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Q3 2019 MARKET REPORT

Carmelby-the-Sea Carmel Point Greater Carmel Carmel Valley Pebble Beach Carmel Highlands Big Sur & South Coast Monterey Pacific Grove Seaside Marina 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea


Q3 2019 MARKET REPORT

W Letter from Brian and Kris

hile the performance of various local markets is mixed, there are still great sales being made across all markets. During the last 2 months, we have received multiple offers on 3 of our listings leading to great sales. This has resulted in some very happy clients! The recent dips in interest rates appear to be moving buyers off the fence and locking-in amazingly low rates that could be more valuable to their long-term personal financial statements than minor up and downticks in overall pricing. We continue to be in one of the best real estate markets of a generation. If you are thinking about selling, the values are very strong. If you are thinking about buying, the interest rates are worth very strong consideration. If you would like to consider a refinance, we can direct you towards some great lenders. Either way, we would love to help you with the real estate transition that you are considering.

Brian Butler

Monterey Coast Realty REALTORÂŽ, SRES

831.241.4259

brianb@montereycoastrealty.com DRE#01468232

- Brian and Kris

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

Kris Butler

Carmel Realty Company Broker Associate

831.915.8330

krisb@carmelrealtycompany.com DRE#00872084


Q3 2019 MARKET REPORT Our Featured Listings Our Featured Listings and Sales

19636 Woodcrest Drive, Las Palmas 4,300 sq ft • 5 beds, 3.5 baths • $1,255,000

3 Shepherds Knoll, Pebble Beach 1,530 sq ft • 2 beds, 2 baths • $585,000

Our Recent Sales 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea 2822 Raccoon Trail, Pebble Beach LP $1,225,000

1073 Palm Avenue, Seaside LP $540,000

3


Q3 2019 MARKET REPORT

Our Notable Company Listings This Quarter

Big Sur • www.51494Partington.com • 4 beds, 4 baths

Carmel Valley • www.14Miramonte.com • 4 beds, 5.5 baths

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea Carmel-by-the-Sea • www.SanCarlos1NEVista.com • 3 beds, 2 baths


Q3 2019 MARKET REPORT

Table of Contents Carmel-by-the-Sea, Carmel Point��������������������������������������� 6 Greater Carmel������������������������������������ 8 Carmel Valley������������������������������������� 10 Pebble Beach�������������������������������������� 12 Carmel Highlands, Big Sur & South Coast������������������������� 14 Monterey������������������������������������������� 16 Pacific Grove�������������������������������������� 18 Seaside����������������������������������������������20 Marina����������������������������������������������22 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

5


Q3 2019 MARKET REPORT

Carmelby-the-Sea, Carmel Point

$1,776,642 Average Selling Price

30%

vs Q3 2018

38 Units Sold

11%

n Q3 year to date results show Carmelby-the-Sea average sales prices are down by 11% as a product of fewer transactions in the $3-5M price range. Like many of our neighboring metropolitan areas, Carmelby-the-Sea has been affected by the macroeconomic conditions. While the total number of sales remains at year over year, total dollar volume is down almost 15% further indicating softening of the higher end market. Q3 2019 Sales by Segment

Sales Volume

28% Dolores and Seventh Carmel-by-the-Sea

I

vs Q3 2018

$67.5M 831.624.2300 montereycoastrealty.com

About Carmel-by-the-Sea

46%

9% 4% 12%

vs Q3 2018

77 Days on Market

30%

<$1M | 10 1M-2M | 51 2M-3M | 34 3M-5M | 13 5M+ | 4


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$2.75M

$2.25M

Average vs Median Sales Price

$2.5M

$1.75M

Carmelby-the-Sea,

$2M Q1

Carmel Point

Q2 2018 2019

$1.5M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

40

$1M

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price

30

Days on Market 100

20

Q1

Q2

Q3

2018

Q4 2019

90 Closed Sales Volumeâ&#x20AC;¨ by Quarter

$100M

80 $75M

70 $50M

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

60 $25M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

7


Q3 2019 MARKET REPORT

Greater Carmel

$1,442,749 Average Selling Price

1.6%

vs Q3 2018

23 Units Sold

13%

About Greater Carmel

C

armelâ&#x20AC;&#x2122;s total volume for Q3 remained ďŹ&#x201A;at quarter over quarter and year over year. These comparatively positive results are a product of strong sales in the $2M and under price range. After a slow Q1 in number of sales and total sales volume, Q2 and Q3 have rebound to a level comparative to the previous year. Sales velocity has also increased with average days on market decreasing from 111 in Q1 to 83 in Q2 and a low 67 in Q3.

vs Q3 2018 Q3 2019 Sales by Segment

$33.2M Sales Volume

15% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs Q3 2018

67 Days on Market

2% 42%

4% 16%

36%

<$1M | 23 1M-2M | 20 2M-3M | 9 3M-5M | 2 5M+ | 1


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$1.75M

Average vs Median Sales Price

$1.75M $1.25M

Greater Carmel

$1.5M

$0.75M

Q1

Q2 2018 2019

$1.25M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

30

$1M

20

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price 10

Days on Market 90 Q1

Q2

Q3

2018

Q4 2019

Closed Sales Volumeâ&#x20AC;¨ by Quarter

60

$50M

$40M

$30M

30

831.624.2300 montereycoastrealty.com

$20M

Dolores and Seventh Carmel-by-the-Sea

$10M

2015

2016

2017

2018

2019 YTD

Q1

Q2 2018

Q3 2019

Q4

9


Q3 2019 MARKET REPORT

Carmel Valley

$1,225,275 Average Selling Price

8%

vs Q3 2018

53 Units Sold

no change

$65M

About Carmel Valley

A

s previously stated, Carmel Valley was significantly impacted by weather in Q1. Number of sales and sales volume were down meaningfully for that period. However, Q2 and Q3 have shown a strong rebound in both the number of units sold and the total dollar sales. Furthermore, while most of the other markers were under significant pricing pressure, Carmel Valley saw a 5.2% increase in average sales price over the previous quarter. Q3 2019 Sales by Segment

5% 4%

Sales Volume

8% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs Q3 2018

105 Days on Market

55%

35%

<$1M | 78 $1M-2M | 50 $2M-3M | 6 $3M-5M | 7 $5M+ | 0


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$1.5M

$1.25M

Average vs Median Sales Price

$1.25M

$1M

$0.75M

Carmel Valley

$1M Q1

Q2

2018 2019

$0.75M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

80

60

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price

40

20

Days on Market 90 Q1

Q2

Q3

2018

85

Q4 2019

Closed Sales Volume â&#x20AC;¨ by Quarter

$100M

80

$78M

$55M

831.624.2300 montereycoastrealty.com

75 $33M

Dolores and Seventh Carmel-by-the-Sea

2015

2016

2017

2018

2019 YTD

Q1

Q2 2018

Q3 2019

Q4

11


Q3 2019 MARKET REPORT

Pebble Beach

$3,165,424 Average Selling Price

27%

vs Q3 2018

33 Units Sold

6%

vs Q3 2018

$104M Sales Volume

35% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs Q3 2018

126 Days on Market

About Pebble Beach

C

onsistent with a number of the high-end markets throughout the country, Pebble Beach has been affected by the macroeconomic environment. This market, year over year, has seen the total number of sales decreased by 21%, total sales volume is down 18%, and average sales price is down almost 5%. While the entry level in the market of $1-3M remains strong, the decline in volume is a product of a 33% decrease in sales at the $5M range. A significant amount of this decline was experienced in Q1, whereas Q2 and Q3 were stronger and closer comparatively to the previous year. Q3 2019 Sales by Segment

11%

8%

16%

17%

48%

<$1M | 8 $1M-2M | 46 $2M-3M | 16 $3M-5M | 15 $5M+ | 10


Closed Sales Volume â&#x20AC;¨ by Quarter

Q3 2019 MARKET REPORT

$150M

$120M

Average vs Median Sales Price

$3M $90M

Pebble Beach

$2.5M

$60M

Q1

Q2

$2M

2018

Q3

Q4

2019

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 Q1

Q2

Q3

2018

90

Q4 2019

Average vs Median Sales Price by Quarter

$4.25M

$3.55M

60 $2.85M

831.624.2300 montereycoastrealty.com

$2.15M

30

Dolores and Seventh Carmel-by-the-Sea

$1.45M

Q1

2015

2016

2017

2018 2019 YTD

2018 2019

Q2

Q3

Q4

2018 Median 2019 Median

13


Q3 2019 MARKET REPORT

Carmel Highlands, Big Sur & South Coast

$2,060,250 Average Selling Price

202%

vs Q3 2018

4 Units Sold

no change

$8.2M

About Carmel Highlands

T

here were 4 closed sales in the Carmel Highlands, Big Sur, and South Coast this quarter, totaling $8M in sales volume. There were only 2 sales in each of the previous quarters. Total sales volume and total sales price is up. We are cautious to put too much weight on these numbers given the small number of transactions that take place in this market. Q3 2019 Sales by Segment

25%

Sales Volume

202% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

60 Days on Market

75% vs Q3 2018

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


Average vs Median Sales Price by Quarter

Q3 2019 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

2018 2019

$2M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

8

$1.25M

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price

4

Days on Market 260 Q1

Q2

Q3

Q4

2018

195

2019

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

Q2 2018

Q3 2019

Q4

15


Q3 2019 MARKET REPORT

Monterey

$981,654 Average Selling Price

4%

vs Q3 2018

74 Units Sold

5%

vs Q3 2018

$73M Sales Volume

1% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

About Monterey

I

n Q3, the Monterey market remained strong with the average sales price increasing 5% year over year. While the number of sales has decreased slightly, total volume remained ďŹ&#x201A;at, which is a product of the higher average sales price. The strong demand in this market is a result of its entry point that is available to a broader audience.

Q3 2019 Sales by Segment

3% 5% 18%

74%

vs Q3 2018

77 Days on Market

<$1M | 155 $1M-2M | 38 $2M-3M | 10 $3M-5M | 6 $5M+ | 0


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$1M

Average vs Median Sales Price

$1M $0.75M

Monterey $0.75M $0.5M

2018 Q1 2018 Q2 2018 Q3 2018 2019

$0.5M

Q4

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 80 Q1

Q2

Q3

2018

60

Q4 2019

Closed Sales Volume â&#x20AC;¨ by Quarter

$80M

40

$70M

$60M

831.624.2300 montereycoastrealty.com

20

Dolores and Seventh Carmel-by-the-Sea

$50M

2015

2016

2017

2018 2019 YTD

Q1

Q2 2018

Q3 2019

Q4

17


Q3 2019 MARKET REPORT

Pacific Grove

$1,058,633 Average Selling Price

4%

vs Q3 2018

52 Units Sold

12%

About Pacific Grove

P

acific Grove is one of the strongest markets on the Monterey Peninsula. Total number of sales in this market has increased by 18% quarter over quarter. While average sales price was down slightly, total sales volume is up 5% over the previous quarter and 10% over the previous year. These results are additionally supported by the fact that the entry level is available to a broader audience.

vs Q3 2018

$55M

Q3 2019 Sales by Segment

2% 58%

3%

Sales Volume

8% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

38% vs Q3 2018

59 Days on Market

<$1M | 74 $1M-2M | 48 $2M-3M | 4 $3M-5M | 2 $5M+ | 0


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$1.25M

Average vs Median Sales Price

$1M

$1.25M

$0.75M

Pacific Grove

$1M

Q1

Q2

2018 2019

$0.75M

Q3

Q4

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

Q3

2018

Q4 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

Q2 2018

Q3 2019

Q4

19


Q3 2019 MARKET REPORT

Seaside

$579,470 Average Selling Price

3%

vs Q3 2018

45 Units Sold

11%

About Seaside

L

ike Pacific Grove and Monterey, the Seaside market is strong across the board. Total sales volume is up 18% quarter over quarter. Number of transactions remains ďŹ&#x201A;at and strong with 45 transactions in the quarter. Average sales price is up a strong 10% quarter over quarter and up 3% year over year.

vs Q3 2018

$26M

Q3 2019 Sales by Segment

1%

8% 7% 66%

Sales Volume

7% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

19% vs Q3 2018

45 Days on Market

> $400K | 10 $400 - 600K | 85 $600 - 800K | 24 $800K - 1M | 9 $1M-2M | 1


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$600K

Average vs Median Sales Price

$500K

$750K

$400K

Seaside $500K $300K

Q1

Q2

2018 2019

$250K

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

60

40

2015

2016

2017

Average Sale Price

2018 2019 YTD Median Sale Price 20

Days on Market 45 Q1

Q2

Q3

2018

Q4 2019

40 Closed Sales Volume â&#x20AC;¨ by Quarter

$30M

35 $24M

30

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

$18M

$12M

25 $6M

20

2015

2016

2017

2018

2019 YTD

Q1

Q2 2018

Q3 2019

Q4

21


Q3 2019 MARKET REPORT

Marina

$641,884 Average Selling Price

5%

vs Q3 2018

55 Units Sold

5%

About Marina

T

he Marina market is also a very strong market on the Monterey Peninsula. The average sales price is up year over year. With 56 transactions, the total number of sales is up over the previous quarter. Total volume remains consistent over the previous quarter and the same quarter last year. With low inventory rates (2.3 months of inventory) and low average days on market at 44 days, supply remains tight and is a driver in maintaining strength in average sales price in this market.

vs Q3 2018 Q3 2019 Sales by Segment

$36M

57%

Sales Volume

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

44 Days on Market

27%

8% 6%

2%

<$400 | 8 $400 - 600 | 39 $600 - 800 | 82 $800 - 1,000 | 12 $1M+ | 3


Average vs Median Sales Price by Quarter

Q3 2019 MARKET REPORT

$700K

Average vs Median Sales Price

$600K

$750K

$500K

Marina $400K

Q1

Q2

2018 2019

$550K

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

60

50

$350K

2015

2016

2017

Average Sale Price

2018 2019 YTD

40

Median Sale Price 30

20

Days on Market 60 Q1

Q2

Q3

2018

Q4 2019

Closed Sales Volume â&#x20AC;¨ by Quarter

40

$38M

$29M

20

$19M

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

$10M

2015

2016

2017

2018 2019 YTD

Q1

Q2 2018

Q3 2019

Q4

23


Amy Scherer Alessia Ucelli Ben Zoller Bob Profeta Brian Butler Brian Pybas Chris Babalis Devon Meeker Diane Brackett Kahle Ed Bass Erica Hutchinson Geoff Arnold Greg Hamer The Finkle Team Jennifer Veitengruber 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

Profile for Carmel Realty Company

Q3, 2019 Market Report - Monterey Coast Realty with Brian and Kris Butler  

The latest real estate stats on the Monterey Peninsula for Carmel, Pebble Beach, Carmel Valley, Monterey, Pacific Grove, Seaside, Marina, Ca...

Q3, 2019 Market Report - Monterey Coast Realty with Brian and Kris Butler  

The latest real estate stats on the Monterey Peninsula for Carmel, Pebble Beach, Carmel Valley, Monterey, Pacific Grove, Seaside, Marina, Ca...