Q2 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
Q2 2019 MARKET REPORT
Our Notable Listings This Quarter Carmel • www.26206MesaDr.com • 3 beds, 3.5 baths
Carmel Valley • www.245VistaVerde.com • 3 beds, 3 baths
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea Salinas • www.410LaurelLane.com • 3 beds, 3 baths
Q2 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
Q2 2019 MARKET REPORT
Carmel Carmelby-the-Sea
$1,837,381 Average Selling Price
6%
vs Q2 2018
88 Units Sold
13%
About Carmel
I
n Q2, Carmel experienced a 41% increase in sales volume over the preceding quarter. This strong quarter is comparable to the previous year and signals a potential rebound from a slow Q1, 2019. The poor Q1 results stem from earlier macroeconomic concerns, a volatile Bay Area market and inclement weather. The number of sales in Q2 increased by 36 for a total of 88 transactions. The pipeline in Carmel is also strong with 36 homes currently in escrow.
vs Q2 2018
$162M
Q2 2019 Sales by Segment
4%
26%
11%
Sales Volume
8% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q2 2018
80 Days on Market
24%
36%
<$1M | 37 1M-2M | 50 2M-3M | 33 3M-5M | 15 5M+ | 5
Average vs Median Sales Price by Quarter
Q2 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
Q2 2019 MARKET REPORT
Carmel Valley
$1,117,907 Average Selling Price
11%
vs Q2 2018
39 Units Sold
3%
vs Q2 2018
$44M
About Carmel Valley
T
he number of sales in Carmel Valley during Q2 increased dramatically, almost doubling sales from the previous quarter going from 21 in Q1 to 39 in Q2. This is the most sales weâ&#x20AC;&#x2122;ve seen in Carmel Valley in the past 6 quarters. Average sales price continues to climb and is now at $1,117,907 with 45% of the sales YTD in the $1M-$2M range. Q2 2019 Sales by Segment
2% 5%
48%
Sales Volume
9% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q2 2018
69 Days on Market
45%
<$1M | 29 $1M-2M | 27 $2M-3M | 3 $3M-5M | 1 $5M+ | 0
Average vs Median Sales Price by Quarter
Q2 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
40
2015
2016
2017
Average Sale Price
2018 2019 YTD
30
Median Sale Price 20
10
Days on Market 90 Q1
Q2
2017
85
Q3
Q4
2018
2019
Closed Sales Volume â&#x20AC;¨ by Quarter
$50M
80
$40M
$30M
831.624.2300 montereycoastrealty.com
75
Dolores and Seventh Carmel-by-the-Sea
$20M
2015
2016
2017
2018
2019 YTD
Q1 2017
Q2
Q3 2018
Q4 2019
7
Q2 2019 MARKET REPORT
Pebble Beach
$3,429,688 Average Selling Price
56%
vs Q2 2018
34 Units Sold
26%
About Pebble Beach
P
ebble Beach had a strong Q2 with the number of sales up 21% over Q1. Like Carmel, the downturn in Pebble Beach over the previous two quarters was driven by macroeconomic concerns, the ďŹ&#x201A;uctuating Bay Area market, and record rainfall. A single $24M sale contributed to the marketâ&#x20AC;&#x2122;s 100% increase in total sales volume and its 67% increase in average sales price. 6 months of available inventory and 15 properties currently in escrow suggest a strong Q3.
vs Q2 2018
$117M
Q2 2019 Sales by Segment
10% 10% 11%
Sales Volume
15% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
18% vs Q2 2018
65 Days on Market
52%
<$1M | 6 $1M-2M | 32 $2M-3M | 11 $3M-5M | 7 $5M+ | 6
Average vs Median Sales Price by Quarter
Q2 2019 MARKET REPORT
$4.25M
$3.5M
Average vs Median Sales Price
$3M
Pebble Beach
$2.75M
$2M
$2.5M
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2017 2018 2019
$2M
2017 Median 2018 Median 2019 Median
Closed Sales by Quarter
50
$1.5M
40
2015
2016
2017
Average Sale Price
2018 2019 YTD
30
Median Sale Price 20
10
Days on Market 120 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2017
90
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
2018 Q1 2018 Q2 2018 Q3 2018 Q4 2017
2018
2019
9
Q2 2019 MARKET REPORT
Carmel Highlands Big Sur & South Coast
$1,847,500 Average Selling Price
3%
vs Q2 2018
2 Units Sold
150%
vs Q2 2018
$3.7M
About Carmel Highlands
T
he Carmel Highlands, South Coast and Big Sur Markets have been slow over the ďŹ rst six months of the year with only four total sales closing. Total Q2 volume of $3.65M is consistent with that of the previous two quarters but remains less than half of what these markets historically produce. There is great opportunity in this market for buyers with 22 properties currently for sale. Q2 2019 Sales by Segment
25%
Sales Volume
61% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
75% vs Q2 2018
235 Days on Market
<$1M 1M-2M | 3 2M-3M | 1 3M-5M | 0 5M+ | 0
Average vs Median Sales Price by Quarter
Q2 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
Q2 2019 MARKET REPORT
Monterey
$979,639 Average Selling Price
10%
vs Q2 2018
77 Units Sold
7%
vs Q2 2018
$75M Sales Volume
3% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
About Monterey
T
he Monterey market saw considerable growth in Q2 with both units sold and total sales volume increasing more than 30% over Q1. The average sales price is now up 10% from Q2, 2018. The four sales YTD in the $3M-$5M range, already exceeds the total number in that segment in all of 2018. With low inventory and an average time to sell of only 58 days, the Monterey market continues to be in high demand. Q2 2019 Sales by Segment
3% 5% 16% 76%
vs Q2 2018
58 Days on Market
<$1M | 102 $1M-2M | 22 $2M-3M | 7 $3M-5M | 4 $5M+ | 0
Average vs Median Sales Price by Quarter
Q2 2019 MARKET REPORT
$1.25M
$1M
Average vs Median Sales Price
$1M
$0.75M
$0.5M
Monterey $0.75M
Q1
Q2
Q3
2017 2018 2019
$0.5M
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 70 Q1
Q2
2017
Q3
Q4
2018
2019
56 Closed Sales Volume â&#x20AC;¨ by Quarter
$80M
42 $70M
28 $60M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
14
$50M
2015
2016
2017
2018 2019 YTD
Q1 2017
Q2
Q3 2018
Q4 2019
13
Q2 2019 MARKET REPORT
Pacific Grove
$1,207,789 Average Selling Price
23%
vs Q2 2018
44 Units Sold
2%
vs Q2 2018
$53M
About Pacific Grove
P
acific Grove’s total sales volume in Q2 increased by 69% over Q1. This volume is the highest Pacific Grove has seen in a quarter over the past 2 years. With a higher percentage of sales in the $1M-$2M range, the average sales price in Pacific Grove grew by 23%. With number of sales increasing by 38% in the quarter Pacific Grove continues to be a very strong market. Q2 2019 Sales by Segment
1% 54%
3%
Sales Volume
20% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q2 2018
69 Days on Market
42%
<$1M | 41 $1M-2M | 32 $2M-3M | 2 $3M-5M | 1 $5M+ | 0
Average vs Median Sales Price by Quarter
Q2 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 70 Q1
Q2
2017
Q3
Q4
2018
2019
56 Closed Sales Volume â&#x20AC;¨ by Quarter
$60M
42 $50M
28 $40M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
14
$30M
2015
2016
2017
2018 2019 YTD
Q1 2017
Q2
Q3 2018
Q4 2019
15
Q2 2019 MARKET REPORT
Seaside
$522,035 Average Selling Price
9%
vs Q2 2018
43
About Seaside
B
uilding on a healthy Q1, Seaside experienced an increase in the number of sales and total sales volume in Q2. With only 2.1 months of inventory available and an average of 28 days on market, the demand for Real Estate in Seaside remains high.
Units Sold
16%
vs Q2 2018
$22M
Q2 2019 Sales by Segment
1% 8% 4% 17%
Sales Volume
23% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q2 2018
28 Days on Market
70%
> 400 | 7 $400 - 600 | 58 $600 - 800 | 14 $800 - 1,000 | 3 $1M-2M | 1
Average vs Median Sales Price by Quarter
Q2 2019 MARKET REPORT
$0.6M
Average vs Median Sales Price
$0.5M
$0.75M
$0.4M
Seaside $0.5M Q1
Q2
2017 2018 2019
$0.25M
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 40 Q1
Q2
2017
38
Q3
Q4
2018
2019
Closed Sales Volume â&#x20AC;¨ by Quarter
$40M
$35M
36
$30M
831.624.2300 montereycoastrealty.com
$25M
34
Dolores and Seventh Carmel-by-the-Sea
$20M
2015
2016
2017
2018
2019 YTD
Q1 2017
Q2
Q3 2018
Q4 2019
17
Q2 2019 MARKET REPORT
Marina The Dunes on Monterey Bay About The Dunes
T
he data we analyze and present here represent MLS listed re-sale properties only. It doesnâ&#x20AC;&#x2122;t factor in the new home sales at The Dunes. We keep a separate record of that data and it is most interesting. For instance, in Q1 2019 there were 8 new home sales representing a volume of over $6.7M. In Q2 2019 there were 9 sales representing over $7.3M. Now that the Dunes new home inventory is nil, we anticipate a stronger demand for existing units which will last at least until Phase II of the Dunes project is underway.
$660,035 Average Selling Price
8%
vs Q2 2018
52 Units Sold
4%
vs Q2 2018
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
M
arina continues to be an emerging market with growth in new developments including East Garrison, The Dunes and Sea Haven. However, inventory in this market continues to be tight with only 1.9 months of available inventory and an average of 47 days on market. The average sales price of $649,558 continues a steady quarter over quarter climb. This has been driven by the increase in the sales in the $600K-$1M range and two sales over $1M YTD. All indications suggest continued strength and growth in the Marina market. Q2 2019 Sales by Segment
$34M Sales Volume
831.238.0653 dunesteam.com
About Marina Overall
4%
33% 2% 5% 9%
vs Q2 2018
47 Days on Market
51%
<$400 | 4 $400 - 600 | 29 $600 - 800 | 45 $800 - 1,000 | 8 $1M+ | 2
Average vs Median Sales Price by Quarter
Q2 2019 MARKET REPORT
$0.65M
Average vs Median Sales Price
$0.55M
$0.75M
$0.45M
Marina The Dunes on Monterey Bay 2018 YTD Resales
$0.62M Q1
Q2
2017 2018 2019
$0.48M
Q4
Closed Sales by Quarter
UNITS SOLD: 6
60
AVG PRICE: $741,000
50
DOM: 52
Q3
2017 Median 2018 Median 2019 Median
2015
2016
2017
Average Sale Price
2018 2019 YTD
40
Median Sale Price 30
2019 YTD Resales UNITS SOLD: 3 (Down 50%) AVG PRICE: $783,667 (Up 5.75%)
20
Days on Market 60 Q1
Q2
2017
Q3
Q4
2018
2019
DOM: 22 (Down 42%) Closed Sales Volume by Quarter
40
$40M
$30M
20
$20M
David and Thérèse Kent The Dunes Team 831.238.0653 dunesteam.com
$10M
2015
2016
2017
2018 2019 YTD
Q1 2017
Q2
Q3 2018
Q4 2019
Amy Scherer Alessia Ucelli Ben Zoller Bob Profeta Brian Butler Brian Pybas Chris Babalis Devon Meeker Diane Brackett Kahle Erica Hutchinson Geoff Arnold Greg Hamer The Finkle Team Jennifer Veitengruber Jeremy Barrett John Romley Lore Lingner LuAnn Meador Mike Proto-Robinson Noelle Hayes Patrick Norris Renee Catania Rob Profeta Rose Clark 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Steve Wesenberg Sharmaine Torrey ThÊrèse Kent Tom Glidden Wendy Loren