For similar sq ft., Carmel Valley average price in 2006 is $1,223,000 and in 2005 was $1,395,000, a 12% drop.
The other thing that is going on is the 2-tier pricing. In the same neighborhood, some sellers are listing at lower prices, i.e. 2003/2004 pricing levels, while others are overpriced, i.e. as if we are still at the peak. Buyers are for some reason buying homes at both price levels, so the average is in limbo right now, but that will not last long. In any case prices are going down.
