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
Our Notable 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
Carmel-by-the-Sea, Carmel Point ��������������������������������������� 4 Greater Carmel ������������������������������������ 6 Carmel Valley �������������������������������������� 8 Pebble Beach �������������������������������������� 10 Carmel Highlands, Big Sur & South Coast ������������������������� 12 Monterey ������������������������������������������� 14 Pacific Grove �������������������������������������� 16 Seaside ���������������������������������������������� 18 Marina ����������������������������������������������20 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
3
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 aected 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
5
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
7
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 signiďŹ cantly 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 signiďŹ cant 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
9
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 aďŹ&#x20AC;ected 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 signiďŹ cant 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
11
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
13
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
15
Q3 2019 MARKET REPORT
Pacific Grove
$1,058,633 Average Selling Price
4%
vs Q3 2018
52 Units Sold
12%
About Pacific Grove
P
aciďŹ c 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
17
Q3 2019 MARKET REPORT
Seaside
$579,470 Average Selling Price
3%
vs Q3 2018
45 Units Sold
11%
About Seaside
L
ike PaciďŹ c 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
19
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
21
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