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
L
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