Q1 2022 MARKET REPORT
831.624.2300 montereycoastrealty.com
Carmel-by-the-Sea & Carmel Point
Dolores and Seventh Carmel-by-the-Sea
Greater Carmel
DRE#01871677
Carmel Valley Pebble Beach Carmel Highlands, Big Sur & South Coast Monterey Pacific Grove Seaside Marina
Our Featured Listings
2
7567 Paseo Vista, Monterey $1,499,000
2756 Bungalow Drive, Marina $1,295,000
18955 Kilpatrick Lane, East Garrison $1,195,000
33 Del Mesa, Carmel $949,000
46199 Clear Ridge Road, Big Sur Coast $755,000
25365 Tierra Grande Drive, Carmel $600,000
Q1 2022 MARKET REPORT
Q1 2022 Significant Sales
Monte Verde 2NW of 2nd Avenue, Carmel • SP: $3.9M Represented Buyer
25246 Arriba Del Mundo Drive, Carmel • SP: $1.435M Represented Seller
22180 Toro Hills Drive, Salinas • SP: $1.299M Represented Seller
14713 Kit Carson Drive, East Garrison • SP: $1.1M Represented Seller
20 Del Robles Avenue, Monterey • SP: $1.025M Represented Seller
325 Stuart Avenue, Pacific Grove • SP: $1.007M Represented Seller
3
Q1 2022 Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
A
fter a record-breaking year in 2021, Real Estate Sales activity on the Monterey Peninsula continued to deliver strong results in the first quarter of 2022. The Peninsula overall saw transaction volume decrease 27% due to less inventory for sale. However, continued strong demand drove average sale prices higher and the mix of higher priced home sales also increased. This contributed to strong quarterly sales dollar volume in Q1, 2022 that was 7% higher than Q1 of last year and just 12% lower than Q4. With demand from buyers remaining very high, we experienced a healthy increase in average sales prices. Eight out of the nine markets we track in this report experienced an increase in average sale price over both Q1 and Q4 of last year. As previously stated, this was also a result of additional higher priced homes selling. There were three homes in Pebble Beach and one in Carmel Highlands that sold for over $20M in the quarter. Carmel Realty Company produced a benchmark sale in Pebble Beach setting the newest highest priced record sale ever at $36,500,000. Each of the nine markets we track in this report showed growth and volatility on nearly all key indicators from quarter to quarter and year over year. For example, the average sales price increased 104% in Pebble Beach, 132% in Carmel Highlands/South Coast and 29% in Monterey in Q1, 2022. Days on market across the whole Peninsula was down to an average of 26 days with an average sales price of $2,205,094, which is 28% higher than the average sales price for the Peninsula in Q1, 2021. Inventory remains very low with only 145 active listings on the market at the end of the quarter compared to 220 actives at the end of Q1 in 2021. Behind these results are numerous informative drivers supporting agent and buying/selling decisions. This dynamic has changed the way Real Estate is selling in our market. Data analytics have become essential to delivering value for buyers and sellers. Our agents have a dedicated team of local analytics experts evaluating micro-level variables which help clients make informed decisions when buying or selling in this environment. The following quarterly report highlights the dynamic nature of our market and provides insight into pricing, volume, inventory, and other key factors that make up our current real estate environment. We hope you will find this report informative. As always, please be sure to contact us if there is anything we can do to help you, or your friends and family, with real estate plans in our marketplace.
4
Q1 2022 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 Including The Santa Lucia Preserve
Pebble Beach �������������������������������������������������������������������12 Carmel Highlands, Big Sur & South Coast �������������������14 Monterey ���������������������������������������������������������������������������16 Pacific Grove ��������������������������������������������������������������������18 Seaside � ���������������������������������������������������������������������������� 20 Marina ������������������������������������������������������������������������������ 22
5
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
Q
uarter 1 of 2022 sales results were well ahead of Q1 of 2021. However these results were meaningfully behind the strong results in Q4 of last year in total units sold, average sales price, and total dollar volume. The average sales price of over $3.2M this quarter is right on par with the average price we saw over the course of 2021. Inventory was very tight all quarter with only 1 month of inventory available throughout the quarter. At the end of the quarter there were only 10 homes listed for sale in Carmel-by-the-Sea.
$3,246,718
SALES BY SEGMENT
<$1M | 0 $1M-$2M | 8 $2M-$3M | 13 $3M-$5M | 10 $5M+ | 6
16% 27%
22%
AV E R AG E S E L L I N G P R I C E
14.7% vs Q4 2021 24.8% vs Q1 2021
$120.1M
37
31
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
22.9% vs Q4 2021 5.7% vs Q1 2021
16.2% vs Q4 2021 63.2% vs Q1 2021
34.2% vs Q4 2021 31.9% vs Q1 2021 6
35%
Q1 2022 MARKET REPORT
Carmel-by-the-Sea & Carmel Point Average vs Median Sales Price
Days on Market
$4M
40
$3M
30
$2M
20
$1M
10
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
50
$190M
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$4M
40
$3M
$143M
30 $2M
$95M
20 $1M
$48M
10
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
7
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
S
ales results in Q1 of 2022 for The Greater Carmel area were down from the same quarter last year. Total market volume and the number of units sold was lower, most likely because of very tight inventory. Average sale price was lower than Q1 of last year but higher than Q4 of last year. This is likely a result of the mix of homes sold, not an indicator of lower prices, as all other indicators continue to demonstrate values increasing in this market. Homes continued to sell quickly with a record low of only 20 days on market over the quarter.
$1,869,295
SALES BY SEGMENT
<$1M | 6 $1M-$2M | 6 $2M-$3M | 7 $3M-$5M | 3 $5M+ | 0
14% 32%
27%
AV E R AG E S E L L I N G P R I C E
4.2% vs Q4 2021 19.9% vs Q1 2021
$41.1M
22
20
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
no change
59.2% vs Q4 2021 64.9% vs Q1 2021
4.2% vs Q4 2021 29.5% vs Q1 2021 8
27%
vs Q4 2021
12% vs Q1 2021
Q1 2022 MARKET REPORT
Greater Carmel
The areas outside of Carmel-by-the Sea & Carmel Point
Days on Market
Average vs Median Sales Price
$2.4M
60
$1.8M
45
$1.2M
30
$600K
15
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$60M
28
$2.4M
$45M
21
$1.8M
$30M
14
$15M
7
$1.2M
$600K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
9
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
C A R M E L VA L L E Y M A R K E T U P D AT E
A
fter a record setting 2020 and 2021, Carmel Valley’s sales numbers normalized to levels similar to pre-Covid years. Q1 of 2022 showed tight inventory, reducing total sales to 47 for the quarter (20 less than any quarter last year). Thanks to continued high demand from buyers, the average sales price remained high at over $1.8M. Total sales volume was down substantially (37.8%), because of the fewer number of homes sold. 31 homes remained on the market, signaling that there could be an uptick of sales coming in quarter two, 2022.
SALES BY SEGMENT
<$1M | 13 $1M-$2M | 18 $2M-$3M | 11 $3M-$5M | 3 $5M+ | 2
38%
$1,822,911
23%
AV E R AG E S E L L I N G P R I C E
1.9% vs Q4 2021 7.3% vs Q1 2021
6% 4%
$85.7M
47
32
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
39% vs Q4 2021 31.9% vs Q1 2021
17.9% vs Q4 2021 37.3% vs Q1 2021
37.8% vs Q4 2021 26.5% vs Q1 2021 10
28%
Q1 2022 MARKET REPORT
Carmel Valley
Including The Santa Lucia Preserve
Days on Market
Average vs Median Sales Price
$2.1M
60
$1.6M
45
$1.1M
30
$525K
15
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$170M
90
$2.1M
$128M
68
$1.6M
$85M
45
$43M
23
$1.1M
$525K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
11
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
P E B B L E B E AC H M A R K E T U P D AT E
P
ebble Beach experienced a quarter unlike any we have seen before in Q1. The number of homes sold was down meaningfully from Q1 and Q4 of last year, however due to the sale of several higher priced homes, total dollar value was up 40% from Q4 and 16% from Q1 of 2021. The 25 homes sold had a record high average sale price of $8.6M, over 100% up from both Q1 and Q4 of 2021. This was due to six sales over $10M, three of which topped $20M. Taking out the three $20+M sales, average sales price would still be over $5.6M for the quarter. Eight out of 20 homes remaining at the end of Q1 are listed for over $10M, so we expect sales prices to remain high moving into Q2.
SALES BY SEGMENT
<$1M | 0 $1M-$2M | 3 $2M-$3M | 3 $3M-$5M | 8 $5M+ | 11
44%
$8,627,284
12% 12%
AV E R AG E S E L L I N G P R I C E
118.7% vs Q4 2021 104% vs Q1 2021
$215.7M
25
45
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
35.9% vs Q4 2021 43.2% vs Q1 2021
2.2% vs Q4 2021 12.5% vs Q1 2021
40.2% vs Q4 2021 15.9% vs Q1 2021 12
32%
Q1 2022 MARKET REPORT
Pebble Beach Days on Market
Average vs Median Sales Price
$9M
50
$6.8M
38
$4.5M
25
$2.3M
13
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
50
$220M
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$9M
40
$6.8M
$165M
30 $4.5M
$110M
20 $2.3M
$55M
10
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
13
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
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
C
armel Highlands and Big Sur Coast experienced another strong quarter. There were 12 sales in Q1 of 2022 which is consistent with 2021’s quarterly transaction numbers. Total dollar volume was $69M well ahead of last year’s numbers. There were two high-priced sales, and nine of the 12 sales were over $3M. Homes sold averaged just 33 days on market, 67% less than usual, which illustrates the increased popularity of this area and together with the mix of homes sold, has driven the average sale price up to $5.8M.
$5,808,333
SALES BY SEGMENT
<$1M | 2 $1M-$2M | 1 $2M-$3M | 0 $3M-$5M | 5 $5M+ | 4
42%
33%
AV E R AG E S E L L I N G P R I C E
42.1% vs Q4 2021 132.3% vs Q1 2021
$69.7M
12
33
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
14.3% vs Q4 2021 no change
56% vs Q4 2021 67% vs Q1 2021
21.8% vs Q4 2021 132.3% vs Q1 2021 14
8% 17%
vs Q1 2021
Q1 2022 MARKET REPORT
Carmel Highlands, Big Sur & South Coast Days on Market
Average vs Median Sales Price
$6M
140
$4.5M
105
$3M
70
$1.5M
35
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$72M
15
$6M
$54M
11
$4.5M
$36M
8
$18M
4
$3M
$1.5M
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
15
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
M O N T E R E Y M A R K E T U P D AT E
T
he Monterey market set a new high in average sales price at $1.24M, up almost 30% from Q1 of 2021. Median sales price also topped $1M for the first time. However, we are beginning to see the effect of very limited inventory of homes for sale. There were only 92 sales this quarter which was the least we’ve seen in Monterey since Q1 of 2021. At the end of the quarter there were only 24 active listings suggesting that volume will likely continue to track behind 2021 in number of sales.
SALES BY SEGMENT
<$800K | 28 $800K-$1.2M | 29 $1.2M-$2M | 23 $2M-$3M | 7 $3M+ | 5
25%
$1,240,667
32%
8%
AV E R AG E S E L L I N G P R I C E
1.1% vs Q4 2021 29.6% vs Q1 2021
$114.1M
92
23
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
14.7% vs Q4 2021 38.6% vs Q1 2021 16
30%
5%
15.6% vs Q4 2021 7% vs Q1 2021
23.3% vs Q4 2021 28.1% vs Q1 2021
Q1 2022 MARKET REPORT
Monterey & Del Rey Oaks Days on Market
Average vs Median Sales Price
35
$1.3M
28 $975K
21 $650K
14 $325K
7
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$140M
110
$1.3M
$105M
83
$975K
$70M
55
$35M
28
$650K
$325K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
17
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
PAC I F I C G R O V E M A R K E T U P D AT E
SALES BY SEGMENT
he demand for living in Pacific Grove continues to be extraordinary. Q1 of 2022 set a record for average sales price at $1.7M (up 7.4% from last quarter) and median sales price at $1.6M (up 28% from last quarter). Last year there were 16 homes that sold in the market for under $800K, there were zero this quarter. Low inventory levels have driven transaction volume down considerably. In 2021 Pacific Grove averaged 56 home sales per quarter, this last quarter there were only 30. At the end of the quarter Pacific Grove had only 12 active listings.
<$800K | 0 $800K-$1.2M | 10 $1.2M-$2M | 12 $2M-$3M | 7 $3M+ | 1
T
$1,703,677
40%
23% 3%
AV E R AG E S E L L I N G P R I C E
7.4% vs Q4 2021 8.5% vs Q1 2021
$51.1M
30
32
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
33.3% vs Q4 2021 43.4% vs Q1 2021
10.3% vs Q4 2021 20% vs Q1 2021
28.4% vs Q4 2021 38.6% vs Q1 2021 18
33%
Q1 2022 MARKET REPORT
Pacific Grove Days on Market
Average vs Median Sales Price
$1.8M
40
$1.3M
30
$900K
20
$450K
10
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$100M
70
$1.8M
$75M
53
$1.3M
$50M
35
$25M
18
$900K
$450K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
19
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
S E A S I D E M A R K E T U P D AT E
SALES BY SEGMENT
A
fter Seaside experienced its best year in 2021, specifically over the last three quarters of 2021, we saw a trend of normalization in number of sales and dollar volume in Q1 of 2022. With demand continuing to be high, the 1/3rd reduction in transaction volume is clearly a result of few homes for sale. Average sales price continued to climb, coming in at $783k in Q1, 2022. Median sales price also climbed, hitting an all-time high of $774k. During Q1, 43% of sales in the Seaside area topped the $800k mark, up from just 30% during 2021. Only 15 homes remain on the market in Seaside and on average listings are selling in just 14 days.
$783,941
< $400K | 0 $400K-$600K | 6 $600K-$800K | 18 $800K-$1M | 16 $1M+ | 4
9% 36%
14%
AV E R AG E S E L L I N G P R I C E
6.1% vs Q4 2021 8.1% vs Q1 2021
$34.5M
44
14
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
29.3% vs Q4 2021 48.7% vs Q1 2021 20
41%
33.3% vs Q4 2021 37.5% vs Q1 2021
30% vs Q4 2021 50% vs Q1 2021
Q1 2022 MARKET REPORT
Seaside Days on Market
Average vs Median Sales Price
$900K
28
$675K
21
$450K
14
$225K
7
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$50M
70
$900K
$38M
53
$675K
$25M
35
$13M
18
$450K
$225K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
21
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
M A R I N A M A R K E T U P D AT E
SALES BY SEGMENT
M
arina and East Garrison’s market continues to have high demand and low inventory. There were 34 sales in this market which is the lowest since the first half of 2020. However, the lack of inventory has continued to drive prices higher. Average sales price topped $837K, a new high for the market. The median sales price actually topped $856K. There were only 12 homes listed for sale at the end of Q1, indicating continued upward pressure on pricing in this market in the quarter ahead.
<$600 | 1 $600K-$800K | 12 $800K-$1M | 19 $1M-$1.2M | 2 $1.2M+ | 0
$837,794
35% 56%
AV E R AG E S E L L I N G P R I C E
2.2% vs Q4 2021 13.3% vs Q1 2021
$28.5M
34
21
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
35.8% vs Q4 2021 39.3% vs Q1 2021
61.5% vs Q4 2021 75% vs Q1 2021
34.4% vs Q4 2021 31.2% vs Q1 2021 22
3% 6%
Q1 2022 MARKET REPORT
Marina Days on Market
Average vs Median Sales Price
$900K
22
$850K
17
$800K
11
$750K
6
Q1 2021
Q2 2021
Q3 2021
Average
Q4 2021
Q1 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$48M
60
$900K
$36M
45
$675K
$24M
30
$12M
15
$450K
$225K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
23
Q1 2022 MARKET REPORT
Results Driven Experts Alessia Ucelli
George Fusco
Melissa Garren
Amy Scherer
Greg Hamer
Michelle Santin
Anita Madison
Jahre Carver
Mike Miller
Aviana Bushnell
Jennifer Menke
Patrick Norris
Ben Zoller
Jennifer Veitengruber
Renee Catania
Brian Butler
John Romley
Rob Profeta
Brian Pybas
Liam Doust
Rose Clark
Danielle Germain
Lindsay Loveday
Ryan White
Devon Meeker
Lore Lingner
Sharmaine Torrey
Diane Kahle
Lori Nelson
The Dunes Team
Ed Bass
Martha Davis
The Finkle Team
Emily Weidner
Martin Klingel
Th駻鑚érèse Kent
Gary Paul Baker
Wendy Loren