2020 ANNUAL MARKET REPORT
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Carmel-by-the-Sea, Carmel Point Greater Carmel Carmel Valley Pebble Beach Carmel Highlands, Big Sur & South Coast Monterey PaciďŹ c Grove Seaside Marina
2020 ANNUAL MARKET REPORT
Our Featured Listings 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Seventh 2 SW of Casanova Carmel-by-the-Sea $3,100,000
24720 Dolores Street Carmel $1,899,000
2
26132 Carmel Knolls Drive Carmel $1,345,000
2020 ANNUAL MARKET REPORT
2020 Significant Sales
Scenic 6 SE of Ocean, Carmel-by-the-Sea • SP: $7,300,000 • Represented Buyer & Seller
3141 17 Mile Drive, Pebble Beach • SP: $7,000,000 Represented Seller
3102 Flavin Lane, Pebble Beach • SP: $3,750,000 Represented Buyer & Seller
7418 Alturas Court, Monterey • SP: $3,300,000 Represented Buyer & Seller
18111 Porter Street, East Garrison • SP: $1,000,000 Represented Seller
3
2020 ANNUAL MARKET REPORT
Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
L
ike most industries, the real estate market was significantly impacted by the global COVID pandemic. The year started out strong then came to a screeching stop in April and May due to the state’s stay-at-home order in March. As Realtors, we quickly adapted, deploying additional video, virtual tours, and digital marketing solutions. It is said necessity breeds invention and innovation. When the order was lifted for essential services in May, the local real estate market experienced a major surge in business. All of the 9 markets we track experienced a significant increase in demand due to buyers rushing to our market to enjoy the lifestyle and benefits of living on the Monterey Peninsula. The increased demand resulted in record sales in almost every one of our markets. Pebble Beach, Carmel, Carmel Valley, the South Coast, Monterey and several other communities set record sales both in numbers of transactions and in the total dollar value sold. Overall, these 9 markets hit a record $2.5B in sales, up from $1.8B in 2019. With availability of properties low, it is often difficult for buyers to find the ideal property on the MLS or public platforms. Carmel Realty, along with sister company Monterey Coast Realty, through our wide internal network, has always had a broad selection of “off market” properties. This was especially important in 2020, when “off market” sales increased nearly 150% at our company over 2019. The last few months of 2020 and January of 2021 have slowed down again because of the election, holiday, and another round of strict stay-at-home orders. While our overall outlook for 2021 real estate is bullish, with the stay-athome order back in place over the holidays and then recently extended, we expect the first quarter to be a bit slower again. Locally, inventory on the Monterey Peninsula is at an all-time low, there is pent up demand and the work from home trend does not appear to be waning. Nationally, the interest rates are extremely low, recently reaching a record low of 2.65% on a 30 year mortgage. As the vaccine reaches the public and there is a new stimulus bill on the horizon, Goldman Sachs forecasts a 6.5% growth of GDP in 2021. For those reasons and many more, we believe that there will be strong demand in our markets this year. We present the attached record sales report with humility and compassion as we realize so many businesses are suffering as a result of the pandemic. If there is a silver lining in the real estate boom, we hope it is that the increase in full time families moving to the Peninsula will help our community make a faster rebound as the pandemic subsides. We hope you find the following report to be useful. As always, should you have any questions or comments on the results please feel free to contact us. We look forward to serving you or any of your friends and family in any upcoming real estate activity.
4
2020 ANNUAL MARKET REPORT
Table of Contents
CARMEL-BY-THE-SEA, CARMEL POINT .............................................. 6 GREATER CARMEL ........................................ 8 The areas outside of Carmel-by-the Sea & Carmel Point
CARMEL VALLEY ......................................... 10 PEBBLE BEACH ........................................... 12 CARMEL HIGHLANDS, BIG SUR & SOUTH COAST .......................... 14 MONTEREY .................................................. 16 PACIFIC GROVE ........................................... 18 SEASIDE .......................................................20 MARINA ........................................................ 22
5
2020 ANNUAL MARKET REPORT
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
C A R M E L - BY-T H E - S E A M A R K E T U P D AT E
SALES BY SEGMENT
T
here were 179 homes sold in Carmel-by-the-Sea in 2020 representing a 22% increase over 2019. The increase in units helped drive a signiďŹ cant increase in Total Dollar Sales Volume of $484M up 51% over the previous year. As a result of increased demand and sales volume, the Average Sales Price in the market realized an increase of 24%. Inventory remains tight with only 28 available listings at the end of 2020 which decreased by 45% from 51 listings at this same time last year.
<$1M | 6 $1M-2M | 70 $2M-3M | 48 $3M-5M | 40 $5M+ | 15
39%
$2,703,647
27%
AV E R AG E S E L L I N G P R I C E
24% vs 2019 33% Q4 2020 vs Q4 2019
8%
22%
$484M
179
56
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
51% vs 2019 113%
Q4 2020 vs Q4 2019 6
3%
22% vs 2019 60%
Q4 2020 vs Q4 2019
26% vs 2019 54%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Carmel-by-the-Sea, Carmel Point Days on Market*
Average vs Median Sales Price
$3.2M
120
$2.4M
90
$1.6M
60
$0.8M
30
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$200M
80
$3.2M
$150M
60
$2.4M
$100M
40
$50M
20
Q1
Q2
2019
Q3
Q4
2020
$1.6M
$0.8M
Q1
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
7
2020 ANNUAL MARKET REPORT
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
G R E AT E R C A R M E L M A R K E T U P D AT E
SALES BY SEGMENT
C
armel ended 2020 strong with an almost 60% increase in Total Sales Volume over 2019. There were 101 sales this year compared to 77 in 2019. Like Carmel-by-the-Sea, the Average Sales Price increased by 22% supporting the big jump in Total Sales Volume. Due to the increase in Average Sales Price, there were fewer homes sold at the $1M and under range and a meaningful increase in sales at $2M and above. 71 of the 101 units sold were within the $1-3M range.
$1,796,751
<$1M | 20 $1M-2M | 53 $2M-3M | 18 $3M-5M | 8 $5M+ | 2
52% 20%
AV E R AG E S E L L I N G P R I C E
22% vs 2019 51% Q4 2020 vs Q4 2019
8%
18%
$181.5M
101
62
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
59% vs 2019 113%
Q4 2020 vs Q4 2019 8
2%
31% vs 2019 41%
Q4 2020 vs Q4 2019
21% vs 2019 8%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Greater Carmel
The areas outside of Carmel-by-the Sea & Carmel Point
Days on Market*
Average vs Median Sales Price
$2.4M
100
$1.8M
75
$1.2M
50
$0.6M
25
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$70M
40
$2.4M
$53M
30
$1.8M
$36M
20
$18M
10
$1.2M
$0.6M
Q1
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
9
2020 ANNUAL MARKET REPORT
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C A R M E L VA L L E Y M A R K E T U P D AT E
SALES BY SEGMENT
C
armel Valley experienced a dramatic increase in 2020 with total sales volume of $406M, up 60% over the $254M sold in 2019. There were 253 homes sold in the year representing a 27% increase in the number of transactions. The Average Sales Price in Carmel Valley also increased by 26% over 2019. At the end of the year there were 59 homes for sale in Carmel Valley, down 33% from the 88 homes available at the same time last year.
$1,606,034
<$1M | 103 $1M-2M | 96 $2M-3M | 27 $3M-5M | 21 $5M+ | 6
41% 38%
AV E R AG E S E L L I N G P R I C E
26% vs 2019 1% Q4 2020 vs Q4 2019
$406.3M
253
65
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
22% vs 2019 34%
Q4 2020 vs Q4 2019 10
2% 8% 11%
27% vs 2019 32%
Q4 2020 vs Q4 2019
29% vs 2019 44%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Carmel Valley Days on Market*
Average vs Median Sales Price
$1.9M
110
$1.4M
82.5
$1.0M
55
$0.5M
27.5
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$160M
100
$2.0M
$120M
75
$1.5M
$81M
50
$41M
25
Q1
Q2
2019
Q3
Q4
2020
$1.0M
$0.5M
Q1
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
11
2020 ANNUAL MARKET REPORT
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P E B B L E B E AC H M A R K E T U P D AT E
SALES BY SEGMENT
P
ebble Beach had a record year in total volume reaching nearly $500M in recorded sales. This does not include a number of additional sales that were done o market during the year. There were 153 sales, up 17% over the previous year. The higher end of the market realized the majority of the growth. There were 28 homes sold in the $3-5M range and 23 homes sold over $5M in 2020. The activity in these higher price ranges represents an increase of 21% over the same period last year.
<$1M | 12 $1M-2M | 63 $2M-3M | 27 $3M-5M | 28 $5M+ | 23
41%
$3,258,250 8%
AV E R AG E S E L L I N G P R I C E
4% vs 2019 10% Q4 2020 vs Q4 2019
15%
18%
$498.5M
153
73
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
22% vs 2019 41%
Q4 2020 vs Q4 2019 12
18%
17% vs 2019 56%
Q4 2020 vs Q4 2019
34% vs 2019 59%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Pebble Beach Days on Market*
Average vs Median Sales Price
150
$4M
120 $3M
90 $2M
60
$1M
30
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$4M
60
$220M
2020 Q1 2020 Q2 2020 Q3 2020 Q4
$3M
$165M
40
$2M
$111M
20
$1M
$56M
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
13
2020 ANNUAL MARKET REPORT
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C A R M E L H I G H L A N D S M A R K E T U P D AT E
SALES BY SEGMENT
V
olume in Carmel Highlands, Big Sur, and South Coast is often limited to less than 2 dozen sales per year. However, 2020 brought a dramatic increase of interest in these areas. There were 54 Units Sold in 2020 which represents an increase 500% over 2019 where there were only 9 Units Sold. The Average Sales Price increased by 42% from 2019 and the Total Dollar Volume increased 750% to $186M in sales.
30%
$3,447,683
20%
7%
AV E R AG E S E L L I N G P R I C E
42% vs 2019 44% Q4 2020 vs Q4 2019
20% 22%
$186.2M
54
103
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
750% vs 2019 904%
Q4 2020 vs Q4 2019 14
<$1M | 4 $1M-2M | 16 $2M-3M | 11 $3M-5M | 11 $5M+ | 12
500% vs 2019 1700%
Q4 2020 vs Q4 2019
32% vs 2019 53%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Carmel Highlands Big Sur & South Coast Days on Market*
Average vs Median Sales Price
$6.5M
200
$5M
150
$3.5M
100
$2M
50
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
30
$90M
2020 Q1 2020 Q2 2020 Q3 2020 Q4
$7M
$5.25M
$68M 20
$3.5M
$46M
10 $1.75M
$23M
Q1
Q1
Q2
2019
Q3
2020
Q4
Q1
Q2
2019
Q3
2020
Q4
Q2
2019 Average 2020 Average
Q3
Q4
2019 Median 2020 Median
15
2020 ANNUAL MARKET REPORT
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M O N T E R E Y M A R K E T U P D AT E
SALES BY SEGMENT
T
otal Sales Volume in Monterey reached a record $334M in 2020. This represents a 30% increase over total volume in 2019. The number of Units Sold in Monterey increased by 8% up to 301 homes and the Average Sales Price increased a healthy 20% year over year. Due to the strong demand for homes on the Monterey Peninsula, the Number of Days on Market decreased by 40% and the total number of available homes for sale decreased by 33% compared to 2019.
<$1M | 193 $1M-2M | 78 $2M-3M | 19 $3M-5M | 8 $5M+ | 3
64%
$1,109,133 AV E R AG E S E L L I N G P R I C E
20% vs 2019 42% Q4 2020 vs Q4 2019
26%
$333.8M
301
44
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
30% vs 2019 107%
Q4 2020 vs Q4 2019 16
6% 1% 3%
8% vs 2019 46%
Q4 2020 vs Q4 2019
40% vs 2019 65%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Monterey Days on Market*
Average vs Median Sales Price
80
$1.5M
60 $1M
40
$0.5M
20
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
110
$130M
2020 Q1 2020 Q2 2020 Q3 2020 Q4
$1.5M
88 $98M $1M
66 $66M
44
$0.5M
$33M
22
Q1
Q2
2019
Q3
Q4
2020
Q1
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
17
2020 ANNUAL MARKET REPORT
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PAC I F I C G R O V E M A R K E T U P D AT E
SALES BY SEGMENT
L
ike a number of other markets on the Peninsula, PaciďŹ c Grove recorded a record year in total sales volume with $243M in sales. There were 205 sales in the year, up 16% from the previous year and the Average Sales Price increased by 5.5%. The $2-3M range saw the most growth with 16 Units Sold compared to 9 Units Sold in 2019. Inventory remains tight with just 27 home available for sale at the end of 2020, down 37% from the previous year.
<$1M | 107 $1M-2M | 80 $2M-3M | 16 $3M-5M | 2 $5M+ | 0
52%
$1,185,961 AV E R AG E S E L L I N G P R I C E
5% vs 2019 8% Q4 2020 vs Q4 2019
39%
$243.1M
205
41
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
22% vs 2019 42%
Q4 2020 vs Q4 2019 18
1%
8%
16% vs 2019 31%
Q4 2020 vs Q4 2019
34% vs 2019 29%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
PaciďŹ c Grove Days on Market*
Average vs Median Sales Price
70
$1.5M
56 $1M
42
28 $0.5M
14
2020 Q1
2020 Q2
2020 Q3
Average
2020 Q4
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$100M
80
$75M
60
$1.5M
$1M
40
$51M
$0.5M
$26M
20
Q1
Q2
2019
Q3
Q4
2020
Q1
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
19
2020 ANNUAL MARKET REPORT
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S E A S I D E M A R K E T U P D AT E
SALES BY SEGMENT
S
easide was an outlier in 2020 in regard to market results. It was the only market to realize a decrease in the number of homes sold, with 146 homes sold, down 21% over 2019 sales. Total Sales Volume also decreased year over year from $103M in 2019 to $88M in 2020. We believe this decline in volume is a result of tighter inventory, down some 45% over 2019, and increasing Average Sales Prices that were up 8.5% year over year. At the end of 2020 there were only 11 homes for sale in Seaside.
< $400 | 8 $400 - 600 | 70 $600 - 800 | 55 $800 - 1,000 | 11 $1M+ | 2
48%
$609,178 AV E R AG E S E L L I N G P R I C E
8% vs 2019 7% Q4 2020 vs Q4 2019
$88.9M
146
26
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
14% vs 2019 16%
Q4 2020 vs Q4 2019 20
5% 1% 8%
38%
21% vs 2019 22%
Q4 2020 vs Q4 2019
38% vs 2019 27%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Seaside Days on Market*
Average vs Median Sales Price
$700K
50
$650K
37.5
$600K
25
$550K
12.5
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
60
$35M
2020 Q1 2020 Q2 2020 Q3 2020 Q4
$700K
$625K
$26M 40
$550K
$18M
20 $475K
$9M
$400K
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
21
2020 ANNUAL MARKET REPORT
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M A R I N A M A R K E T U P D AT E
SALES BY SEGMENT
M
arina has shown strong growth quarter over quarter and year over year. Total Sales Volume in 2020 reached a record $154M, up 26% from the previous year. The number of Units Sold increased 19% to 224. The Average Sales Price increased by nearly 6% to $690K. Inventory is especially tight in the Marina market with just 5 active listings as of the end of 2020 compared to 35 available for sale at the same time last year.
<$400k | 8 $400k - 600k | 42 $600k - 800k | 128 $800k - 1M | 39 $1M+ | 7
$690,653
57%
19%
AV E R AG E S E L L I N G P R I C E
6% vs 2019 8% Q4 2020 vs Q4 2019
17%
$154.7M
224
30
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
26% vs 2019 50%
Q4 2020 vs Q4 2019 22
4%
3%
19% vs 2019 39%
Q4 2020 vs Q4 2019
32% vs 2019 32%
Q4 2020 vs Q4 2019
2020 ANNUAL MARKET REPORT
Marina Days on Market*
Average vs Median Sales Price
45
$800K
36 $750K
27 $700K
18
$650K
9
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2019 Q4
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$70M
100
$800K
$53M
75
$725K
$36M
50
$18M
25
$650K
$575K
$500K
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019 Average 2020 Average
Q3
Q4 2019 Median 2020 Median
23
2020 ANNUAL MARKET REPORT
Results Driven Experts
Alessia Ucelli
George Fusco
Martin Klingel
Amy Scherer
Greg Hamer
Noelle Hayes
Anita Madison
Jahre Carver
Patrick Norris
Ben Zoller
Jennifer Menke
Renee Catania
Bob Profeta
Jennifer Veitengruber
Richard Oh
Brian Butler
John Romley
Rob Profeta
Brian Pybas
Liam Doust
Rose Clark
Devon Meeker
Lindsay Loveday
Ryan White
Diane Kahle
Lore Lingner
Sharmaine Torrey
Ed Bass
Lori Nelson
The Dunes Team
Emily Weidner
LuAnn Meador
The Finkle Team
Erica Hutchinson
Martha Davis
Th��érèse Kent
Geoff Arnold
Wendy Loren