The following chart shows the inventory level of the Carmel Valley Real Estate Market.

If you are in the market for (or can only afford) a condo or townhome in Carmel Valley, it is a pretty hot market and you should be very active in your search. There is alot of competition.
If you are looking for a home under $1.2m, you need to make sure you are looking at updates daily because the properties are flying off the shelves like "Tickle-me-Elmo". If you are looking above the $1.75m range, you should be selective as there are many choices available relative to how quickly these properties are moving.
P.S. This chart includes Torrey Hills homes for sale (which share the same zipcode).
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