2020 Monterey Peninsula Sales

2020 ANNUAL MARKET REPORT

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

Carmel-by-the-Sea, Carmel Point Greater Carmel Carmel Valley Pebble Beach Carmel Highlands, Big Sur & South Coast Monterey PaciďŹ c Grove Seaside Marina

2020 ANNUAL MARKET REPORT

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

Happy New Year!

2020 was a year of challenges and unexpected events, and this theme certainly rang true for the housing market here on the Monterey Peninsula.

As people re-evaluate where and how they spend their time, the qualities of life here have become even more attractive: lower density living, the parks, trees, beaches, our community, neighbors and friends.

These qualities, and their appeal, are reflected in the market statistics for 2020.

In the communities of the Monterey Peninsula; • Sales increased to $2.6B, up 41%, • The number of total sales increased to 1,620, up 15% • The average sales price increased to $1.6M, up 22% • Days on market decreased to 51 days, down 28% • Available inventory at year-end decreased to 255, down 41% The data above only reflects properties sold through the MLS. Our brokerage sold an additional $150M in residential sales not included in the MLS. Inventory will continue to be limited into 2021 as many property owners who might have otherwise sold elect to keep their homes for the time being. And, demand will remain high as buyers relocate to the peninsula full-time or to purchase second homes here.

Malone and I work with the 82 full-time realtors across Carmel Realty and Monterey Coast Realty to make sure our clients have access to available properties on and off the MLS. We also collaborate with those same agents to ensure they and their clients are aware of the properties we represent and are available for sale.

We want to thank you again for the trust and relationships we have continued to build. In 2020, we represented 30 clients in over $55M of sales. We expect 2021 to be equally busy with equal opportunities for our clients as demand remains high and inventory low.

Please let us know if you would like to connect and discuss the data in more depth, have questions about the market, or would like to discuss strategies for 2021.

Malone Hodges

Devon Meeker Devon Meeker The Malone Hodges Team DRE#02074131

2

Mike Proto-Robinson

2020 ANNUAL MARKET REPORT

My 2020 Significant Sales

30590 Aurora del Mar, Carmel • LP: $7,200,000 • Represented Seller

Santa Lucia & Casanova Carmel-by-the-Sea LP: $2,175,000 • Represented Seller

Santa Fe & 6th, Carmel-by-the-Sea LP: $1,750,000 Represented Buyer

3528 Mesa Court, Carmel LP: $1,595,000 Represented Buyer

3466 Trevis Way, Carmel LP: $1,198,000 Represented Buyer

12724 Sundance Lane, Carmel Valley LP: $1,095,000 Represented Buyer

930 Petra Lane, Pacific Grove LP: $895,000 Represented Buyer

3

2020 ANNUAL MARKET REPORT

Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

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-athome 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.

4

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 MONTEREY .................................................. 16 PACIFIC GROVE ........................................... 18 SEASIDE .......................................................20 MARINA ........................................................ 22

5

2020 ANNUAL MARKET REPORT

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

C A R M E L - BY-T H E - S E A M A R K E T U P D AT E

SALES BY SEGMENT

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 signiďŹ cant 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.

<$1M | 6 $1M-2M | 70 $2M-3M | 48 $3M-5M | 40 $5M+ | 15

39%

$2,703,647

27%

AV E R AG E S E L L I N G P R I C E

24% vs 2019 33% Q4 2020 vs Q4 2019

8%

22%

$484M

179

56

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

51% vs 2019 113%

Q4 2020 vs Q4 2019 6

3%

22% vs 2019 60%

Q4 2020 vs Q4 2019

26% vs 2019 54%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Carmel-by-the-Sea, Carmel Point Days on Market*

Average vs Median Sales Price

$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

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$200M

80

$3.2M

$150M

60

$2.4M

$100M

40

$50M

20

Q1

Q2

2019

Q3

Q4

2020

$1.6M

$0.8M

Q1

Q1

Q2

2019

Q3

Q4

2020

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

7

2020 ANNUAL MARKET REPORT

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

G R E AT E R C A R M E L M A R K E T U P D AT E

SALES BY SEGMENT

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.

$1,796,751

<$1M | 20 $1M-2M | 53 $2M-3M | 18 $3M-5M | 8 $5M+ | 2

52% 20%

AV E R AG E S E L L I N G P R I C E

22% vs 2019 51% Q4 2020 vs Q4 2019

8%

18%

$181.5M

101

62

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

59% vs 2019 113%

Q4 2020 vs Q4 2019 8

2%

31% vs 2019 41%

Q4 2020 vs Q4 2019

21% vs 2019 8%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Greater Carmel

The areas outside of Carmel-by-the Sea & Carmel Point

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

2019 Q4

2020 Q1 2020 Q2 2020 Q3 2020 Q4

* DOM count was suspended March 17th - May 16th due to COVID-19

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume 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

9

2020 ANNUAL MARKET REPORT

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C A R M E L VA L L E Y M A R K E T U P D AT E

SALES BY SEGMENT

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 27% increase in the number of transactions.

The Average Sales Price in Carmel Valley also increased by 26% 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.

$1,606,034

<$1M | 103 $1M-2M | 96 $2M-3M | 27 $3M-5M | 21 $5M+ | 6

41% 38%

AV E R AG E S E L L I N G P R I C E

26% vs 2019 1% Q4 2020 vs Q4 2019

$406.3M

253

65

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

22% vs 2019 34%

Q4 2020 vs Q4 2019 10

2% 8% 11%

27% vs 2019 32%

Q4 2020 vs Q4 2019

29% vs 2019 44%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Carmel Valley Days on Market*

Average vs Median Sales Price

$1.9M

110

$1.4M

82.5

$1.0M

55

$0.5M

27.5

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

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$160M

100

$2.0M

$120M

75

$1.5M

$81M

50

$41M

25

Q1

Q2

2019

Q3

Q4

2020

$1.0M

$0.5M

Q1

Q1

Q2

2019

Q3

Q4

2020

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

11

2020 ANNUAL MARKET REPORT

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P E B B L E B E AC H M A R K E T U P D AT E

SALES BY SEGMENT

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 oďŹ&#x20AC; 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.

<$1M | 12 $1M-2M | 63 $2M-3M | 27 $3M-5M | 28 $5M+ | 23

41%

$3,258,250 8%

AV E R AG E S E L L I N G P R I C E

4% vs 2019 10% Q4 2020 vs Q4 2019

15%

18%

$498.5M

153

73

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

22% vs 2019 41%

Q4 2020 vs Q4 2019 12

18%

17% vs 2019 56%

Q4 2020 vs Q4 2019

34% vs 2019 59%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Pebble Beach Days on Market*

Average vs Median Sales Price

150

$4M

120 $3M

90 $2M

60

$1M

30

2019 Q4

2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average

2019 Q4

* DOM count was suspended March 17th - May 16th due to COVID-19

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$4M

60

$220M

2020 Q1 2020 Q2 2020 Q3 2020 Q4

$3M

$165M

40

$2M

$111M

20

$1M

$56M

Q1

Q2

2019

Q3

Q4

2020

Q1

Q2

2019

Q3

Q4

2020

Q1

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

13

2020 ANNUAL MARKET REPORT

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C A R M E L H I G H L A N D S M A R K E T U P D AT E

SALES BY SEGMENT

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.

30%

$3,447,683

20%

7%

AV E R AG E S E L L I N G P R I C E

42% vs 2019 44% Q4 2020 vs Q4 2019

20% 22%

$186.2M

54

103

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

750% vs 2019 904%

Q4 2020 vs Q4 2019 14

<$1M | 4 $1M-2M | 16 $2M-3M | 11 $3M-5M | 11 $5M+ | 12

500% vs 2019 1700%

Q4 2020 vs Q4 2019

32% vs 2019 53%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Carmel Highlands Big Sur & South Coast Days on Market*

Average vs Median Sales Price

$6.5M

200

$5M

150

$3.5M

100

$2M

50

2019 Q4

2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average

2019 Q4

* DOM count was suspended March 17th - May 16th due to COVID-19

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

30

$90M

2020 Q1 2020 Q2 2020 Q3 2020 Q4

$7M

$5.25M

$68M 20

$3.5M

$46M

10 $1.75M

$23M

Q1

Q1

Q2

2019

Q3

2020

Q4

Q1

Q2

2019

Q3

2020

Q4

Q2

2019 Average 2020 Average

Q3

Q4

2019 Median 2020 Median

15

2020 ANNUAL MARKET REPORT

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

M O N T E R E Y M A R K E T U P D AT E

SALES BY SEGMENT

T

otal Sales Volume in Monterey reached a record $334M in 2020. This represents a 30% increase over total volume in 2019. The number of Units Sold in Monterey increased by 8% up to 301 homes and the Average Sales Price increased a healthy 20% year over year. Due to the strong demand for homes on the Monterey Peninsula, the Number of Days on Market decreased by 40% and the total number of available homes for sale decreased by 33% compared to 2019.

<$1M | 193 $1M-2M | 78 $2M-3M | 19 $3M-5M | 8 $5M+ | 3

64%

$1,109,133 AV E R AG E S E L L I N G P R I C E

20% vs 2019 42% Q4 2020 vs Q4 2019

26%

$333.8M

301

44

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

30% vs 2019 107%

Q4 2020 vs Q4 2019 16

6% 1% 3%

8% vs 2019 46%

Q4 2020 vs Q4 2019

40% vs 2019 65%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Monterey Days on Market*

Average vs Median Sales Price

80

$1.5M

60 $1M

40

$0.5M

20

2019 Q4

2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average

2019 Q4

* DOM count was suspended March 17th - May 16th due to COVID-19

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

110

$130M

2020 Q1 2020 Q2 2020 Q3 2020 Q4

$1.5M

88 $98M $1M

66 $66M

44

$0.5M

$33M

22

Q1

Q2

2019

Q3

Q4

2020

Q1

Q1

Q2

2019

Q3

Q4

2020

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

17

2020 ANNUAL MARKET REPORT

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PAC I F I C G R O V E M A R K E T U P D AT E

SALES BY SEGMENT

L

ike a number of other markets on the Peninsula, PaciďŹ c Grove recorded a record year in total sales volume with $243M in sales. There were 205 sales in the year, up 16% from the previous year and the Average Sales Price increased by 5.5%. The $2-3M range saw the most growth with 16 Units Sold compared to 9 Units Sold in 2019. Inventory remains tight with just 27 home available for sale at the end of 2020, down 37% from the previous year.

<$1M | 107 $1M-2M | 80 $2M-3M | 16 $3M-5M | 2 $5M+ | 0

52%

$1,185,961 AV E R AG E S E L L I N G P R I C E

5% vs 2019 8% Q4 2020 vs Q4 2019

39%

$243.1M

205

41

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

22% vs 2019 42%

Q4 2020 vs Q4 2019 18

1%

8%

16% vs 2019 31%

Q4 2020 vs Q4 2019

34% vs 2019 29%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

PaciďŹ c Grove Days on Market*

Average vs Median Sales Price

70

$1.5M

56 $1M

42

28 $0.5M

14

2020 Q1

2020 Q2

2020 Q3

Average

2020 Q4

2019 Q4

2020 Q1 2020 Q2 2020 Q3 2020 Q4

* DOM count was suspended March 17th - May 16th due to COVID-19

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$100M

80

$75M

60

$1.5M

$1M

40

$51M

$0.5M

$26M

20

Q1

Q2

2019

Q3

Q4

2020

Q1

Q1

Q2

2019

Q3

Q4

2020

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

19

2020 ANNUAL MARKET REPORT

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S E A S I D E M A R K E T U P D AT E

SALES BY SEGMENT

S

easide was an outlier in 2020 in regard to market results. It was the only market to realize a decrease in the number of homes sold, with 146 homes sold, down 21% over 2019 sales.

Total Sales Volume also decreased year over year from $103M in 2019 to $88M in 2020. We believe this decline in volume is a result of tighter inventory, down some 45% over 2019, and increasing Average Sales Prices that were up 8.5% year over year. At the end of 2020 there were only 11 homes for sale in Seaside.

< $400 | 8 $400 - 600 | 70 $600 - 800 | 55 $800 - 1,000 | 11 $1M+ | 2

48%

$609,178 AV E R AG E S E L L I N G P R I C E

8% vs 2019 7% Q4 2020 vs Q4 2019

$88.9M

146

26

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

14% vs 2019 16%

Q4 2020 vs Q4 2019 20

5% 1% 8%

38%

21% vs 2019 22%

Q4 2020 vs Q4 2019

38% vs 2019 27%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Seaside Days on Market*

Average vs Median Sales Price

$700K

50

$650K

37.5

$600K

25

$550K

12.5

2019 Q4

2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average

2019 Q4

* DOM count was suspended March 17th - May 16th due to COVID-19

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

60

$35M

2020 Q1 2020 Q2 2020 Q3 2020 Q4

$700K

$625K

$26M 40

$550K

$18M

20 $475K

$9M

$400K

Q1

Q2

2019

Q3

Q4

2020

Q1

Q2

2019

Q3

Q4

2020

Q1

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

21

2020 ANNUAL MARKET REPORT

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M A R I N A M A R K E T U P D AT E

SALES BY SEGMENT

M

arina has shown strong growth quarter over quarter and year over year. Total Sales Volume in 2020 reached a record $154M, up 26% from the previous year. The number of Units Sold increased 19% to 224. The Average Sales Price increased by nearly 6% to $690K. Inventory is especially tight in the Marina market with just 5 active listings as of the end of 2020 compared to 35 available for sale at the same time last year.

<$400k | 8 $400k - 600k | 42 $600k - 800k | 128 $800k - 1M | 39 $1M+ | 7

$690,653

57%

19%

AV E R AG E S E L L I N G P R I C E

6% vs 2019 8% Q4 2020 vs Q4 2019

17%

$154.7M

224

30

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T *

26% vs 2019 50%

Q4 2020 vs Q4 2019 22

4%

3%

19% vs 2019 39%

Q4 2020 vs Q4 2019

32% vs 2019 32%

Q4 2020 vs Q4 2019

2020 ANNUAL MARKET REPORT

Marina Days on Market*

Average vs Median Sales Price

45

$800K

36 $750K

27 $700K

18

$650K

9

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

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$70M

100

$800K

$53M

75

$725K

$36M

50

$18M

25

$650K

$575K

$500K

Q1

Q2

2019

Q3

Q4

2020

Q1

Q2

2019

Q3

Q4

2020

Q1

Q2

2019 Average 2020 Average

Q3

Q4 2019 Median 2020 Median

23

2020 ANNUAL MARKET REPORT

Results Driven Experts

Devon Meeker 650.759.4193 devon@malonehodges.com DRE#02074131