CA R M E L R E A LT Y C O M PA N Y
Q1 2021 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 | DRE#01871627
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
Our Featured Listings
1470 Cypress Drive, Pebble Beach ■ $29.85M
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26141 Scenic Road, Carmel ■ $15.5M
243 Highway 1, Carmel Highlands ■ $9.7M
4 NE San Antonio & 4th, Carmel-by-the-Sea ■ $6.495M
100 Panetta Road, Carmel Valley ■ $3.495M
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q1 2021 MARKET REPORT
Our Significant Sales of Q1
3290 Macomber Drive, Pebble Beach ■ SP: $9.2M Represented Seller
2990 Red Wolf Drive, Carmel ■ SP: $5.25M Represented Buyer & Seller
8630 River Meadows Road, Carmel ■ SP: $4.9M Represented Seller
22 Sleepy Hollow, Carmel Valley ■ SP: $3.174M Represented Seller
3079 Forest Way, Pebble Beach ■ SP: $2.975M Represented 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
T
he Monterey Peninsula had a very strong first quarter in 2021. The total number of sales and total volume increased over the previous Q1 in almost all of the 9 markets we track. As reported in our 2020 annual report, last year was a very dynamic year. Q1 of last year started out strong, but by the middle of March, volume dramatically declined due to the initial COVID-19 shelter-in-place directive. April of 2020 became the slowest month we have experienced on the Monterey Peninsula in over a decade. By June and throughout the rest of the year, the market was setting record highs in units sold, total sales volume, and average selling price. The year ended with a very strong fourth quarter in 2020 and all indications were that demand would remain high into 2021. This demand has propelled us to achieve outstanding growth over Q1 of last year but does not reach the record levels met in Q4 of 2020. Record high sales in 2020 and in the first quarter of 2021 has caused more than a 50% decline in the total number of homes currently for sale on the Peninsula. This tight inventory has contributed to a healthy increase in average selling price in most markets. In early Q2 of 2021, we are still experiencing high demand in most markets. Many homes are experiencing multiple offers and when priced right, homes are selling at or above asking price. We believe this will continue throughout the rest of the year. While last year’s record volume will be hard to reach given our reduced inventory, we do expect a very healthy market through the end of the year. We hope you will find the attached quarterly report informative. As always, please be sure to contact us if there is anything we can do to help you, or your friends and family, with real estate plans in our marketplace.
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Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Table of Contents
Q1 2021 MARKET REPORT
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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C A R M E L - B Y-T H E - S E A
AVERAGE SELLING PRICE
Market Update
C
armel-by-the-Sea had a strong first quarter, with 35 homes selling for $91M in volume. Volume is up 11% over Q1 of 2020, but down 46% from Q4 of 2020. Listed homes for sale are down 50% from last year. With low inventory, homes are selling quickly, often at or above asking price. Because of the mix of homes sold, the average selling price shows a decrease over previous periods, however, that is a product of higher priced sales in 2020 and not an accurate indication of values.
SALES BY SEGMENT <$1M | 2 $1M-2M | 14 $2M-3M | 9 $3M-5M | 7 $5M+ | 3
6
20% 26%
$2,602,089 14% vs Q4 2020 5% vs Q1 2020 SALES VOLUME
$91.1M
46% vs Q4 2020 11% vs Q1 2020
9%
40%
6%
DAYS ON MARKET
19 47% vs Q4 2020 84% vs Q1 2020
UNITS SOLD
35
38% vs Q4 2020 17% vs Q1 2020 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
Q1 2021 MARKET REPORT
Average vs Median Sales Price
Days on Market*
$3.2M
120
$2.4M
90
$1.6M
60
$0.8M
30
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Average
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 * DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales by Quarter
Closed Sales Volume 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
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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G R E AT E R C A R M E L
AVERAGE SELLING PRICE
Market Update
C
armel experienced growth across the board in Q1 of 2021 vs Q1 of 2020. The number of units sold increased almost 40%, total volume increased 128% and average selling price increased by 64%. While that sale price was also a result of product mix, there is strong evidence of a healthy increase in home values in this market for the last 5 quarters. Inventory is very low with just 11 homes available at the end of Q1 of 2021, and this will support fast sales and strong pricing in the coming quarters.
SALES BY SEGMENT
<$1M | 4 $1M-2M | 12 $2M-3M | 4 $3M-5M | 3 $5M+ | 2
8
$2,334,278 5% vs Q4 2020 64% vs Q1 2020 SALES VOLUME
$58.4M
16% vs Q4 2020 128% vs Q1 2020
12% 8% 16% 16% 48%
DAYS ON MARKET
57 20% vs Q4 2020 39% vs Q1 2020
UNITS SOLD
25
19% vs Q4 2020 39% vs Q1 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Greater Carmel Average vs Median Sales Price
Days on Market*
$2.4M
100
$1.8M
75
$1.2M
50
$0.6M
25
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Average
Q1 2021 MARKET REPORT
The areas outside of Carmel-by-the Sea & Carmel Point
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 * DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales by Quarter
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
$70M
40
$2.4M
$53M
30
$1.8M
$35M
20
$18M
10
$1.2M
$0.6M
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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C A R M E L VA L L E Y
AVERAGE SELLING PRICE
Market Update
C
armel Valley experienced a significant increase in units sold and in total volume in Q1 of 2021 over Q1 of 2020. The 70 homes sold is 63% more than Q1 and only 10% less than a very busy Q4 of last year. Average selling price has reached an all-time high at almost $1.7M. This is impacted by a number of higher priced estate sales in The Preserve and across the valley over the last few quarters. Inventory is very low, and demand is strong going into Q2 of 2021.
10% vs Q4 2020 8% vs Q1 2020 SALES VOLUME
<$1M | 20 $1M-2M | 31 $2M-3M | 13 $3M-5M | 4 $5M+ | 2
10
$118.9M
1% vs Q4 2020 39% vs Q1 2020
6% 3% SALES BY SEGMENT
$1,698,419
DAYS ON MARKET
12% vs Q4 2020 53% vs Q1 2020
19% 29% 44%
51
UNITS SOLD
70
10% vs Q4 2020 63% vs Q1 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q1 2021 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
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Average
$160M
100
$120M
75
$80M
50
$40M
25
Q2
2020
Q3
Q4
2021
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
Q1
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
$1.9M
$1.4M
$1.0M
$0.5M
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
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P E B B L E B E AC H
AVERAGE SELLING PRICE
Market Update
W
hile all markets across the Peninsula grew, Pebble Beach experienced the highest in average selling price, units sold, and total sales volume compared to Q1 of 2020. Volume in the quarter reached $186M compared to only $30M in Q1 of last year. There were 11 homes sold over $5M in Q1 of 2021, vs 23 sold all of last year. Inventory is down to 31 homes for sale vs 71 last year. Several of the remaining listings are on the higher end, with a current average list price of over $10M.
SALES BY SEGMENT <$1M | 1 $1M-2M | 15 $2M-3M | 10 $3M-5M | 7 $5M+ | 11
12
25% 16% 23%
$4,229,252 29% vs Q4 2020 128% vs Q1 2020 SALES VOLUME
$186.1M
1% vs Q4 2020 527% vs Q1 2020
2%
34%
DAYS ON MARKET
40 25% vs Q4 2020 50% vs Q1 2020
UNITS SOLD
44
21% vs Q4 2020 175% vs Q1 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q1 2021 MARKET REPORT
Pebble Beach Average vs Median Sales Price
Days on Market*
$5.0M
110
$3.8M
82.5
$2.5M
55
$1.3M
27.5
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Average
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales by Quarter
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
$220M
60
$5.0M
$165M
45
$3.8M
$110M
30
$55M
15
$2.5M
$1.3M
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 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
AVERAGE SELLING PRICE
Market Update
V
olume in Carmel Highlands, Big Sur, and South Coast was healthy at almost $28M on 11 home sales. This represents a 52% increase over Q1 of 2020 and a 56% decrease from a busy Q4 last year. Average selling price has decreased as a result of more sales in the $1-2M range vs previous quarters. Inventory of homes for sale is down to 23 homes vs 39 at this same time last year. Demand remains strong which should produce a healthy market in the coming months.
SALES BY SEGMENT <$1M | 2 $1M-2M | 4 $2M-3M | 1 $3M-5M | 2 $5M+ | 2
14
$2,523,545 28% vs Q4 2020 45% vs Q1 2020 SALES VOLUME
$27.8M
56% vs Q4 2020 52% vs Q1 2020
DAYS ON MARKET
18% 18%
17% vs Q4 2020 36% vs Q1 2020
18%
9% 36%
104
UNITS SOLD
11
39% vs Q4 2020 175% vs Q1 2020 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
Q1 2021 MARKET REPORT
Average vs Median Sales Price
Days on Market*
$7.0M
170
$5.3M
127.5
$3.5M
85
$1.8M
42.5
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Average
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales by Quarter
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
$90M
30
$7.0M
$68M
22.5
$5.3M
$45M
15
$23M
7.5
$3.5M
$1.8M
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 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