Carmel-by-the-Sea & Carmel Point ◆ Greater Carmel ◆ Carmel Valley ◆ Pebble Beach
Carmel Highlands, Big Sur & South Coast ◆ Pacific Grove ◆ Monterey & Del Rey Oaks
Hello, 2025!
While the number of sales was below average in 2024, sales volume remained consistent–as prices mostly held steady. We had quite a bit of uncertainty this past year, especially around the presidential election and we saw many buyers put their plans on hold in the second half of the year. To predict the future we often look at the past and after the last eight elections we saw an uptick in activity the following year. The big question in 2025 is what’s in store for interest rates? Some of the economists I follow do not predict any meaningful interest rate reductions and in fact believe rates will start to increase in 2026. Therefore, 2025 is the year to act and take advantage of the relatively low rates. 2025 should bring slow and steady improved market performance with some areas particularly poised for growth, such as Carmel Valley, Pacific Grove and the higher end market in Pebble Beach.
I wish you a happy and healthy year ahead and as always, please reach out with any questions.
All my best,
Santa Lucia Preserve Ranch Style Home
Market Update
Market Update
Carmel-by-the-Sea & Carmel Point
Carmel-by-the-Sea & Carmel Point
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The fourth quarter in Carmel-by-the-Sea saw a low number of home sales with a high average sales price. Just 19 sales occurred during the quarter, down from 32 last quarter, and down from 28 in Q4 of 2023. Average sales price ($5.32M) and median sales price ($3.99M) both set all-time highs in the area during the quarter. These prices were boosted by two $18M sales along the coast. Carmel Realty Company was proud to represent the seller on one of these high-priced sales. Even with the low number of home sales, the total sales volume topped $100M for the quarter. Sales volume for the year was down 6.4% from 2023, but up 1.4% from 2022. While most areas saw a large pullback in the number of listings remaining at the end of the year, Carmel-bythe-Sea fi nished the quarter with 31 actives, the same number as three months earlier.
Average Days on Market
43
96 Sales Volume
Units Sold
Average Selling Price $4,347,314 versus 2023 versus 2023 versus 2023 versus 2023 14.0% 6.4% 13.1%
$417,342,174
17.2%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Median Sales Price in millions
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020 Did You 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.
Greater Carmel
The areas outside of Carmel-by-the-Sea & Carmel Point
After a dip in the average sales price during Q3, the Greater Carmel region saw the average price come back to $2.22M for Q4. Th is was similar to the area’s fullyear average sales price of $2.15M during 2024. Th irteen sales during the quarter were similar in number to what the market has seen in previous fourth quarters. The average days on market during Q4 came down to just 31 days after sitting in the forties for each of the previous three quarters, showing high demand in this area. The total sales volume of $128.8M for the year came in 33.2% above 2023’s total. Carmel Realty Company and Monterey Coast Realty collaborated to double end the third highest priced sale in the area during Q4.
Average Selling Price
8.7%
Average Days on Market
40
16.7%
60 Sales Volume
$2,145,697 versus 2023 versus 2023 versus 2023 versus 2023
$128,741,800
33.2%
Units Sold
22.4%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in
2024 Sales by Segment
Number of Closed Sales By Quarter
Median Sales Price in millions
Did You Know?
Robert Louis Stevenson modeled Treasure Island’s Spyglass Hill after Point Lobos State Reserve near Carmel. “Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Market Update
Carmel Valley
Including the Santa Lucia Preserve
Carmel Valley wrapped up 2024 on a high note, with 47 sales during the quarter, beating Q3’s tally of 44 sales. The average sales price ($2.09M) came in right at the yearly average ($2.08M) in the area. The median sales price came in below average at $1.34M, due in part to 28% of sales during the quarter coming in under $1M. Carmel Valley was the only area in this report in which the 2024 total sales volume ($374.8M) rose above both 2023 and 2022’s number. The number of active listings dropped from 82 down to 54 to end the year. Carmel Realty and Monterey Coast had nine different agents represent sellers and buyers in Carmel Valley during Q4.
Average Days on Market
62
180 Sales Volume
Units Sold
Average Selling Price $2,082,088 versus 2023 versus 2023 versus 2023 versus 2023
$374,775,803
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Number of Closed Sales By Quarter
in millions Total Sales Volume By Quarter in millions
“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
Pebble Beach ended a tough year on a positive note, as the area saw 31 sales close escrow during Q4 2024, the most since Q4 of 2021! Total sales volume topped $100M during Q4, for the first time in a quarter since Q4 of 2022. The average sales price in the area during Q4 was $3.29M, and the average sales price for the full year came in at $3.19M, the lowest yearly average since 2019. Th is was in large part due to just thirteen sales over $5M occurring in Pebble Beach during 2024. These high-priced sales made up 16% of all sales in the area. Last year, $5M+ sales made up 20% of total sales and 2022 saw 36% of sales in the area over $5M. The average days on market jumped up to 79 days during Q4, thanks to eight homes that were sitting for over 100 days selling during the quarter. Carmel Realty Company represented the seller on the highest priced sale (and only sale over $10M) of the quarter and represented the buyer on the second highest priced sale during the quarter.
Average Days on Market
61
22.0% 5.8%
Average Selling Price $3,192,520 versus 2023 versus 2023 versus 2023 versus 2023 11.6%
Sales Volume $255,401,590
Units Sold
80
6.7%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price
Sales Volume By Quarter in
2024 Sales by Segment
Number of Closed Sales By Quarter
Median Sales Price in millions
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 the Mississippi.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Carmel Highlands, Big Sur & South Coast
Eleven sales in the area during Q4 were the most since Q1 of 2022. The Carmel Highlands area saw six sales during the quarter, ranging between $2.39M and $7.37M. Carmel Realty Company was proud to represent the buyer for one of these Carmel Highlands homes. Two other big sales of $7.62M and $18.0M occurred further down the Big Sur coast on Highway 1. The fourth quarter’s total sales volume number of $54.8M accounted for over half the year’s total of $98.9M. 28 active listings remain heading into 2025; a healthy number moving into the new year.
2024 Statistics
Average Selling Price
Average Days on Market 78
Sales Volume
$98,936,876
29.6%
$3,957,475 versus 2023 versus 2023 versus 2023 versus 2023 1.5% 1.3%
Units Sold 25
31.6%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
2024 Sales by Segment
Number of Closed Sales By Quarter
Median Sales Price in millions
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.
“Monterey
County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Pacific Grove
After an outstanding Q3, Q4 fell back to the below average performance the Pacific Grove market has experienced during 2024. The average sales price saw its lowest mark of the year at $1.62M, bringing the yearly average to $1.67M. Just 29 sales for the quarter marked the second lowest total of the last four years, beating only Q1 of 2024’s sales number of 22. Pacific Grove’s 2024 sales volume came in at $208.2M, which was the lowest since 2019.
Average Days on Market
43
Sales Volume $208,159,455
Units Sold
125
Average Selling Price $1,665,276 versus 2023 versus 2023 versus 2023 versus 2023 1.8% 4.1% 2.3% 26.5%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Median Sales Price in millions
Did You Know?
Point Pinos Lighthouse in Pacific Grove is the oldest continually operating lighthouse on the West Coast.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Monterey & Del Rey Oaks
Monterey felt the end of year slowdown during Q4 with just 48 sales, after seeing 57 and 79 over the previous two quarters. The average sales price during Q4 fell from its record high of $1.56M during Q3 to a three-year low of $1.04M, thanks in part to 27 out of 48 sales coming in below $1M. Saddle Road in the Bay Ridge neighborhood brought all three of the sales over $2M in Monterey during Q4. 2024 beat 2023 in number of sales in each individual quarter, ending with 26 more sales for the year. The average sales price increased year over year, up 4.9% to $1.31M. The total sales volume for the year was also up 18.3% to $301.5M.
2024 Statistics
38 Average Selling Price
Average Days on Market
230 Sales Volume
Units Sold
$1,310,667 versus 2023 versus 2023 versus 2023 versus 2023 4.9% 31.0% 18.3% 12.7%
$301,453,393
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Median Sales Price in millions
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.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
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.
