Q3 2021 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 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
8370 Monterra Views Monterey $5,999,999
NW Corner Carpenter & 4th Carmel-by-the-Sea $1,299,000
2
181 San Benancio Road Salinas $1,125,000
Q3 2021 MARKET REPORT
Q3 2021 Significant Sales
2730 Santa Lucia Avenue, Carmel • SP: $3.695M • Represented Buyer & Seller
1417 Alva Lane, Pebble Beach • SP: $3.6285M Represented Buyer
NW Corner Dolores & 10th, Carmel-by-the-Sea • SP: $2.6875M Represented Buyer
9 Sonoma Lane, Carmel • SP: $2.695M Represented Seller
512 6th Street, Pacific Grove • SP: $1.35M Represented Seller
3
Q3 2021 Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
T
he Monterey Peninsula is one of the most beautiful places on earth. With “home” continuing to be more important than ever, demand for housing in this area remains very high. All of the reasons families have decided to relocate from urban markets to this area remain. At the same time the frenzy levels of 2020 have started to subside. While each of the nine markets we track in this report can vary, overall, it is safe to say that The Peninsula is beginning to normalize at what seems like healthy and potentially more sustainable levels. In most of our nine markets, sales and volumes in the current quarter are lower than Q2 of this year and down more from the second half of last year. However, our year-to-date levels are higher this year than last. COVID had all but shut down a few months in early 2020 and those months in 2021 were flourishing. Overall, 2021 looks like it will land higher in volume that 2020. Said plainly, our market appears to be slower now than last year, but busier than any other year we’ve ever had. With demand remaining high, we believe this is a much healthier level and one that several economists are calling a new normalization of our markets. If you or any of your friends or family are considering a real estate transaction in this market, it has never been more important to enlist a market leading company and knowledgeable agent to guide you through the dynamic changes we are experiencing. At Carmel Realty Company and Monterey Coast Realty we engage a powerful in-house analytics team to track every key indicator in our market. We then pair this data with the market’s most experienced and successful agents to deliver exceptional results for our clients. Please enjoy the following quarterly market report and let us know if we can provide you with any additional information or support.
4
Q3 2021 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
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
S
ales volume in Carmel-by-the-Sea has come off its record highs and is beginning to normalize after several record quarters. Both the number of units sold and total sales volume in Q3 were down close to 25% versus Q2 of this year. There were still 37 homes sold for $118M in volume which would rank as a very high quarter when compared to pre-COVID periods. Less inventory was clearly a key driver in the year over year reduction in sales. However, demand remains high in this market. Our proprietary data shows that 29% of all home sales this quarter in Carmel-by-the-Sea have gone for over asking price.
$3,193,247
<$1M | 0 $1M-2M | 12 $2M-3M | 13 $3M-5M | 7 $5M+ | 5
35%
32%
AV E R AG E S E L L I N G P R I C E
2.2% vs Q2 2021 24.3% vs Q3 2020
19%
$118.2M
37
18
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
26% vs Q2 2021 38% vs Q3 2020 6
14%
24% vs Q2 2021 50% vs Q3 2020
53% vs Q2 2021 62% vs Q3 2020
Q3 2021 MARKET REPORT
Carmel-by-the-Sea & Carmel Point Days on Market
Average vs Median Sales Price
$3.4M
50
$2.6M
38
$1.7M
25
$850K
13
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
80
$3.4M
$150M
60
$2.6M
$100M
40
$50M
20
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$200M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
$1.7M
$850K
Q1
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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
SALES BY SEGMENT
T
he Greater Carmel market has also seen a reduction from the highs of last year and from last quarter. Volume is down 30% from last quarter. However year-to-date results in greater Carmel remain outstanding. The first 9 months of this year has generated more volume than any full year in the history of the area other than exceptional year of 2020. Average sale price is down slightly from Q2 but is flat with Q3 of last year at just over $1.8M. Lowering inventory levels are driving this area falling quickly from 26 homes for sale at the end of Q3 last year, and 18 homes at the end of last quarter, to only 12 homes available for sale at the end of Q3 of this year.
$1,804,455
<$1M | 6 $1M-2M | 8 $2M-3M | 6 $3M-5M | 2 $5M+ | 0
27%
36%
AV E R AG E S E L L I N G P R I C E
11.3% vs Q2 2021 .2% vs Q3 2020
27%
$39.7M
22
44
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
30% vs Q2 2021 42% vs Q3 2020 8
9%
21% vs Q2 2021 42% vs Q3 2020
42% vs Q2 2021 20% vs Q3 2020
Q3 2021 MARKET REPORT
Greater Carmel
The areas outside of Carmel-by-the-Sea & Carmel Point
Days on Market
Average vs Median Sales Price
$2.4M
80
$1.8M
60
$1.2M
40
$600K
20
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
40
$2.4M
$53M
30
$1.8M
$35M
20
$18M
10
$1.2M
$600K
Q1
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$70M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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
SALES BY SEGMENT
C
armel Valley sales activity has remained extremely strong for the 5th straight quarter. The market has seen an increase in average sale price for 4 straight quarters. The average sale price for Q3 of this year exceeded $2M for the first time in the history of the market. The actual average price of $2,033,375 is up almost 10% over the previous quarter and up 25% from an already very strong Q3 of last year. At the end of this quarter there where only 35 homes for sale in Carmel Valley, which is down nearly 60% from the 82 homes that were for sale at this same time last year.
$2,033,375
<$1M | 16 $1M-2M | 27 $2M-3M | 13 $3M-5M | 6 $5M+ | 5
40% 24%
AV E R AG E S E L L I N G P R I C E
19%
9.43% vs Q2 2021 25.95% vs Q3 2020
9%
$136.2M
67
32
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
16% vs Q2 2021 12% vs Q3 2020 10
7%
23% vs Q2 2021 30% vs Q3 2020
45% vs Q2 2021 40% vs Q3 2020
Q3 2021 MARKET REPORT
Carmel Valley Days on Market
Average vs Median Sales Price
$2.1M
60
$1.6M
45
$1.1M
30
$525K
15
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
100
$2.1M
$135M
75
$1.6M
$90M
50
$45M
25
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$180M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
$1.1M
$525K
Q1
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2020 Average
Q3
Q4 2021 Median 2021 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
SALES BY SEGMENT
P
ebble Beach sales volume and the number of units sold have both decreased by approximately 40% over the previous quarter. Sales volume was down 42% and units sold was down 55% when compared to the record 3rd quarter of last year. However, it is important to note that decrease in sales volume and units is in comparison to market high numbers in Q3 of last year and Q2 of this year. Actual year-to-date volume in this market is very healthy. Total sales volume over the first 9 months of this year is $511M, which is more volume that any full year in the history of Pebble Beach. While inventory levels are low, demand remains high in this market. This is having a positive impact on the average sales price of $4.4M.
$4,430,582
19%
26% 11%
AV E R AG E S E L L I N G P R I C E
22%
5% vs Q2 2021 28% vs Q3 2020
22%
$119.6M
27
30
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
42% vs Q2 2021 42% vs Q3 2020 12
<$1M | 3 $1M-2M | 6 $2M-3M | 6 $3M-5M | 5 $5M+ | 7
39% vs Q2 2021 55% vs Q3 2020
40% vs Q2 2021 59% vs Q3 2020
Q3 2021 MARKET REPORT
Pebble Beach Days on Market
Average vs Median Sales Price
$5M
80
$3.8M
60
$2.5M
40
$1.3M
20
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
60
$5M
$165M
45
$3.8M
$110M
30
$55M
15
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$220M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
$2.5M
$1.3M
Q1
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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
SALES BY SEGMENT
C
armel Highlands and Big Sur Coast had another strong quarter in Q3 with 13 sales totaling $53M in volume. The average sales price was just over $4M which was nearly flat with last quarter and up almost 40% from Q3 of last year. We know that this average sales price was impacted by a few high price transactions including Carmel Realty’s sale in September for $23M. While inventory is down slightly in this market there are still 23 homes currently for sale which represents 7 months of available inventory, a strong comparison to most markets on the Peninsula tracking at only 1-2 months of available inventory.
$4,076,023
<$1M | 3 $1M-2M | 3 $2M-3M | 2 $3M-5M | 2 $5M+ | 3
23% 23%
15%
AV E R AG E S E L L I N G P R I C E
23%
3.85% vs Q2 2021 39.38% vs Q3 2020
$53M
13
102
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
16.7% vs Q2 2021 35% vs Q3 2020 14
15%
13% vs Q2 2021 54% vs Q3 2020
23% vs Q2 2021 5% vs Q3 2020
Q3 2021 MARKET REPORT
Carmel Highlands, Big Sur & South Coast Days on Market
Average vs Median Sales Price
$5M
140
$3.8M
105
$2.5M
70
$1.3M
35
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
Q1 2021
Q2 2021
Q3 2021
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
30
$90M
$7M
$5.3M
$68M 20
$3.5M
$45M
10 $1.8M
$23M
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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
SALES BY SEGMENT
T
he Monterey and Del Rey Oaks market saw one of the strongest quarters of any area on the Peninsula. Units sold and dollar volume have remained strong for 5 straight quarters. While most markets have seen a slowdown from Q2 of last year, Monterey has continued with a steady stream of sales. Sales volume for the quarter reached $123M, this is very close to the volume levels in Q3 of last year. Average sales price has held up strongly at $1.16M. At the end of this quarter there were 52 homes for sale which is more than the 46 available last quarter and just under the 55 in Q3 last year. While inventory is tight in Monterey it is holding up better than most other markets on The Peninsula.
<$1M | 57 $1M-2M | 39 $2M-3M | 5 $3M-5M | 5 $5M+ | 0
54%
$1,166,067 37%
AV E R AG E S E L L I N G P R I C E
4% vs Q2 2021 3% vs Q3 2020
$123.6M
106
22
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
3% vs Q2 2021 2% vs Q3 2020 16
5% 5%
1% vs Q2 2021 1% vs Q3 2020
5% vs Q2 2021 44% vs Q3 2020
Q3 2021 MARKET REPORT
Monterey & Del Rey Oaks Days on Market
Average vs Median Sales Price
$1.3M
40
$975K
30
$650K
20
$325K
10
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
Q1 2021
Q2 2021
Q3 2021
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
110
$130M
$1.3M
88
$975K
$98M
66 $650K
$65M
44 $325K
$33M
22
Q1
Q2
2020
Q3
Q4
2021
Q1
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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
P
acific Grove had another extraordinary quarter. There were a total of 64 homes sold in the quarter which is the second highest number of sales in any recent quarter. Total sales volume for Q3 in Pacific Grove was $96M which is the highest sales volume in market history just slightly beating out Q3 of last year and 11% higher than Q2 of this year. The average sale price is just over $1.5M which is the second time this year that it exceeded that level. Demand remains high in this market and there were 18 homes for sale at the end of the quarter which is less than 1 month of available inventory.
<$1M | 16 $1M-2M | 37 $2M-3M | 8 $3M-5M | 3 $5M+ | 0
$1,502,342
58%
25%
AV E R AG E S E L L I N G P R I C E
5%
7.19% vs Q2 2021 24.23% vs Q3 2020
$96.1M
64
25
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
11% vs Q2 2021 2% vs Q3 2020 18
13%
3% vs Q2 2021 18% vs Q3 2020
14% vs Q2 2021 32% vs Q3 2020
Q3 2021 MARKET REPORT
Pacific Grove Days on Market
Average vs Median Sales Price
50
$1.6M
40 $1.2M
30 $800K
20
$400K
10
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
80
$1.6M
$75M
60
$1.2M
$50M
40
$25M
20
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$100M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
$800K
$400K
Q1
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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
T
he third quarter of this year in Seaside set record levels on almost all key market indicators. The total number of sales was 60 homes which is up 20% from last quarter and 30% higher than Q3 of last year. Total dollar volume in the market was $48M which is up 37% from last quarter and 80% higher than Q3 of last year. In the first 9 months of this year, Seaside total dollar volume has reached $107M in sales which is higher than any previous full year in market history. Average sale price of $810K is up 14% over Q2 of this year and is 37% higher than the same quarter last year. Inventory remains tight and demand is high in Seaside.
< $400k | 0 $400k - 600k | 6 $600k - 800k | 29 $800k- 1M | 14 $1M+ | 11
48%
$810,699 10%
AV E R AG E S E L L I N G P R I C E
14.16% vs Q2 2021 37.62% vs Q3 2020
23%
$48.6M
60
15
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
37% vs Q2 2021 80% vs Q3 2020 20
18%
20% vs Q2 2021 30% vs Q3 2020
25% vs Q2 2021 17% vs Q3 2020
Q3 2021 MARKET REPORT
Seaside Days on Market
Average vs Median Sales Price
$900K
40
$675K
30
$450K
20
$225K
10
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
60
$900K
$38M
45
$675K
$25M
30
$13M
15
$450K
$225K
Q1
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$50M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 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 has continued to be one of the tightest inventory markets on the Peninsula. At the end of this quarter there were only 6 homes for sale in Marina, compared to 26 at this time last year and 10 at the end of Q2. This low inventory level has driven a significant reduction in total units sold and sales volume. The 42 homes sold this quarter was 11% higher than Q2 but is down 58% from the 99 homes sold in Q3 of last year. Similarly, sales volume of $33M in the market was up 8% from Q2, but down 52% from the $69M in Q3 of last year. High demand for Marina combined with this tight inventory maintains the average sales price at a very strong $805K.
< $400k | 0 $400k - 600k | 4 $600k - 800k | 19 $800k - 1M | 14 $1M+ | 5
45%
$805,658 10%
AV E R AG E S E L L I N G P R I C E
2.36% vs Q2 2021 14% vs Q3 2020
33%
$33.8M
42
10
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
8% vs Q2 2021 52% vs Q3 2020 22
12%
11% vs Q2 2021 58% vs Q3 2020
no change vs Q2 2021
67% vs Q3 2020
Q3 2021 MARKET REPORT
Marina Days on Market
Average vs Median Sales Price
$900K
30
$775K
22.5
$650K
15
$525K
7.5
Q3 2020 Q4 2020
Q1 2021
Average
Q2 2021
Q3 2021
Q3 2020 Q4 2020
100
$900K
$53M
75
$775K
$35M
50
$18M
25
$650K
$525K
Q1
2020
Q3
Q3 2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$70M
Q2
Q2 2021
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 Median
23
Q3 2021 MARKET REPORT
Results Driven Experts Alessia Ucelli
Gary Paul Baker
Michelle Santin
Amy Scherer
George Fusco
Mike Miller
Anita Madison
Greg Hamer
Noelle Hayes
Aviana Bushnell
Jahre Carver
Patrick Norris
Ben Zoller
Jennifer Menke
Renee Catania
Bob Profeta
Jennifer Veitengruber
Rob Profeta
Brian Butler
John Romley
Rose Clark
Brian Pybas
Liam Doust
Ryan White
Danielle Germain
Lindsay Loveday
Sharmaine Torrey
Devon Meeker
Lore Lingner
Stephen Green
Diane Kahle
Lori Nelson
The Dunes Team
Ed Bass
Martha Davis
The Finkle Team
Emily Weidner
Martin Klingel
Th駻鑚érèse Kent
Francesca Murray
Melissa Garren
Wendy Loren