Monterey Coast Realty 2018 Annual Market Report

2018 MARKET REPORT

Carmel Carmel Highlands Carmelby-the-Sea Carmel Valley Pebble Beach Big Sur & South Coast Monterey Pacific Grove Seaside Marina

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

2018 MARKET REPORT

Our Notable Listings This Year www.3450MountainView.com • 6 beds, 5.5 baths

www.RanchoMarMonte.com • 6 beds, 6.5 baths

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea www.VistaDelToro.com • 3 beds, 3 baths

2018 MARKET REPORT

Table of Contents Carmel, Carmel-by-the-Sea ������������������������������ 4 Carmel Valley �������������������������������������� 6 Pebble Beach ��������������������������������������� 8 Carmel Highlands, Big Sur & South Coast ������������������������� 10 Monterey ������������������������������������������� 12 Pacific Grove �������������������������������������� 14 Seaside ���������������������������������������������� 16 Marina ���������������������������������������������� 18

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

3

2018 MARKET REPORT

Carmel Carmelby-the-Sea

$1,863,863 Average Selling Price

12%

vs 2017

343 Units Sold

6%

vs 2017

About Carmel

T

he Carmel market saw a 12% increase in average sales price over 2017 and an increase in overall sales volume of 6%. The 2018 Carmel market was driven primarily by sales in the $1M-2M range although the number of sales over $5M nearly doubled from 11 in 2017 to 20 last year. Sales were fairly balanced throughout the year with a slight decline in Q4.

2018 Sales by Segment

$639M Sales Volume

6% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

9%

6% 27%

17%

vs 2017

72 Days on Market

41%

<$1M 2M-3M 5M+

1M-2M 3M-5M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$2.25M

$1.75M

Average vs Median Sales Price

$2M

$1.25M

Carmel Carmelby-the-Sea

$1.75M

Q1

Q2 2017 2018

$1.5M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

120

$1.25M

90

2014

2015

2016

Average Sale Price

2017

2018

Median Sale Price

60

30

Days on Market 100 Q1

Q2

Q3

2017

75

Q4 2018

Closed Sales Volumeâ&#x20AC;¨

by Quarter

$180M

50

$165M

$150M

831.624.2300 montereycoastrealty.com

25

Dolores and Seventh Carmel-by-the-Sea

$135M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

5

2018 MARKET REPORT

Carmel Valley

$1,223,985 Average Selling Price

18%

vs 2017

115

About Carmel Valley

C

armel Valleyâ&#x20AC;&#x2122;s average sales price increased by 18% to $1,223,985. While there were 10 sales above $2M in 2018 compared to 5 in 2017, 47% of all sales were under $1M and 44% in $1M-2M range. The majority of the sales took place in Q2 & Q3.

Units Sold

9%

vs 2017

2018 Sales by Segment

3%

$140M

5%

Sales Volume

9% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

47% 44%

vs 2017

82 Days on Market

<$1M 2M-3M 5M+

1M-2M 3M-5M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$1.5M

$1.25M

Average vs Median Sales Price

$1.25M

$1M

$0.75M

Carmel Valley

$1M

Q1

Q2

2017 2018

$0.75M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

50

$0.5M

40

2014

2015

2016

Average Sale Price

2017

2018

30

Median Sale Price 20

10

Days on Market 100 Q1

Q2

Q3

2017

75

Q4 2018

Closed Sales Volume â&#x20AC;¨

by Quarter

$50M

50

$40M

$30M

831.624.2300 montereycoastrealty.com

25

Dolores and Seventh Carmel-by-the-Sea

$20M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

7

2018 MARKET REPORT

Pebble Beach

$2,763,957 Average Selling Price

27%

vs 2017

137 Units Sold

3%

vs 2017

$378M Sales Volume

31% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

About Pebble Beach

T

he average sales price in Pebble Beach was up an impressive 27% to $2,763,957. This increase was driven by 15 sales above $5M, two of which were above $25M. Transactions in the $1M-2M range were steady and represented 53% of the market. Total sales in Q4 accounted for only 11% of 2018 volume, driven primarily by a signiďŹ cant slowdown at the higher end price ranges.

2018 Sales by Segment

11% 11%

13% 53%

vs 2017

102 Days on Market

12%

<$1M 2M-3M 5M+

1M-2M 3M-5M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$4.25M

$3.5M

Average vs Median Sales Price

$2.8M $2.75M

Pebble Beach

$2M

$2.35M

Q1

Q2

2017 2018

$1.9M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

50

$1.45M

40

2014

2015

2016

Average Sale Price

2017

2018

30

Median Sale Price 20

10

Days on Market 120 Q1

Q2

Q3

2017

90

Q4 2018

Closed Sales Volume â&#x20AC;¨

by Quarter

$150M

60

$120M

$90M

831.624.2300 montereycoastrealty.com

30

Dolores and Seventh Carmel-by-the-Sea

$60M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

9

2018 MARKET REPORT

Carmel Highlands Big Sur & South Coast

$2,938,700 Average Selling Price

19%

vs 2017

18 Units Sold

38%

vs 2017

$53M

About Carmel Highlands

T

he Carmel Highlands, South Coast and Big Sur markets experienced an increase of 38% in number of units sold from 13 to 18 sales. The average sales price in this market increased by almost 20% to $2,938,700. The total sales volume increased over 50% to $53M in 2018 versus the previous two years which were eďŹ&#x20AC;ected by limited access to those markets in 2016 and 2017.

2018 Sales by Segment

11%

6%

17%

Sales Volume

65% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2017

247 Days on Market

67%

<$1M 2M-3M 5M+

1M-2M 3M-5M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$7M

$5.25M

Average vs Median Sales Price

$3.5M $3.5M

Carmel Highlands Big Sur & South Coast

$1.75M

$2.75M

Q1

Q2 2017 2018

$2M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

6

$1.25M

4

2014

2015

2016

Average Sale Price

2017

2018

Median Sale Price 2

Days on Market 400 Q1

Q2

Q3

Q4

2017

300

2018

Closed Sales Volume â&#x20AC;¨

by Quarter

$30M

200

$23M

$16M

831.624.2300 montereycoastrealty.com

100

Dolores and Seventh Carmel-by-the-Sea

$8M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

11

2018 MARKET REPORT

Monterey

$901,691 Average Selling Price

3%

About Monterey

T

he Monterey market had a healthy balanced year driven by the under $1M market which comprises 72% of all sales. The average sales price was up 3% to $901,691, while number of units sold remained ďŹ&#x201A;at over 2017.

There was a decline in Q4 where sales accounted for 18% of the annual volume.

vs 2017

298 Units Sold

3%

vs 2017

2018 Sales by Segment

$268M

1% 2% 24%

Sales Volume

no change 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

51 Days on Market

72%

vs 2017

<$1M 2M-3M 5M+

1M-2M 3M-5M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$1.25M

$1M

Average vs Median Sales Price

$1M $0.75M

$0.5M

Monterey $0.75M

Q1

Q2

2017 2018

$0.5M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

100

80

2014

2015

2016

Average Sale Price

2017

2018

Median Sale Price

60

40

Days on Market 75 Q1

Q2

Q3

2017

Q4 2018

Closed Sales Volume â&#x20AC;¨

by Quarter

50

$80M

$70M

25

$60M

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

$50M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

13

2018 MARKET REPORT

Pacific Grove

$1,047,982 Average Selling Price

5%

vs 2017

166 Units Sold

9%

Dolores and Seventh Carmel-by-the-Sea

he average sales price in PaciďŹ c Grove increased by 5% to $1,047,982. PaciďŹ c Grove had one sale over $5M while 65% of the sales remained under $1M. Overall sales volume was equally distributed throughout the year, which suggests a strong level of stability in the market.

2018 Sales by Segment

Sales Volume

831.624.2300 montereycoastrealty.com

T

vs 2017

$676M 5%

About Pacific Grove

1%

1% 2% 31%

65%

vs 2017

49 Days on Market

<$1M 2M-3M 5M+

1M-2M 3M-5M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$1.25M

Average vs Median Sales Price

$1M

$1.25M

$0.75M

Pacific Grove

$1M

Q1

Q2

2017 2018

$0.75M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

60

$0.5M

40

2014

2015

2016

Average Sale Price

2017

2018

Median Sale Price 20

Days on Market 75 Q1

Q2

Q3

2017

Q4 2018

Closed Sales Volume â&#x20AC;¨

by Quarter

50

$60M

$50M

25

$40M

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

$30M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

15

2018 MARKET REPORT

Seaside

$555,591 Average Selling Price

6%

About Seaside

S

easide continues to be one of the more aďŹ&#x20AC;ordable communities on the Peninsula, with 67% of the sales in the $400600K price range. Average sales price was up 6% to $555,591. At year end there was 3.7 months of available inventory which indicates a limited supply and bodes well for growth in sales price in 2019.

vs 2017

183 Units Sold

6%

vs 2017

2018 Sales by Segment

$101M

8%

5%

20%

Sales Volume

no change 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

33 Days on Market

vs 2017

67%

>$ 400k $400-600k $600-800k $800k-1M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$0.6M

$0.5M

Average vs Median Sales Price

$0.75M

$0.4M

Seaside $0.5M Q1

Q2

2017 2018

$0.25M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

75

55

2014

2015

2016

Average Sale Price

2017

2018

Median Sale Price 35

Days on Market 60 Q1

Q2

Q3

2017

45

Q4 2018

Closed Sales Volume â&#x20AC;¨

by Quarter

$40M

$35M

30

$30M

831.624.2300 montereycoastrealty.com

$25M

15

Dolores and Seventh Carmel-by-the-Sea

$20M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

17

2018 MARKET REPORT

Marina

$604,089 Average Selling Price

11%

vs 2017

201 Units Sold

12%

vs 2017

About Marina

T

he Marina market was very strong in 2018 with an 11% increase in sales price and a 31% increase in total sales volume. Almost 90% of the market remained under $800K, 44% were $400-600K and 45% of the sales were from $600-800K range.

With only 3 months of available inventory, demand in the Marina market remains high and should contribute to a strong 2019.

2018 Sales by Segment

$121M Sales Volume

31% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

5% 6%

45%

44%

vs 2017

39 Days on Market

>$ 400k $400-600k $600-800k $800k-1M

Average vs Median Sales Price

by Quarter

2018 MARKET REPORT

$0.65M

Average vs Median Sales Price

$0.55M

$0.65M

$0.45M

Marina $0.55M Q1

Q2

2017 2018

$0.45M

Q3

Q4

2017 Median 2018 Median

Closed Sales by Quarter

60

50

2014

2015

2016

Average Sale Price

2017

2018

40

Median Sale Price 30

20

Days on Market 60 Q1

Q2

Q3

2017

Q4 2018

Closed Sales Volume â&#x20AC;¨

by Quarter

40

$40M

$30M

20

$20M

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

$10M

2014

2015

2016

2017

2018

Q1

Q2 2017

Q3 2018

Q4

19

Lore Lingner 831.250.6178 lore@montereycoastrealty.com lorelingner.com DRE#00788278

Locally Owned Globally Connected Results Driven Experts 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea