CA R M E L R E A LT Y C O M PA N Y
Q2 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
3321 17 Mile Drive, Pebble Beach ■ $11.5M
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230 Highway 1, Carmel Highlands ■ $10.9M
SW Corner of Casanova & 11th, Carmel-by-the-Sea ■ $5.899M
1027 Ocean View, Pacific Grove ■ $5.75M
380 El Caminito, Carmel Valley ■ $2.225M
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q2 2021 MARKET REPORT
Our Significant Sales of Q2
3187 17 Mile Drive, Pebble Beach ■ SP: $10.7M Represented Seller
1 Sand and Sea, Carmel-by-the-Sea ■ SP: $9M Represented Seller
27 Tehama, Carmel ■ SP: $6.2M Represented Seller
24393 Portola, Carmel ■ SP: $3.225M Represented Seller
59431 Garrapatos Road, South Coast ■ SP: $1.999M 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
M
arket demand for houses across The Peninsula remained very strong in the second quarter of 2021. Current indications are that the 2021 calendar year volume levels will stay at exceedingly high levels. There were 477 sales in the nine markets we cover across The Peninsula representing a total volume of $932M in sales. This volume level is well ahead of Q1, 2021 and nearly three times the volume recorded in Q2 of last year. There are two important facts to note in this quarter’s results. First, the year over year comparisons look extraordinary because we are comparing a very healthy Q2 of 2021 against the Covid impacted Q2 of 2020. Last April and May, sales activity was severely impacted by Covid health and regulatory restrictions. Second, this last quarter proved that the level of out-of-market demand has remained very high. Sales levels in Q2, 2021 are for the most part up from last quarter and only modestly behind Q3 and Q4 of last year, when we experienced record breaking quarters in nearly every market across The Peninsula. Another current driver in the market is the extremely low inventory of homes for sale. This recent quarter ended with 233 listed properties across all nine markets we track, compared to 454 at this same time last year. With inventory down almost 50% and demand remaining high, we are seeing measurable increases in home values. The market has also been experiencing multiple offers on a large percentage of new listings. This is a new phenomenon for our market and has added a level of complexity for both the buying and selling side. While each scenario is unique, we are just now getting helpful data to inform decisions based on location, price, demand, and other factors. 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
Q2 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 very strong second quarter of 2021 with 49 properties changing hands and total market volume of $160M. The number of sales is up 172% over the Covid impacted second quarter of 2020 and is also up 40% over a healthy Q1 of 2021. Total volume is also well ahead of Q2 last year and Q1 of 2021. The average sale price of $3,266,057 is at an all-time high in Q2 of 2021. This is a product of increased prices due to strong demand and low inventory but is also driven a mix of higher priced homes selling in the quarter.
SALES BY SEGMENT <$1M | 1 $1M-2M | 15 $2M-3M | 14 $3M-5M | 13 $5M+ | 6
6
$3,266,057 25.5% vs Q1 2021 57.1% vs Q2 2020 SALES VOLUME
$160M
76% vs Q1 2021 328% vs Q2 2020
12%
2%
DAYS ON MARKET
100% vs Q1 2021 7% vs Q2 2020
27% 31% 29%
38
UNITS SOLD
49
40% vs Q1 2021 172% vs Q2 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
Q2 2021 MARKET REPORT
Average vs Median Sales Price
Days on Market*
$3.4M
50
$2.6M
37.5
$1.7M
25
$0.9M
12.5
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Average
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales by Quarter
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
$200M
80
$3.4M
$150M
60
$2.6M
$100M
40
$50M
20
$1.7M
$0.9M
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 a healthy Q2 with 28 home sales and just under $57M in total sales volume. That sales volume is well ahead of the same quarter last year and very close to the volume in Q1 of this year. Average sale price in the area has declined but this is a product fewer high priced homes trading in the quarter. Overall demand remains high and with only 17 homes on the market at the end of the quarter, we are continuing to see an increase in home values.
12.9% vs Q1 2021 52% vs Q2 2020 SALES VOLUME
<$1M | 7 $1M-2M | 10 $2M-3M | 7 $3M-5M | 3 $5M+ | 1
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$56.9M
2% vs Q1 2021 228% vs Q2 2020
4% SALES BY SEGMENT
$2,034,134
DAYS ON MARKET
11% 25% 36%
31 46% vs Q1 2021 55% vs Q2 2020
25% UNITS SOLD
28
12% vs Q1 2021 115% vs Q2 2020 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
80
$1.8M
60
$1.2M
40
$0.6M
20
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Average
Q2 2021 MARKET REPORT
The areas outside of Carmel-by-the Sea & Carmel Point
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 * DOM count was suspended March 17th - May 16th, 2020 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 has now recorded 4 quarters of very healthy sales volume. A total of 330 homes have sold in the market in the trailing 12 months. This is well ahead of annual sales record for the area. 2020 saw an annual record sales level of 253 home sales. There were 87 sales in Q2 contributing to a record quarterly volume level of $161M. This is a very positive statement demonstrating the strength of the Carmel Valley Market even with inventory levels down considerably.
9% SALES BY SEGMENT <$1M | 22 $1M-2M | 38 $2M-3M | 14 $3M-5M | 8 $5M+ | 5
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$1,858,162 9.4% vs Q1 2021 41.7% vs Q2 2020 SALES VOLUME
$161.6M
39% vs Q1 2021 252% vs Q2 2020
6%
DAYS ON MARKET
14% vs Q1 2021 2% vs Q2 2020
16% 25% 44%
58
UNITS SOLD
87
26% vs Q1 2021 142% vs Q2 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q2 2021 MARKET REPORT
Carmel Valley
Days on Market*
Average vs Median Sales Price $1.9M
60
$1.4M
55
$1.0M
50
$0.5M
45
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Average
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 * DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales by Quarter
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
$180M
100
$1.9M
$135M
75
$1.4M
$90M
50
$45M
25
$1.0M
$0.5M
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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P E B B L E B E AC H
AVERAGE SELLING PRICE
Market Update
P
ebble Beach had another very strong quarter with 44 home sales and total volume of $205M. This is the exact same number of sales as Q1 but with more higher priced homes trading total sales dollar volume increased in Q2 over Q1 by approximately 10%. Average sale price trading hit a new high at $4,672,897. This is a result of 25 homes over $3M trading in the quarter, 16 of which were over $5M as well. With several new higher priced homes in escrow at the beginning of Q3, we expect the strength in this market to continue.
SALES BY SEGMENT <$1M | 8 $1M-2M | 9 $2M-3M | 2 $3M-5M | 9 $5M+ | 16
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20% 18%
$4,672,897 10% vs Q1 2021 23.5% vs Q2 2020 SALES VOLUME
$205.6M
10% vs Q1 2021 172% vs Q2 2020
5%
DAYS ON MARKET
25% vs Q1 2021 52% vs Q2 2020
20% 36%
50
UNITS SOLD
44 no change vs Q1 2021
120% vs Q2 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q2 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
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Average
* DOM count was suspended March 17th - May 16th, 2020 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
F
or the 10 years leading up to Covid (2020), The Carmel Highlands Market averaged 13.7 home sales per year. Last year that number increased to 54 for the year 2020. This quarter there were 15 transactions, more in a single quarter than we averaged for the 10 years prior to Covid. This confirmed the recent surge we are seeing in demand for this beautiful community. Total sales volume of $63M is second highest quarterly volume behind Q3 of last year. Average sale price is strong at $4.2M and inventory levels are a bit stronger than other markets with 24 homes currently listed.
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69.5% vs Q1 2021 19% vs Q2 2020 SALES VOLUME
$63.5M
111.9% vs Q1 2021 143% vs Q2 2020
DAYS ON MARKET
7% 27%
20% 13%
132 32% vs Q1 2021 2% vs Q2 2020
33%
SALES BY SEGMENT <$1M | 3 $1M-2M | 2 $2M-3M | 4 $3M-5M | 1 $5M+ | 5
$4,239,412
UNITS SOLD
15
25% vs Q1 2021 200% vs Q2 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
Q2 2021 MARKET REPORT
Average vs Median Sales Price
Days on Market*
$7.0M
140
$5.3M
105
$3.5M
70
$1.8M
35
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Average
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 * DOM count was suspended March 17th - May 16th, 2020 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
Courtney Jones
Geoff Arnold
Karen Katz
Rebecca Wolf Arnold
David Kent
Jeremy Barrett
Lynn Knoop
Carrie Baumgart
Greg Kraft
Chris Baumgart
Steve LaVaute
Mary Bell
Kean Matthams
Sarah Bouchier
Sharon Matthams
Paul Brocchini
Kris McAulay
Kris Butler
Doug McKenzie
Peter Butler
Linda Miller
Christine Chin
Bill Mitchell
Susan Clark
Vicki 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
Brett Wilbur
Dave Howarth
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