Q2 2020 MARKET REPORT
CARMELBY-THE-SEA, CARMEL POINT GREATER CARMEL CARMEL VALLEY PEBBLE BEACH CARMEL HIGHLANDS, BIG SUR & SOUTH COAST MONTEREY PACIFIC GROVE SEASIDE MARINA
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q2 2020 MARKET REPORT
MARKET OVERVIEW
THE DOWNTURN An analytic review of market performance for the second quarter of 2020 highlights the impact the Covid-19 pandemic has had on our Real Estate market. All of our markets experienced a significant downturn in activity starting in late March and bottoming out in May where we saw transaction numbers lower than we have seen in over a decade. The decline in activity was a direct result of Statewide and County health orders that put extraordinary (but some understandable) restrictions on Realtors. As those restrictions began to loosen, business on the Peninsula began to rebound. THE RECOVERY Pent-up demand from the Covid shutdown, combined with a significant increase in the number of new buyers from big cities looking to move to The Peninsula, has driven a very strong recovery in our market. Both June and July will be very strong months with growth in number of sales and total sales volume expected. Based on the current number of homes pending under contract and by the number of active buyers looking at property, we expect this rebound to continue through Q2 and into Q3 with very strong sales performance. One additional positive indicator is that, even through the downturn, pricing in our markets has held up strongly. Overall we are seeing final sale prices closing in the mid to high 90’s as a percentage of asking price in most of our markets, which is consistent with where this calculation was during the same period last year.
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q2 2020 MARKET REPORT
TABLE OF CONTENTS
CARMEL-BY-THE-SEA, CARMEL POINT .............................................. 4 GREATER CARMEL ........................................ 6 The areas outside of Camel-by-the Sea & Carmel Point
CARMEL VALLEY ........................................... 8 PEBBLE BEACH ........................................... 10 CARMEL HIGHLANDS, BIG SUR & SOUTH COAST .......................... 12 MONTEREY .................................................. 14 PACIFIC GROVE ........................................... 16 SEASIDE ....................................................... 18 MARINA ........................................................20
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
3
Q2 2020 MARKET REPORT
CARMELBY-THE-SEA, CARMEL POINT
$2,078,378
A B O U T C A R M E L - BY-T H E - S E A
C
armel-by-the Sea and Carmel Point saw a downturn in the momentum from Q1. The number of sales and the sales volume were down by an average of 50% over Q1 2020 and Q2 of 2019. Limits to showing property in April led to May having only 2 closings. June had 4 closings and saw a very large number of homes be put into contract. We expect this region to have a very strong Q3.
AV E R AG E S E L L I N G P R I C E
24% vs Q1 2020 9% vs Q2 2019
41
18
D AY S O N M A R K E T *
UNITS SOLD
65% vs Q1 2020 40% vs Q2 2019
40% vs Q1 2020 54% vs Q2 2019
2020 YTD Sales by Segment
$37.4M
4% 42% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
SALES VOLUME
23% 31%
<$1M | 0 $1M-2M | 20 $2M-3M | 15 $3M-5M | 11 $5M+ | 2
54% vs Q1 2020 58% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $2.8M
$2.1M
Average vs Median Sales
$2.8M
CARMELBY-THE-SEA, CARMEL POINT
$1.4M
$2.1M Q1
Q2
2019 2020
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter
$1.4M
40
30
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
20
Median
10
Days on Market*
120 Q1
Q2
Q3
Q4
2019
90
2020
Closed Sales Volume by Quarter $90M
$68M
60
$45M
30 831.624.2300 montereycoastrealty.com
$23M
Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
5
Q2 2020 MARKET REPORT
GREATER CARMEL The areas outside of Camel-by-the Sea & Carmel Point
$1,337,538
A B O U T G R E AT E R C A R M E L
T
he Q2 downturn had less impact on the Greater Carmel than it did in Carmel-by-the-Sea. The number of sales and sales volume were down 30%. Closing pricing held up strong as a percentage of asking price. 65% of the sales YTD are in the $12M range, which is significantly higher than 2019. Closings were flat in April and May with 8 of the 13 sales occurring in June. There are currently 29 active listings and 13 pending sales. Q3 looks promising based on current activity.
AV E R AG E S E L L I N G P R I C E
6% vs Q1 2020 21% vs Q2 2019
20
13
D AY S O N M A R K E T *
UNITS SOLD
79% vs Q1 2020 76% vs Q2 2019
28% vs Q1 2020 35% vs Q2 2019
2020 YTD Sales by Segment
3%
$17.4M
19%
SALES VOLUME
13% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
65%
<$1M | 6 $1M-2M | 20 $2M-3M | 4 $3M-5M | 1 $5M+ | 0
32% vs Q1 2020 48% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $1.75M
$1.5M
Average vs Median Sales Price
$1.75M
GREATER CARMEL The areas outside of Camel-by-the Sea & Carmel Point
$1.25M
$1M
$1.5M
Q1
Q2
2019 2020
$1.25M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 30
$1M
20
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median 10
Days on Market*
100 Q1
Q2
Q3
2019
Q4
2020
Closed Sales Volume by Quarter
75
$34M
$26M
50
$17M
25 $9M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
7
Q2 2020 MARKET REPORT
CARMEL VALLEY
$1,310,600
A B O U T C A R M E L VA L L E Y
T
he Carmel Valley market was nearly nonexistent for the month of May. However, it showed strong signs of recovery with 10 of the quarter’s 20 sales closing in June. The strongest price segment is still the under $1M price point but 2020 is showing an increase in the $1M-2M range YTD over 2019. The number of sales in Q2 were not down significantly over Q1 but were down 68% compared to Q2 of 2019. There are 29 pending sales in Carmel Valley and only 43 active listings limiting the months of available inventory.
AV E R AG E S E L L I N G P R I C E
29% vs Q1 2020 13% vs Q2 2019
46
20
D AY S O N M A R K E T *
UNITS SOLD
57% vs Q1 2020 43% vs Q2 2019
13% vs Q1 2020 68% vs Q2 2019
2020 YTD Sales by Segment
$26.2M 47% 831.624.2300 montereycoastrealty.com
9%
Dolores and Seventh Carmel-by-the-Sea
2% 2%
SALES VOLUME
40% <$1M | 20 $1M-2M | 17 $2M-3M | 4 $3M-5M | 1 $5M+ | 1
38% vs Q1 2020 64% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $2M
$1.5M
Average vs Median Sales Price
$2M
CARMEL VALLEY
$1M
$1.5M
Q1
Q2
2019 2020
$1M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 70
$0.5M 56
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median
42
28
14
Days on Market*
120
Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter
90
$90M
$70M
60 $50M
30 $30M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020
Q1
Q2
2019
* DOM count was suspended March 17th - May 16th due to COVID-19
Q3
Q4
2020
9
Q2 2020 MARKET REPORT
PEBBLE BEACH
$3,783,807
ABOUT PEBBLE BEACH
P
ebble Beach was one of the few markets that experienced significant improvement over Q1 of 2020. Average Sales Price and Sales Volume were both up as a result of two significant sales one at $10M and one at $10.9M. Of the 20 sales in Q2, 11 were over $3M bringing the YTD total to 39%. The bulk of the activity happened in June with 13 of 20 sales closing. There are a number of larger properties under contract and scheduled to close in Q3. We expect Q3 to be a very strong quarter for Pebble Beach.
AV E R AG E S E L L I N G P R I C E
104% vs Q1 2020 10% vs Q2 2019
105
20
D AY S O N M A R K E T *
UNITS SOLD
31% vs Q1 2020 62% vs Q2 2019
25% vs Q1 2020 41% vs Q2 2019
2020 YTD Sales by Segment
44%
$75.7M SALES VOLUME
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
6%
11%
14% 25%
<$1M | 2 $1M-2M | 16 $2M-3M | 4 $3M-5M | 9 $5M+ | 5
155% vs Q1 2020 35% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $4.5M
$3.5M
Average vs Median Sales Price $2.5M
$4M
PEBBLE BEACH
$1.5M
$3.25M
Q1
Q2
2019 2020
$2.5M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 40
$1.75M 32
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median
24
16
8
Days on Market*
130
Q1
Q2
2019
Q3
Q4
2020
104 Closed Sales Volume by Quarter $140M
78 $110M
52 $80M
26
$50M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
11
Q2 2020 MARKET REPORT
CARMEL HIGHLANDS BIG SUR & SOUTH COAST
$5,239,000
ABOUT CARMEL HIGHLANDS
T
he Carmel Highlands, Big Sur & South Coast market continued its momentum of Q1 with 5 sales totaling $26M in volume, bringing the YTD sales volume to over $44M, which is double of all of 2019. Of the 5 sales, 3 were in excess of $6M with the lowest price sale of the quarter at $2.4M. There are only 12 properties available for sale and a total of 6 that are in escrow. For an area that sees very little activity, 2020 is shaping up to be one of the most productive yet.
AV E R AG E S E L L I N G P R I C E
15% vs Q1 2020 184% vs Q2 2019
129
5
D AY S O N M A R K E T *
UNITS SOLD
21% vs Q1 2020 45% vs Q2 2019
25% vs Q1 2020 150% vs Q2 2019
2020 YTD Sales by Segment
22%
$26.2M SALES VOLUME
11% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
11% 56%
<$1M | 0 $1M-2M | 1 $2M-3M | 1 $3M-5M | 2 $5M+ | 5
43% vs Q1 2020 609% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $7M
$5.25M
Average vs Median Sales Price $3.5M
$6.5M
CARMEL HIGHLANDS
$1.75M
$5M
BIG SUR & SOUTH COAST
Q1
Q2
2019 2020
$3.5M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 8
$2M
6
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median
4
2
Days on Market*
240 Q1
Q2
2019
180
Q3
Q4
2020
Closed Sales Volume by Quarter $30M
120
$23M
$16M
60 831.624.2300 montereycoastrealty.com
$8M
Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
13
Q2 2020 MARKET REPORT
MONTEREY
$1,290,684
ABOUT MONTEREY
M
onterey saw a saw a significant increase to $1.3M in average sales price over Q1 2020 and Q2 of 2019 due to a higher amount of sales in the $1M-$2M range. Monterey managed through the Q2 pandemic better than most with flat quarter over quarter sales volume and the number of sales trailing the previous quarter by almost 30%. Prices also held up well in Q2. Monterey has only 51 active listings and 41 under contract, leaving only 3.1 months of available inventory. The market is poised for success in Q3.
AV E R AG E S E L L I N G P R I C E
33% vs Q1 2020 32% vs Q2 2019
58
38
D AY S O N M A R K E T *
UNITS SOLD
17% vs Q1 2020
28% vs Q1 2020 51% vs Q2 2019
no change vs Q2 2019 1%
$49M
2020 YTD Sales by Segment
2% 8% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
29%
SALES VOLUME
60% <$1M | 55 $1M-2M | 26 $2M-3M | 7 $3M-5M | 2 $5M+ | 1
4% vs Q1 2020 35% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $1,300K
$975K
Average vs Median Sales Price
$1,300K
MONTEREY
$650K
$325K
$1,125K Q1
Q2
2019 2020
$950K
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 80
$775K
60
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median
40
20
Days on Market*
90 Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter $80M
60
$70M
30
$60M
831.624.2300 montereycoastrealty.com
$50M
Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
15
Q2 2020 MARKET REPORT
PACIFIC GROVE
$969,870
A B O U T PAC I F I C G R OV E
P
acific Grove experienced less impact from the Q2 shutdown with only a slight decrease in average sales price and number of sales decreasing by 17%. Sales volume was down 28% from Q1 but down 45% from Q2, 2019. The majority of the YTD sales were in the $1M and under segment. After a very slow April and May, over half of the quarter’s closings were in June. We expect a strong Q3 in unit sales and pricing. With only 42 active listings and 26 properties in escrow the months of available inventory is only 2.8.
AV E R AG E S E L L I N G P R I C E
13% vs Q1 2020 20% vs Q2 2019
15
30
D AY S O N M A R K E T *
UNITS SOLD
77% vs Q1 2020 78% vs Q2 2019
17% vs Q1 2020 32% vs Q2 2019
2020 YTD Sales by Segment
2% 5%
$29.1M SALES VOLUME
65% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
29%
<$1M | 43 $1M-2M | 19 $2M-3M | 3 $3M-5M | 1 $5M+ | 0
28% vs Q1 2020 45% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $1.25M
$1.15M
Average vs Median Sales Price
$1.05M
$1.25M $0.95M
PACIFIC GROVE
$0.85M
$1M
Q1
Q2
2019 2020
$0.75M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 60
$0.5M
40
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median 20
Days on Market*
70 Q1
Q2
Q3
Q4
2019
52.5
2020
Closed Sales Volume by Quarter $60M
35
$50M
$40M
17.5 831.624.2300 montereycoastrealty.com
$30M
Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
17
Q2 2020 MARKET REPORT
SEASIDE
$575,958
ABOUT SEASIDE
A
lthough Seaside’s average sales price was down from a near record high in Q1 it was 10% higher than Q2 of 2019. Seaside is seeing more sales in $600-800K range YTD than the percentage in the same range in 2019. As typical of the other markets, number of sales and sales volume was down in Q2 from Q1 of 2020 and the same quarter last year. With only 15 active listings and 22 in escrow, demand is high and inventory is low. Seaside remains a hot market.
AV E R AG E S E L L I N G P R I C E
8% vs Q1 2020 10% vs Q2 2019
12
24
D AY S O N M A R K E T *
UNITS SOLD
68% vs Q1 2020 57% vs Q2 2019
29% vs Q1 2020 45% vs Q2 2019
2020 YTD Sales by Segment
3% 2%
55%
$13.8M SALES VOLUME
9% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
31%
< $400k | 2 $400k - 600k | 32 $600k - 800k | 18 $800k - $1M | 5 $1M+ | 1
35% vs Q1 2020 40% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $650K
$600K
Average vs Median Sales Price $550K
$0.65M
SEASIDE
$500K
$0.6M Q1
Q2
2019 2020
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter
$0.55M
60
40
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median 20
Days on Market*
50 Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter $35M
$28M
25 $21M
$14M
831.624.2300 montereycoastrealty.com
$7M
Dolores and Seventh Carmel-by-the-Sea
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
19
Q2 2020 MARKET REPORT
MARINA
$661,329
ABOUT MARINA
M
arina recorded its’ highest average sales price to date indicative of the steady increase in values due to the number of sales in the higher price point new developments. Although sales were only up 3% over Q1 2020, sales volume was up 12%. The market was still below the same time period on 2019 however it managed to maintain better than some other markets during the Q2 downturn. Marina also has more properties in escrow than active. With 29 active listings and 41 pending.
AV E R AG E S E L L I N G P R I C E
9% vs Q1 2020 no change vs Q2 2019
32
31
D AY S O N M A R K E T *
UNITS SOLD
27% vs Q1 2020 32% vs Q2 2019
3% vs Q1 2020 40% vs Q2 2019
2020 YTD Sales by Segment
33%
3%
$20.5M SALES VOLUME
7% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
57% <$400 | 2 $400 - 600 | 20 $600 - 800 | 35 $800 - $1M | 4
12% vs Q1 2020 40% vs Q2 2019
Q2 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $680K
$650K
Average vs Median Sales Price
$700K $620K
MARINA Q1
Q2
2019 2020
$600K
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 60
50
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Average
Median
40
30
20
Days on Market*
60 Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter $40M
40
$30M
$20M
20
$10M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
21
Alessia Ucelli Amy Scherer Ben Zoller Bob Profeta Brian Butler Brian Pybas Chris Babalis Devon Meeker Diane Kahle Ed Bass Erica Hutchinson Geoff Arnold George Fusco Greg Hamer Jahre Carver Jennifer Veitengruber John Romley Liam Doust Lore Lingner Lori Nelson LuAnn Meador Martha Davis Mike Proto-Robinson Noelle Hayes Patrick Norris Renee Catania Richard Oh Rob Profeta Rose Clark Sharmaine Torrey Steve Wesenberg 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
The Dunes Team The Finkle Team The Somerville Group Th駻鑚érèse Kent Tom Glidden Wendy Loren