2021 Q3 Market Report Snapshot - Kent Team

C A R M E L R E A LT Y C O M PA N Y | Q M A R K E T R E P O R T S N A P S H O T Hello Friends, The third quarter of 2021 has been a stellar quarter for Sellers here on the Monterey Peninsula, as you will see as you glance through our Q3 2021 Market Report Snapshot. Inventory of homes available for purchase remain significantly below Q3-2020 levels as evidenced by the 181 homes available at the end Q3-2021 vs. 298 available at the end of Q3-2020, and dramatically 507 homes available at the end of Q3-2019. The overall Average Sales Price is up 8.6% from last year.

Interest rates remain at historically low levels. If you are ready to take advantage of this market opportunity, give us a call or drop us a line to get the ball rolling. These are exciting times for all of us who love to live on the Monterey Peninsula.

Thérèse Kent

David Kent, CRS

therese@kent-team.com

david@kent-team.com

831.238.1186 DRE#01915769

Stay tuned.

831.238.0653

Kent-Team.com | Experience Matters

DRE#00847665

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

Market Update

12%

S

ales volume in Carmel-by-the-Sea has come off its record highs and is beginning to normalize after several record quarters. Both the number of units sold and total sales volume in Q3 were down close to 25% versus Q2 of this year. There were still 37 homes sold for $118M in volume which would rank as a very high quarter when compared to pre-COVID periods. Less inventory was clearly a key driver in the year over year reduction in sales. However, demand remains high in this market.

Our proprietary data shows that 29% of all home sales this quarter in Carmel-by-the-Sea have gone for over asking price.

9% SALES BY SEGMENT <$1M | 16 $1M-2M | 27 $2M-3M | 13 $3M-5M | 6 $5M+ | 5

19% 40%

SALES BY SEGMENT

2%

27%

<$1M | 1 $1M-2M | 15 $2M-3M | 14 $3M-5M | 13 $5M+ | 6

7%

31% 29%

C A R M E L VA L L E Y

Market Update

C 24%

armel Valley sales activity has remained extremely strong for the 5th straight quarter. The market has seen an increase in average sale price for 4 straight quarters. The average sale price for Q3 of this year exceeded $2M for the first time in the history of the market. The actual average price of $2,033,375 is up almost 10% over the previous quarter and up 25% from an already very strong Q3 of last year. At the end of this quarter there where only 35 homes for sale in Carmel Valley, which is down nearly 60% from the 82 homes that were for sale at this same time last year.

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 | Q 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

ebble Beach sales volume and the number of units sold have both decreased by approximately 40% over the previous quarter. Sales volume was down 42% and units sold was down 55% when compared to the record 3rd quarter of last year. However, it is important to note that decrease in sales volume and units is in comparison to market high numbers in Q3 of last year and Q2 of this year. Actual year-to-date volume in this market is very healthy. Total sales volume over the first 9 months of this year is $511M, which is more volume that any full year in the history of Pebble Beach. While inventory levels are low, demand remains high in this market. This is having a positive impact on the average sales price of $4.4M.

22%

SALES BY SEGMENT <$1M | 3 $1M-2M | 6 $2M-3M | 6 $3M-5M | 5 $5M+ | 7

5%

P

58%

acific Grove had another extraordinary quarter.

There were a total of 64 homes sold in the quarter which is the second highest number of sales in any recent quarter. Total sales volume for Q2 in Pacific Grove was $96M which is the highest sales volume in market history just slightly beating out Q3 of last year and 11% higher than Q2 of this year.

The average sale price is just over $1.5M which is the second time this year that it exceeded that level. Demand remains high in this market and there were 18 homes for sale at the end of the quarter which is less than 1 month of available inventory.

5% 5%

MONTEREY

Market Update

T

he Monterey and Del Rey Oaks market saw one of the strongest quarters of any area on The Peninsula.

Units sold and dollar volume have remained strong for 5 straight quarters. While most markets have seen a slowdown from Q2 of last year, Monterey has continued with a steady stream of sales. Sales volume for the quarter reached $123M, this is very close to the volume levels in Q3 of last year. Average sales price has held up strongly at $1.16M. At the end of this quarter there were 52 homes for sale which is more than the 46 available last quarter and just under the 55 in this same quarter last year. While inventory is tight in Monterey it is holding up better than most other markets on the Peninsula.

19%

Market Update

25%

<$1M | 16 $1M-2M | 37 $2M-3M | 8 $3M-5M | 3 $5M+ | 0

26%

PAC I F I C G R OV E

13%

SALES BY SEGMENT

11%

22%

SALES BY SEGMENT <$1M | 57 $1M-2M | 39 $2M-3M | 5 $3M-5M | 5 $5M+ | 0

37% 54%

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