travel freely in all directions over unspoiled territory. … The Seventeen Mile Drive of today still goes through wooded areas to open waterfronts; there are still herds of deer; the rocks are still covered with seal and cormorants. There is nothing to mar the beauty of the Drive.” – Samuel F.B. Morse, distant cousin to the Samuel F.B. Morse, famed painter and inventor of Morse Code and the single-wire telegraph.
Public schools include links to ratings on Greatschools.org; private schools include links to their website.
The graph above shows Pacific Grove average residential sales prices by month for the past 12 months. Here we see a curious pattern of price surges that tail off beginning in the summer of 2019, then again in the fall, then again in the spring, the later being accentuated by COVID-19 restrictions on showings.
The red line tracks the average sales to list price ratio for the same homes. Here we see that on average, homes in Pacific Grove sell for 95 to 102% of list, indicating sellers are pricing well and there is good demand.
The histogram above breaks down home sales in the Pacific Grove by price range. Here we see the predominant sales in Pacific Grove are in the $600,000 to $1,000,000 price bands comprising 55% of the market. about half of the market. Interestingly, the relative magnitudes of the component price bands have switched from a year go with the $800,000 – $1,000,000 band now the dominant value despite recent average price slumps.
The second rule of real estate after Location: Timing. Buyers and Sellers need to understand the time trends in the market.
Sellers need to be aware of how long it might take to sell their home. Many variables affect this time, not the least of which is list price.
For the buyers, it is important to understand how fast you have to move – not just in responding to a home you like, but in how frequently you need to check the market and how quickly you need to make arrangements to view the home.
Here we see that Pacific Grove homes below $1,400,000 sell in about 6-10 weeks while higher priced homes take at 3 weeks or more longer, on average.
Understanding Price is imperative both form the Seller’s and Buyer’s perspectives.
For the seller, pricing too high can be disastrous. Buyers will focus their attention on lower-priced listings first. So can pricing so low that buyers wonder what is wrong with the property.
Here we see that most price ranges of Pacific Grove homes sell for 97% of list or more, up from 95% threshold a year ago. This suggests that sellers could afford to price homes a little less in order to create demand and sell their home faster. The dip in the ratio in the $1,800,000 to $1,800,000 price band corresponds with the long, 208-day, time on market average shown above, suggesting sellers in this band are trying to push the market too far with pricing decisions.
The accuracy of the information displayed in this site is not guaranteed. The user is advised to conduct their own investigations to validate any information on which purchase or sale decisions are made.