Q1, 2019 Market Report - Monterey Coast Realty

Q1 2019 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

Q1 2019 MARKET REPORT

Our Notable Listings This Quarter www.24602CaminoDelMonte.com • 4 beds, 3.5 baths

www.VistaDelToro.com • 3 beds, 3 baths

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea www.9569OakCt.com • 3 beds, 3.5 baths

Q1 2019 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

Q1 2019 MARKET REPORT

Carmel Carmelby-the-Sea

$2,028,585 Average Selling Price

1%

vs Q1 2018

52 Units Sold

33%

vs Q1 2018

Sales Volume

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

T

he macroeconomic concerns which started late last year, continued to impact the Carmel market in Q1, 2019. Both sales volume and the units sold were down over 30% compared to a very healthy Q1, 2018. This decline was further exaggerated by record rainfall which undoubtedly delayed the selling season. Carmel average sales price remained at throughout the quarter and the number of transactions under contract increased dramatically to 78, which indicates a much stronger Q2.

Q1 2019 Sales by Segment

$105M 33%

About Carmel

4%

25%

13% 31%

vs Q1 2018

88 Days on Market

27%

<$1M | 13 $1M-2M | 16 $2M-3M | 14 $3M-5M | 7 $5M+ | 2

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$2.25M

Average vs Median Sales Price

$1.75M

$2M

$1.25M

Carmel Carmelby-the-Sea

$1.75M

Q1

Q2

Q3

2017 2018 2019

$1.5M

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

120

$1.25M

90

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price

60

30

Days on Market 100 Q1

Q2

2017

75

Q3

Q4

2018

2019

Closed Sales Volumeâ&#x20AC;¨

by Quarter

$180M

50

$160M

$140M

831.624.2300 montereycoastrealty.com

25

Dolores and Seventh Carmel-by-the-Sea

$120M

2015

2016

2017

2018

2019 YTD

Q1 2017

Q2 2018

Q3

Q4 2019

5

Q1 2019 MARKET REPORT

Carmel Valley

$1,112,922 Average Selling Price

8%

vs Q1 2018

20 Units Sold

5%

vs Q1 2018

$22M Sales Volume

12% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

About Carmel Valley

C

ompared to most of our other markets, demand in Carmel Valley remained strong, only trailing Q1 of 2018 by 5%. Average sales price and total volume were also lower than a year ago more as a result of the mix of properties sold. There is more diverse product throughout the valley where Q1 sales ranged from $400K to $3.9M, with the majority of sales just under $1M. Q1 2019 Sales by Segment

5% 55% 40%

vs Q1 2018

72 Days on Market

<$1M | 11 $1M-2M | 8 $2M-3M | 0 $3M-5M | 1 $5M+ | 0

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$1.5M

$1.25M

Average vs Median Sales Price

$1.25M

$1M

$0.75M

Carmel Valley

$1M

Q1

Q2

2017 2018 2019

$0.75M

Q3

Q4

2017 Median 2018 Median 2019 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

2017

75

Q3

Q4

2018

2019

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 2017

Q2

Q3 2018

Q4 2019

7

Q1 2019 MARKET REPORT

Pebble Beach

$2,048,539 Average Selling Price

26%

vs Q1 2018

28 Units Sold

18%

vs Q1 2018

Sales Volume

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

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ike Carmel, Q1 sales in Pebble Beach were impacted by macroeconomic concerns dating back to 2018 and by our recent record rainfall. Average sale price and total market volume were both down meaningfully over a healthy Q1, 2018. These results were driven by fewer sales over $5M where there were 2 in Q1, 2019 vs. 5 in Q1 a year ago. The Pebble Beach market is currently accelerating with 17 pending sales for Q2 vs. only 3 a quarter ago. Additionally, there is more movement at the very high-end of the market.

Q1 2019 Sales by Segment

$57M 25%

About Pebble Beach

vs Q1 2018

120 Days on Market

11%

7%

14%

11%

57%

<$1M | 4 $1M-2M | 16 $2M-3M | 3 $3M-5M | 3 $5M+ | 2

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$4.25M

$3.5M

Average vs Median Sales Price

$2.8M

Pebble Beach

$2.75M

$2M

$2.35M

Q1

Q2 2017 2018 2019

$1.9M

Q3

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

50

$1.45M

40

2015

2016

2017

Average Sale Price

2018 2019 YTD

30

Median Sale Price 20

10

Days on Market 120 Q1

Q2

2017

90

Q3

Q4

2018

2019

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

2015

2016

2017

2018 2019 YTD

Q1 2017

Q2

Q3 2018

Q4 2019

9

Q1 2019 MARKET REPORT

Carmel Highlands Big Sur & South Coast

$1,850,000 Average Selling Price

23%

vs Q1 2018

2 Units Sold

67%

vs Q1 2018

About Carmel Highlands

B

ig Sur and Carmel Highlands are very unique and diverse markets resulting in fewer transactions than our other markets. Q1, 2019 results were all lower than the same period a year ago, however, the data set is not large enough to accurately measure and should be used more as directional indicators for these markets.

Q1 2019 Sales by Segment

$3.7M Sales Volume

74% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

50%

50%

vs Q1 2018

230 Days on Market

$1M-2M | 1 $2M-3M | 1 $3M-5M | 0 $5M+ | 0

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$7M

$5.25M

Average vs Median Sales Price

$3.5M

Carmel Highlands

$3.5M

$1.75M

$2.75M

Q1

Big Sur & South Coast

Q2

Q3

2017 2018 2019 Q1

$2M

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

6

$1.25M

4

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price 2

Days on Market 260 Q1

Q2

2017

Q3 2018

195

Q4 2019 Q1

Closed Sales Volume â&#x20AC;¨

by Quarter

$30M

130

$23M

$16M

831.624.2300 montereycoastrealty.com

65

Dolores and Seventh Carmel-by-the-Sea

$8M

2015

2016

2017

2018 2019 YTD

Q1 2017

Q2

Q3 2018

Q4 2019

11

Q1 2019 MARKET REPORT

Monterey

$946,918 Average Selling Price

1%

vs Q1 2018

57 Units Sold

30%

vs Q1 2018

$54M Sales Volume

33% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

About Monterey

W

hile the number of closed transactions and total sales volume decreased by close to 30% year over year in Monterey, the average sales price remained very strong. This was driven by more, higher priced sales in the market. There were 3 sales in the $3-$5M range in Q1, 2019, which was equivalent to the total number sold throughout all of 2018.

Q1 2019 Sales by Segment

5% 4% 11% 81%

vs Q1 2018

82 Days on Market

<$1M | 46 $1M-2M | 6 $2M-3M | 2 $3M-5M | 3 $5M+ | 0

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$1.25M

$1M

Average vs Median Sales Price

$1,000K

$0.75M

$0.5M

Monterey $750K

Q1

Q2

Q3

2017 2018 2019

$500K

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

100

80

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price

60

40

Days on Market 90 Q1

Q2

2017

Q3

Q4

2018

2019

Closed Sales Volume â&#x20AC;¨

by Quarter

60

$80M

$70M

30

$60M

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

$50M

2015

2016

2017

2018 2019 YTD

Q1 2017

Q2

Q3 2018

Q4 2019

13

Q1 2019 MARKET REPORT

Pacific Grove

$982,264 Average Selling Price

3%

vs Q1 2018

32 Units Sold

20%

vs Q1 2018

$31M

About Pacific Grove

T

he number of units sold and total sales volume in PaciďŹ c Grove were down 20% and 18% respectively vs. a strong Q1, 2018. Impressively, the average sales price still increased by 3% indicating the strength of this market. While the majority of sales remain just under $1M in this market, there were 11 sales in the $1-$2M range which contributed to the growth in average sales price.

Q1 2019 Sales by Segment

34%

Sales Volume

18% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

66% vs Q1 2018

58 Days on Market

<$1M | 21 $1M-2M | 11 $2M-3M | 0 $3M-5M | 0 $5M+ | 0

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$1.25M

Average vs Median Sales Price

$1M

$1.25M

$0.75M

Pacific Grove

$1M

Q1

Q2

2017 2018 2019

$0.75M

Q3

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

60

$0.5M

40

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price 20

Days on Market 60 Q1

Q2

2017

Q3

Q4

2018

2019

Closed Sales Volume â&#x20AC;¨

by Quarter

56

$60M

$50M

52

$40M

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

$30M

2015

2016

2017

2018 2019 YTD

Q1 2017

Q2

Q3 2018

Q4 2019

15

Q1 2019 MARKET REPORT

Seaside

$542,715 Average Selling Price

1%

vs Q1 2018

41 Units Sold

2%

vs Q1 2018

$22M

About Seaside

T

he Seaside market remained strong in Q1, 2019 with 40 sales. The total number of transactions, total volume of sales and average sales price all held up to the healthy results of Q1 a year ago. Given this market also experienced record rain throughout Q1, it bodes well for a very strong year as the selling season kicks in going forward.

Q1 2019 Sales by Segment

5% 13% 23%

Sales Volume

4% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs Q1 2018

48 Days on Market

60%

> 400 | 5 $400 - 600 | 24 $600 - 800 | 9 $800 - 1,000 | 2

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$0.6M

Average vs Median Sales Price

$0.5M

$750K

$0.4M

Seaside $500K Q1

Q2

2017 2018 2019

$250K

Q3

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

75

55

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price 35

Days on Market 48 Q1

Q2

2017

36

Q3

Q4

2018

2019

Closed Sales Volume â&#x20AC;¨

by Quarter

$40M

$35M

24

$30M

831.624.2300 montereycoastrealty.com

$25M

12

Dolores and Seventh Carmel-by-the-Sea

$20M

2015

2016

2017

2018

2019 YTD

Q1 2017

Q2

Q3 2018

Q4 2019

17

Q1 2019 MARKET REPORT

Marina

$636,979 Average Selling Price

9%

vs Q1 2018

35 Units Sold

13%

vs Q1 2018

$22M Sales Volume

4% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs Q1 2018

48 Days on Market

About Marina

T

he Marina market is experiencing growth in many ways. While the number of sales were slightly down in Q1, 2019 vs Q1, 2018, average sales price increased by almost 10%. The majority of sales range between $400-$800K in this market, however while there were no sales over $1M in all of 2018, in Q1, 2019 2 homes closed for over $1M. Q1 2019 Sales by Segment

52% 3% 6%

39% <$400 $400 $600 $800 -

| 1 600 | 17 800 | 13 1,000 | 2

Average vs Median Sales Price

by Quarter

Q1 2019 MARKET REPORT

$0.65M

Average vs Median Sales Price

$0.55M

$0.65M

$0.45M

Marina $0.55M Q1

Q2

2017 2018 2019

$0.45M

Q3

Q4

2017 Median 2018 Median 2019 Median

Closed Sales by Quarter

60

50

2015

2016

2017

Average Sale Price

2018 2019 YTD

40

Median Sale Price 30

20

Days on Market 60 Q1

Q2

2017

Q3

Q4

2018

2019

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

2015

2016

2017

2018 2019 YTD

Q1 2017

Q2

Q3 2018

Q4 2019

19

Geoff Arnold Jeremy Barrett Brian Butler Lore Lingner LuAnn Meador Devon Meeker Patrick Norris Mike Proto-Robinson Brian Pybas Stacey Schrader Alessia Ucelli Jen Veitengruber Ben Zoller 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea