Annual Market Report 2021 - Kent Team

C A R M E L R E A LT Y C O M PA N Y | A N N U A L M A R K E T R E P O R T S N A P S H O T

Thérèse Kent

David Kent, CRS

therese@kent-team.com

david@kent-team.com

831.238.1186 DRE#01915769

831.238.0653

Hello Friends, 2021 was an exceptional year for real estate here on the Monterey Peninsula, as you will see as you review our 2021 Annual Report Snapshot. Our own Carmel Realty Company analysts and leading economists project vigorous sales demand going forward primarily due to a historically low inventory of homes available for sale, the sustained exodus from the Bay Area and elsewhere to our area and interest rates which remain historically low. This formula bodes well for a robust real estate market in 2022. Stay tuned.

When the time comes for you, your family, or friends to consider buying or selling, call The Kent Team.

Kent-Team.com | Experience Matters

DRE#00847665

C A R M E L - B Y-T H E - S E A

Market Update

23%

C

armel-by-the-Sea continued to experience an increase in home values as a result of very low inventory of homes available for sale. The average sales price reached an alltime high of $3.8M over the 4th quarter. There were only five listings remaining active at the end of the year. Sales volume in Carmel-bythe-Sea also climbed to a near record high of $182M in Q4 2021, a sizable increase of 54% over the previous quarter. Sales volume overall for 2021 beat out 2020 by 14%.

SALES BY SEGMENT

19%

<$1M | 0 $1M-2M | 9 $2M-3M | 10 $3M-5M | 18 $5M+ | 11

38%

21%

C A R M E L VA L L E Y

SALES BY SEGMENT

<$1M | 5 $1M-2M | 9 $2M-3M | 4 $3M-5M | 4 $5M+ | 0

Market Update

18% 18% 41%

23%

C

armel Valley sales activity increased at an incredible rate during 2021. The total number of sales for 2021 reached 299, an 18% increase over 2020 and 50% increase in the last two years. This larger number of sales combined with a 15% increase in average sale price, resulted in $551M in total sales volume during 2021.

Quarter 4 of 2021, showed a lower average sales price than Q3 due to only two $5M+ sales in the market, which is about half the number highpriced homes sold over the previous 3 quarters.

Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com

C A R M E L R E A LT Y C O M PA N Y | A N N U A L M A R K E T R E P O R T S N A P S H O T P E B B L E B E AC H

Market Update

P

33%

SALES BY SEGMENT

ebble Beach had a healthy sales volume this quarter selling 39 homes for $153M in value. This volume is 28% higher than the previous quarter but still 16% below 4th quarter of last year. For the year, sales volume of $665M represents a record year for Pebble Beach, 33% above 2020 which was on its own a record year as well.

The average sales price in Pebble Beach for the year was the highest on record at $4.3M, a 32% increase over 2020. Inventory is very tight in this market as well with just 18 homes currently listed for sale compared to 42 at this same time last year.

21%

8%

<$1M | 3 $1M-2M | 13 $2M-3M | 8 $3M-5M | 8 $5M+ | 7

18%

21%

PAC I F I C G R OV E

9% 9% 9%

SALES BY SEGMENT < $800k | 4 $800k - 1.2M | 16 $1.2M - 2M | 17 $2M - 3M | 4 $3M+ | 4

Market Update

P

acific Grove had another very strong quarter contributing to an unprecedented 2021. Sales volume hit a record $337M for the year climbing 39% between 2020 and 2021. Limited inventory and extremely high demand elevated prices to record highs in average sale price and median sale price. Average sale price rose 27% from under $1.2M in 2020 to over $1.5M in 2021.

Our internal data shows that 41% of the sales in this market in 2021 went for over asking price. As of December 31, 2021 there were only 6 properties on the market, down 80% from year-end 2020. With demand remaining high we expect continued upward pricing pressure and a multiple offer environment for at least the next few quarters.

38% 36%

MO N T E R E Y & D E L R E Y OA K S

6%

Market Update

T

he Monterey and Del Rey Oaks market has been active all year long. The 109 sales that took place in Q4 of this year contributed to the region having its strongest year on record with 412 sales in 2021. The total volume in the market hit a record high of $473M up 34% over the previous year, and the average sale price hit a record high in 2021 at $1.15M. In Q4 alone the average sale price was even higher at $1.22M as a result of more homes selling in $3M+ price range.

Demand was high and the pace of these sales was fast, with an average of only 26 days on the market per sale.

Inventory has started to dip, but the Monterey market remains healthy and primed for a great 2022.

SALES BY SEGMENT

23%

< $800k | 34 $800k - 1.2M | 36 $1.2M - 2M | 25 $2M - 3M | 7 $3M+ | 7

6% 31%

33%

Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com