CA R M E L R E A LT Y C O M PA N Y
2020 Annual Market Report
C A R M E L- B Y-T H E -S E A , C A R M E L P O I N T, G R E AT E R C A R M E L , C A R M E L VA L L E Y, P E B B L E B E A C H , C A R M E L H I G H L A N D S , B I G SU R & SO UTH COA ST Dolores South of Seventh ■ P.O. Drawer C ■ Carmel-by-the-Sea, California 93921 | 831.622.1000 ■ CarmelRealtyCompany.com
A C or n e r s t on e i n Lu x u ry R e a l E s tat e f or O v e r O n e Hu n dr e d Ye a r s
2020 ANNUAL MARKET REPORT
Our Featured Listings
1470 Cypress Drive, Pebble Beach ■ $29.85M
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1659 Crespi Lane, Pebble Beach ■ $16.9M
26141 Scenic Road, Carmel ■ $15.5M
3164 Palmero Way, Pebble Beach ■ $13.995M
230 Highway 1, Carmel ■ $12.95M
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Our Significant Sales of 2020
2020 ANNUAL MARKET REPORT
3290 17 Mile Drive, Pebble Beach ■ SP: $28M Represented Buyer
3188 17 Mile Drive, Pebble Beach ■ SP: $24.85M Represented Seller
Timeless Pebble Beach Estate, Pebble Beach ■ SP: $21M Represented Buyer & Seller
San Antonio 3 NW Santa Lucia, Carmel-by-the-Sea ■ SP: $11.249M Represented Seller
Scenic 6 SE of Ocean, Carmel-by-the-Sea ■ SP: $7.3M Represented Buyer & Seller
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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Market Overview
2020 ANNUAL MARKET REPORT
L
ike most industries, the real estate market was significantly impacted by the global COVID pandemic. The year started out strong then came to a screeching stop in April and May due to the state’s stay-at-home order in March. As Realtors, we quickly adapted, deploying additional video, virtual tours, and digital marketing solutions. It is said necessity breeds invention and innovation. When the order was lifted for essential services in May, the local real estate market experienced a major surge in business. All of the 9 markets we track experienced a significant increase in demand due to buyers rushing to our market to enjoy the lifestyle and benefits of living on the Monterey Peninsula. The increased demand resulted in record sales in almost every one of our markets. Pebble Beach, Carmel, Carmel Valley, the South Coast, Monterey and several other communities set record sales both in numbers of transactions and in the total dollar value sold. Overall, these 9 markets hit a record $2.5B in sales, up from $1.8B in 2019. With availability of properties low, it is often difficult for buyers to find the ideal property on the MLS or public platforms. Carmel Realty, along with sister company Monterey Coast Realty, through our wide internal network, has always had a broad selection of “off market” properties. This was especially important in 2020, when “off market” sales increased nearly 150% at our company over 2019. The last few months of 2020 and January of 2021 have slowed down again because of the election, holiday, and another round of strict stay-at-home orders. While our overall outlook for 2021 real estate is bullish, with the stay-at-home order back in place over the holidays and then recently extended, we expect the first quarter to be a bit slower again. Locally, inventory on the Monterey Peninsula is at an all-time low, there is pent up demand and the work from home trend does not appear to be waning. Nationally, the interest rates are extremely low, recently reaching a record low of 2.65% on a 30 year mortgage. As the vaccine reaches the public and there is a new stimulus bill on the horizon, Goldman Sachs forecasts a 6.5% growth of GDP in 2021. For those reasons and many more, we believe that there will be strong demand in our markets this year. We present the attached record sales report with humility and compassion as we realize so many businesses are suffering as a result of the pandemic. If there is a silver lining in the real estate boom, we hope it is that the increase in full time families moving to the Peninsula will help our community make a faster rebound as the pandemic subsides. We hope you find the following report to be useful. As always, should you have any questions or comments on the results please feel free to contact us. We look forward to serving you or any of your friends and family in any upcoming real estate activity.
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Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
2020 ANNUAL MARKET REPORT
Table of Contents
Carmel-by-the-Sea & Carmel Point ........................................... 6 Greater Carmel ....................................... 8 The areas outside of Carmel-by-the Sea & Carmel Point
Carmel Valley......................................... 10 Pebble Beach........................................... 12 Carmel Highlands, Big Sur & South Coast .......................... 14
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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Carmel-by-the-Sea & Carmel Point
C A R M E L - B Y-T H E - S E A
AVERAGE SELLING PRICE
Market Update
T
here were 179 homes sold in Carmel-by-the-Sea in 2020 representing a 22% increase over 2019. The increase in units helped drive a significant increase in Total Dollar Sales Volume of $484M up 51% over the previous year. As a result of increased demand and sales volume, the Average Sales Price in the market realized an increase of 24%. Inventory remains tight with only 28 available listings at the end of 2020 which decreased by 45% from 51 listings at this same time last year.
SALES BY SEGMENT <$1M | 6 $1M-2M | 70 $2M-3M | 48 $3M-5M | 40 $5M+ | 15
6
22% 27%
2020 ANNUAL MARKET REPORT
$2,703,647 24% vs 2019 33% Q4 2020 vs Q4 2019 SALES VOLUME
$484M 51% vs 2019 113% Q4 2020 vs Q4 2019
8%
3%
39%
DAYS ON MARKET
56
26% vs 2019 54% Q4 2020 vs Q4 2019 UNITS SOLD
179
22% vs 2019 60% Q4 2020 vs Q4 2019
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Carmel-by-the-Sea & Carmel Point
2020 ANNUAL MARKET REPORT
Average vs Median Sales Price
Days on Market*
$3.2M
120
$2.4M
90
$1.6M
60
$0.8M
30
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4
Average
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 * DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
$200M
80
$3.2M
$150M
60
$2.4M
$100M
40
$50M
20
$1.6M
$0.8M
Q1
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4
2019 Median 2020 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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Greater Carmel
G R E AT E R C A R M E L
AVERAGE SELLING PRICE
Market Update
C
armel ended 2020 strong with an almost 60% increase in Total Sales Volume over 2019. There were 101 sales this year compared to 77 in 2019. Like Carmel-by-the-Sea, the Average Sales Price increased by 22% supporting the big jump in Total Sales Volume. Due to the increase in Average Sales Price, there were fewer homes sold at the $1M and under range and a meaningful increase in sales at $2M and above. 71 of the 101 units sold were within the $1-3M range.
18%
SALES BY SEGMENT <$1M | 20 $1M-2M | 53 $2M-3M | 18 $3M-5M | 8 $5M+ | 2
8
52%
2020 ANNUAL MARKET REPORT
The areas outside of Carmel-by-the Sea & Carmel Point
$1,796,751 22% vs 2019 51% Q4 2020 vs Q4 2019 SALES VOLUME
$181.4M 59% vs 2019 113% Q4 2020 vs Q4 2019
DAYS ON MARKET
8% 20%
2%
62
21% vs 2019 8% Q4 2020 vs Q4 2019 UNITS SOLD
101
31% vs 2019 41% Q4 2020 vs Q4 2019
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Greater Carmel
Days on Market*
Average vs Median Sales Price $2.4M
100
$1.8M
75
$1.2M
50
$0.6M
25
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4
Average
2020 ANNUAL MARKET REPORT
The areas outside of Carmel-by-the Sea & Carmel Point
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 * DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
$70M
40
$2.4M
$53M
30
$1.8M
$36M
20
$18M
10
$1.2M
$0.6M
Q1
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4
2019 Median 2020 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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2020 ANNUAL MARKET REPORT
Carmel Valley
C A R M E L VA L L E Y
AVERAGE SELLING PRICE
Market Update
C
armel Valley experienced a dramatic increase in 2020 with total sales volume of $406M, up 60% over the $254M sold in 2019. There were 253 homes sold in the year representing a 26% increase in the number of transactions. The Average Sales Price in Carmel Valley also increased by 27% over 2019. At the end of the year there were 59 homes for sale in Carmel Valley, down 33% from the 88 homes available at the same time last year.
SALES BY SEGMENT <$1M | 103 $1M-2M | 96 $2M-3M | 27 $3M-5M | 21 $5M+ | 6
10
26% vs 2019 1% Q4 2020 vs Q4 2019 SALES VOLUME
$406.3M 60% vs 2019 34% Q4 2020 vs Q4 2019
11% 8% 38%
$1,606,034
2%
41%
DAYS ON MARKET
65
29% vs 2019 44% Q4 2020 vs Q4 2019 UNITS SOLD
253
27% vs 2019 32% Q4 2020 vs Q4 2019
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
2020 ANNUAL MARKET REPORT
Carmel Valley Average vs Median Sales Price
Days on Market*
$1.9M
110
$1.4M
82.5
$1.0M
55
$0.5M
27.5
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4
Average
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
$160M
100
$120M
75
$81M
50
$41M
25
Average vs Median Sales Price by Quarter $2.0M
$1.5M
$1.0M
$0.5M
Q1
Q1
2019
Q2
Q3
2020
Q4
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4
2019 Median 2020 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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2020 ANNUAL MARKET REPORT
Pebble Beach
P E B B L E B E AC H
Market Update
P
ebble Beach had a record year in total volume reaching nearly $500M in recorded sales. This does not include a number of additional sales that were done off market during the year. There were 153 sales, up 17% over the previous year. The higher end of the market realized the majority of the growth. There were 28 homes sold in the $3-5M range and 23 homes sold over $5M in 2020. The activity in these higher price ranges represents an increase of 21% over the same period last year.
AVERAGE SELLING PRICE
$3,258,250 4% vs 2019 10% Q4 2020 vs Q4 2019 SALES VOLUME
$498.5M 22% vs 2019 41% Q4 2020 vs Q4 2019
DAYS ON MARKET
41%
SALES BY SEGMENT <$1M | 12 $1M-2M | 63 $2M-3M | 27 $3M-5M | 28 $5M+ | 23
12
18% 8% 15%
18%
73
34% vs 2019 59% Q4 2020 vs Q4 2019 UNITS SOLD
153
17% vs 2019 56% Q4 2020 vs Q4 2019
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
2020 ANNUAL MARKET REPORT
Pebble Beach Average vs Median Sales Price
Days on Market*
$4M
130
$3M
97.5
$2M
65
$1M
32.5
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4
Average
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 * DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter 60
$220M
Average vs Median Sales Price by Quarter $4M
$3M
$165M 40
$2M
$110M 20
$1M
$55M
Q1
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
Q4
2020
Q2
2019 Average 2020 Average
Q3
Q4
2019 Median 2020 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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Carmel Highlands, Big Sur & South Coast
CARMEL HIGHLANDS
AVERAGE SELLING PRICE
Market Update
V
olume in Carmel Highlands, Big Sur, and South Coast is often limited to less than 2 dozen sales per year. However, 2020 brought a dramatic increase of interest in these areas. There were 54 Units Sold in 2020 which represents an increase 500% over 2019 where there were only 9 Units Sold. The Average Sales Price increased by 42% from 2019 and the Total Dollar Volume increased 750% to $186M in sales.
2020 ANNUAL MARKET REPORT
$3,447,683 42% vs 2019 44% Q4 2020 vs Q4 2019 SALES VOLUME
$186.2M
750% vs 2019 1700% Q4 2020 vs Q4 2019
DAYS ON MARKET SALES BY SEGMENT <$1M | 4 $1M-2M | 16 $2M-3M | 11 $3M-5M | 11 $5M+ | 12
14
30%
20% 20%
7% 22%
103
32% vs 2019 53% Q4 2020 vs Q4 2019 UNITS SOLD
54
500% vs 2019 311% Q4 2020 vs Q4 2019
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Carmel Highlands, Big Sur & South Coast
2020 ANNUAL MARKET REPORT
Average vs Median Sales Price
Days on Market*
$6.5M
200
$5M
150
$3.5M
100
$2M
50
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4
Average
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 * DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$7.0M
30
$90M
$5.3M
$68M 20
$3.5M
$46M 10
$1.8M
$23M
Q1
Q2
2019
Q3
Q4
2020
Q1
Q2
2019
Q3
2020
Q4
Q1
Q2
2019 Average 2020 Average
Q3
Q4
2019 Median 2020 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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Courtney Adamski
Dave Howarth
Rebecca Wolf Arnold
Courtney Jones
Jeremy Barrett
Karen Katz
Carrie Baumgart
David Kent
Chris Baumgart
Lynn Knoop
Mark Baxter
Greg Kraft
Mary Bell
Steve LaVaute
Sarah Bouchier
Kean Matthams
Paul Brocchini
Sharon Matthams
Kris Butler
Kris McAulay
Peter Butler
Doug McKenzie
Christine Chin
Linda Miller
Susan Clark
Vicki & Bill Mitchell
Lisa Talley Dean
Shelly Mitchell Lynch
Kim DiBenedetto
Jamal Noorzoy
Elizabeth Dini
Judie Profeta
Mark Duchesne
Chris Pryor
Bobbie Ehrenpreis
Melanie Rolfe Rosen
Bill Faber
Mark Ryan
Maria Finkle
Connie Snowdon
Susan Freeland
Ed Stellingsma
Michelle Hammons
Judy Tollner
Christine Handel
Carla White
Malone Hodges
Rhonda Williams
Dolores South of Seventh ■ P.O. Drawer C ■ Carmel-by-the-Sea, California 93921 | 831.622.1000 ■ CarmelRealtyCompany.com
A C or n e r s t on e i n Lu x u ry R e a l E s tat e f or O v e r O n e Hu n dr e d Ye a r s