Q1 2024 Market Report | Courtney Jones

Q1 2024 Market Report

Carmel-by-the-Sea & Carmel Point ■ Greater Carmel ■ Carmel Valley ■ Pebble Beach

Carmel Highlands Big Sur & South Coast ■ Pacifi c Grove ■ Monterey & Del Rey Oaks

Dear Friends,

Three primary factors slowed real estate in Q1: interest rates, challenges in the Bay Area market and the rain. January and February had the fewest amount of sales we’ve seen in years.

Hopeful buyers appeared to be waiting for interest rates to fall before they commit to a purchase. Additionally, the majority of our buyers are from the San Francisco Bay Area and they’ve been experiencing their own economic challenges. Combined with low inventory, they are choosing not to make the trip down. And to make matters worse, no one wants to drive in the rain.

Luckily, activity picked up in March and inventory levels are increasing. The numbers in the pages ahead show a slower market, but I believe spring and summer will be much stronger.

Personally, I’ve been busier than ever preparing listings for sale and I look forward to bringing those to market in Q2.

Please call me to learn more.

All my best,

Q1 2024 Market Report

Market Update

Market Update

Carmel-by-the-Sea & Carmel Point

Usanditia ne endem. Es ellictor sitat andendam et quae omnimendamus il ium sapieni mustenis rerat pera et utes corerem nimus et, testrum faccusandus. Tate nonsequi doloris sus natem debis mos earcipsapid quia volum que si acestem unt quos volor mo ma veliquam harum re ne laut accus alic tentis eos a simpos apiet eum fuga. Ut quiae simincit aut omniantiis dem rerehenem ipit quat il ipsum re ni optatur, con necabore magnatur, niae. Omnim debit et occum quidel ius ma diorepeliat vendio enest, con core voloratiam qui officiis dolupiet lignate nisquas quam, corendae magniet officimos mi, que occat minus, ommo cone omnitem volorest eictian destem. At officie nditiore quassita idelit quiam, cuptatati dolorestio volorrovide sitiur as as expeles ratiasperis eaquo

With just 13 sales in the quarter and three sales over $6M, Carmel-by-the-Sea notched a record-high quarterly average sale price, topping $4.66M. The 13 sales in Q1 2024 are the lowest of any quarter dating back to 2000. In fact, over this same period, there has never been any running three-month period with less than 16 sales in the area. After a few years of fast paced sales, the average days to sell of 61 days is right on par with the years 2018-2020. Available inventory sits at just 17 homes on the market to end the quarter, which is down from an average of 55 in the same 2018-2020 period. Four sales topped $4.95M in Carmel-by-the-Sea in Q1 2024. Carmel Realty Company and Monterey Coast Realty teamed up to double end three of these four high-priced sales during the quarter.

Carmel-by-the-Sea & Carmel Point Units Sold

Average Selling Price

$4,661,824

61

13 Sales Volume

Q1 2024 Statistics versus Q4 2023 versus Q4 2023 versus Q4 2023 versus Q4 2023 versus Q1 2023 versus Q1 2023 versus Q1 2023 versus Q1 2023

$60,603,710 Days on Market

Know?

Carmel-by-the-Sea is known for attracting various celebrities and artists. Clint Eastwood served as mayor of the village from 1986-1988. Other notable celebrities, artists and writers who have called Carmel home include Doris Day, John Denver, Ansel Adams and Jack London.

“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020

Greater Carmel

The areas outside of Carmel-by-the-Sea & Carmel Point

$2,139,571 Market Update

The Greater Carmel area’s 14 sales in Q1 2024 were the most in a quarter since Q3 2022. An average sale price topping $2.13M was strong, edging out 2023’s yearly average of $1.97M. Inventory has consistently been low in this area, not having topped 20 homes on the market since 2020, and currently standing at 12 homes on the market. The top sale in Q1 2024 was 25820 Hatton Road, listed by Carmel Realty Company.

2023

$29,954,000

14

Did You Know?

Carmel Valley

Including The Santa Lucia Preserve

Carmel Valley set a record for average sale price during Q1, coming in at $2.05M. While 36 sales in the quarter was three more than the previous quarter, a healthy number would come closer to 50 sales in the area. With sale prices being high, total sales volume came in at $73.95M, topping two of the four quarters in 2023. With 51 active listings to begin Q2, there is evidence an uptick in Carmel Valley sales may return as we head into summer.

$2,054,132

$73,948,750

36

Q1 2024 Breakdown

“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020 Did You Know?

Monterey County has 349 vineyards, 82 bonded wineries and 65 tasting rooms. The wide range of climates allow Monterey County to grow over 30 different wine grape varietals.

Pebble Beach

$2,222,132 Pebble Beach saw the area’s slowest sales quarter on record with just nine sales over the first three months of the year. In addition, typically an area with 20-30% of sales coming in over $5M in price, Pebble Beach saw just one sale (11%) come in over $5M during Q1 2024. Th is one sale was a $5.5M property double-ended by Carmel Realty Company. Only one of the other eight closed sales sold for over $3M during the quarter. Th is brought the quarterly average sale price down to $2.22M, the lowest since Q1 2020. Reasons for optimism do exist in Pebble Beach, as 11 listings are currently in escrow totaling over $38M in list price. If successfully closed in Q2, these 11 listings alone would double Q1’s output. Also, an additional 29 listings remain on the market, which is nearing the most we’ve seen over the past year and a half.

$19,999,190

9

Did You Know?

17-Mile Drive through Pebble Beach is one of only nine private toll roads in the country, and the only one west of Mississippi.

“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020

Carmel Highlands, Big Sur & South Coast

Just two home sales occurred in Carmel Highlands and Big Sur during Q1 2024. The area began Q2 with 21 homes on the market, eleven of which are listed over $5M, and seven of which are over $10M. Five homes are currently in escrow in the area, showing promise for a strong summer.

$2,265,000

$4,530,000

2

Did You Know?

Local settings from around the Monterey Peninsula have provided the backdrops for more than 180 films and television shows. You’ll recognize many scenes in HBO’s award winning mini-series Big Little Lies in Big Sur and the Carmel Highlands.

Pacific Grove

January and February in Pacific Grove were quiet months with just 10 total home sales. March picked up substantially, seeing 12 sales during the month. Still, 22 sales for the quarter were the lowest Pacific Grove has seen since 2009. Average sale price in Q1 came in at $1.67M, just a percentage point below the 2023 yearly average of $1.69M. There are 30 active listings in Pacific Grove to end the quarter, which is great news as the average days to sell in the area have stayed relatively low at just 45 days.

$1,673,045

$36,807,000

22

Did You Know?

Point Pinos Lighthouse in Pacific Grove is the oldest continually operating lighthouse on the West Coast.

Monterey & Del Rey Oaks

Monterey had a nearly identical Q1 2024 as it had the previous quarter, Q4 2023. The number of sales gently rose from 44 to 46, while average sale price stood still near the record high, $1.40M. Even the average days to sell were similar at 34 days versus the previous quarter’s 33 days. While consistent, Monterey is looking for better times ahead as typical quarters between 20152020 display 75-80 sales per quarter. The Monterra area brought the top three sales in Monterey during the quarter, each topping $4.95M. Carmel Realty Company agents represented the buyers on two of these three highpriced sales.

$1,403,134

$64,544,178

46

“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020 Did You Know?

Nearly a quarter million tons of sardines were processed on Cannery Row in 1945, the year John Steinbeck’s Cannery Row was published. Cannery Row was previously named Ocean View Avenue but was renamed to honor John Steinbeck’s well-known novel.

Authentic Market Leaders & True Industry Experts

As the market leading luxury brokerage, for over 100 years we have consistently delivered outstanding quality and service to our clients. Our handpicked team of agents share our commitment to quality, integrity, and the community. Unmatched experience, local knowledge, and collaboration has allowed our team to achieve the highest average agent production in the market year after year. When you work with Carmel Realty Company, you can take comfort in knowing you are working with an authentic expert in Monterey Peninsula real estate.