Dunes Team 2019 Annual Market Report

2019 MARKET REPORT

Carmelby-the-Sea, Carmel Point Greater Carmel Carmel Valley Pebble Beach Carmel Highlands, Big Sur & South Coast Monterey Pacific Grove Seaside Marina 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

2019 MARKET REPORT

Our Significant Sales of 2019 26206 Mesa Drive, Carmel • Represented Seller

410 Laurel Lane, Salinas • Represented Buyer & Seller

831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea 2822 Raccoon Trail, Pebble Beach • Represented Buyer & Seller

2019 MARKET REPORT

Table of Contents Carmel-by-the-Sea, Carmel Point ��������������������������������������� 4 Carmel, Carmel-by-the-Sea ������������������������������ 6 Carmel Valley �������������������������������������� 8 Pebble Beach �������������������������������������� 10 Carmel Highlands, Big Sur & South Coast ������������������������� 12 Monterey ������������������������������������������� 14 Pacific Grove �������������������������������������� 16 Seaside ���������������������������������������������� 18 831.624.2300 montereycoastrealty.com

Marina ����������������������������������������������20

Dolores and Seventh Carmel-by-the-Sea

3

2019 MARKET REPORT

Carmelby-the-Sea, Carmel Point

$2,185,783 Average Selling Price

6.9%

vs 2018

147 Units Sold

11%

vs 2018

$321M Sales Volume

3% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2018

76 Days on Market

About Carmel-by-the-Sea

C

armel-by-the-Sea and Carmel Point performed quite well throughout 2019.

While most of our other markets experienced more volatility in units sold and pricing quarter by quarter, Carmel was steady all year. The total number of sales went up 11% while the average sales price decreased by 7% and total sales volume increased 3%. There was particular strength in the number of transactions in the $1-2M range of the market but the rest of the price ranges performed as well.

2019 Sales by Segment

5% 10% 11%

45%

29%

<$1M | 15 1M-2M | 66 2M-3M | 43 3M-5M | 16 5M+ | 7

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$2.75M

$2M

Average vs Median Sales Price

$2.5M

$1.25M

Carmelby-the-Sea, Carmel Point

$2M Q1

Q2 2018 2019

$1.5M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

40

30

2015

2016

2017

Average Sale Price

2018

2019

Median Sale Price

20

10

Days on Market 100 Q1

Q2

Q3

2018

75

Q4 2019

Closed Sales Volumeâ&#x20AC;¨

by Quarter

$100M

50

$75M

$50M

831.624.2300 montereycoastrealty.com

25

Dolores and Seventh Carmel-by-the-Sea

$25M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

5

2019 MARKET REPORT

Greater Carmel

$1,478,214 Average Selling Price

3.9%

vs 2018

77 Units Sold

14%

vs 2018

About Greater Carmel

G

reater Carmel is considered neighborhoods of Carmel that fall outside of Carmel-by-the-Sea proper and Carmel Point. These neighborhoods experienced a slow start to the year. Poor weather and macroeconomic factors caused a major reduction in sales units and overall volume in the first several months of 2019. A strong second half made up significant ground in sales and volume. Final numbers show average sale price down 4%, unit sales down 14% and total volume off year over year by 18%.

2019 Sales by Segment

$113M Sales Volume

18% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2018

78 Days on Market

1% 4%

42%

14% 39%

<$1M | 32 1M-2M | 30 2M-3M | 11 3M-5M | 3 5M+ | 1

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$1.75M

$1.5M

Average vs Median Sales Price

$2M $1.25M

Greater Carmel

$1M

$1.5M

Q1

Q2 2018 2019

$1M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

30

$0.5M

20

2015

2016

2017

Average Sale Price

2018

2019

Median Sale Price 10

Days on Market 90 Q1

Q2

Q3

2018

Q4 2019

Closed Sales Volumeâ&#x20AC;¨

by Quarter

60

$50M

$38M

30

$25M

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

$13M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

7

2019 MARKET REPORT

Carmel Valley

$1,272,659 Average Selling Price

4%

vs 2018

200 Units Sold

7%

vs 2018

$254M

About Carmel Valley

C

armel Valley had a very strong Q4.

There was almost four times the sales volume in Q4 compared to Q1 of this year. The sales volume was only down 3% compared to the Carmel area being down by 18%. The average sales price is also up quarter over quarter bringing it to just over $1.3M for the year. The major support comes from the sales growth of homes under $2M. 2019 Sales by Segment

1% 6% 7%

54%

Sales Volume

3% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2018

92 Days on Market

33%

<$1M | 108 1M-2M | 65 2M-3M | 13 3M-5M | 12 5M+ | 2

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$1.6M

$1.2M

Average vs Median Sales Price

$1.5M

Carmel Valley

$0.8M

$0.4M

$1.25M

Q1

Q2

2018 2019

$1M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

80

$0.75M

64

2015

2016

2017

Average Sale Price

2018

2019

48

Median Sale Price 32

16

Days on Market 100 Q1

Q2

Q3

2018

75

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

$100M

50

$78M

$55M

831.624.2300 montereycoastrealty.com

25 $33M

Dolores and Seventh Carmel-by-the-Sea

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

9

2019 MARKET REPORT

Pebble Beach

$3,125,404 Average Selling Price

13%

vs 2018

131 Units Sold

4%

vs 2018

$409M Sales Volume

8% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2018

131 Days on Market

About Pebble Beach

A

fter a slow start in Q1, Pebble Beach had a strong year in 2019. The purchase of second homes in Pebble Beach is mostly discretionary. With government shutdown, trade and stock market issues in Q1 buyers waited for things to settle down. Volume picked up after Q1 and total sales dollars in Q4 almost tripled Q1. Results were impacted by a strength at the high price points with 3 transactions over $20M closing in Q4. These sales also helped drive average sale price up by 13% year over year.

2019 Sales by Segment

6%

9% 49%

16% 20%

<$1M | 11 $1M-2M | 60 $2M-3M | 25 $3M-5M | 19 $5M+ | 7

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$4.25M

$3.25M

Average vs Median Sales Price

$3.2M $2.25M

Pebble Beach

$1.25M

$2.65M

Q1

Q2

2018 2019

$2.1M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

50

$1.55M

40

2015

2016

2017

Average Sale Price

2018

2019

30

Median Sale Price 20

10

Days on Market 120 Q1

Q2

Q3

2018

90

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

$150M

60

$120M

$90M

831.624.2300 montereycoastrealty.com

30

Dolores and Seventh Carmel-by-the-Sea

$60M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

11

2019 MARKET REPORT

Carmel Highlands Big Sur & South Coast

$2,431,778 Average Selling Price

17%

vs 2018

18 Units Sold

50%

vs 2018

$21.8M Sales Volume

59% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

About Carmel Highlands

T

he Big Sur, South Coast, Carmel Highlands market typically does not have enough transaction volume for data to be predictive. This year there were 9 sales in this area compared to 18 the 2018. Inclement weather and heavy rains increasingly impact sales in this region. The second half of the year was much more active than the ďŹ rst half. With a number of strong oceanfront and ocean view listings, we expect 2020 to be healthy year.

2019 Sales by Segment

11%

67%

22% vs 2018

151 Days on Market

<$1M | 0 $1M-2M | 6 $2M-3M | 2 $3M-5M | 0 $5M+ | 1

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$7M

$5.25M

Average vs Median Sales Price

$3.5M $3.5M

Carmel Highlands Big Sur & South Coast

$1.75M

$2.75M

Q1

Q2

2018 2019

$2M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

8

$1.25M

6

2015

2016

2017

Average Sale Price

2018

2019

Median Sale Price

4

2

Days on Market 260 Q1

Q2

Q3

Q4

2018

195

2019

Closed Sales Volume â&#x20AC;¨

by Quarter

$30M

130

$23M

$15M

831.624.2300 montereycoastrealty.com

65

Dolores and Seventh Carmel-by-the-Sea

$8M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

13

2019 MARKET REPORT

Monterey

$920,030 Average Selling Price

2%

vs 2018

279 Units Sold

6%

vs 2018

About Monterey

M

onterey is a strong market having experienced 5 years of year over year appreciation in average sale price. The average sales price in 2019 was up 2% to $920,030.

With over 77% of sales last year falling in the under $1M range local and second home buyers ďŹ nd this entry point more palatable.

With demand remaining relatively high in this market, the increase in average sale price is a positive indicator given the number of units and total sales volume in the market both declined slightly.

2019 Sales by Segment

$256M Sales Volume

4% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

3% 4% 16%

77%

vs 2018

73 Days on Market

<$1M | 215 $1M-2M | 46 $2M-3M | 11 $3M-5M | 7 $5M+ | 0

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$1.25M

$1M

Average vs Median Sales Price

$1M $0.75M

$0.5M

Monterey $0.75M

Q1

Q2

2018 2019

$0.5M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

100

80

2015

2016

2017

Average Sale Price

2018

2019

Median Sale Price

60

40

Days on Market 75 Q1

Q2

Q3

2018

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

50

$80M

$70M

25

$60M

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

$50M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

15

2019 MARKET REPORT

Pacific Grove

$1,124,259 Average Selling Price

7%

vs 2018

177 Units Sold

7%

vs 2018

$198M

About Pacific Grove

P

acific Grove continues to be a very strong market on the Peninsula. The natural setting and amenities make the market highly desirable, and the average sale price makes purchasing more affordable than other markets in the region. Sales volume was up 14% and average sales price was up 7% in 2019 in Pacific Grove. Each year since 2011, the average sales price has increased in this market and has almost doubled over that 9-year period.

2019 Sales by Segment

1% 5%

53%

Sales Volume

14% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2018

62 Days on Market

41%

<$1M | 93 1M-2M | 73 2M-3M | 9 3M-5M | 2 5M+ | 0

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$1.25M

Average vs Median Sales Price

$1M

$1.25M

$0.75M

Pacific Grove

$1M

Q1

Q2

2018 2019

$0.75M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

60

$0.5M

40

2015

2016

2017

Average Sale Price

2018

2019

Median Sale Price 20

Days on Market 75 Q1

Q2

Q3

2018

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

50

$60M

$50M

25

$40M

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

$30M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

17

2019 MARKET REPORT

Seaside

$561,715 Average Selling Price

1%

vs 2018

185 Units Sold

1%

vs 2018

$103M Sales Volume

2% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

About Seaside

A

ctivity in Seaside, like most areas on the Peninsula, started out the year slow and built throughout the year. Seaside was balanced year over year with minor growth in average sales price, number of units sold and total sales volume. The market remains attractive to local, regional and out of town buyers because of more approachable price points. 64% of the units sold in Seaside in 2019 were in the $400-600k range while 16 sales exceed $800K. 2019 Sales by Segment

1%

7% 8%

21%

64%

vs 2018

42 Days on Market

< $400k | 13 $400 - 600k | 118 $600 - 800k | 38 $800 - 1M | 15 $1M-2M | 1

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$0.6M

$0.5M

Average vs Median Sales Price

$0.75M

$0.4M

Seaside $0.5M Q1

Q2

2018 2019

$0.25M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

60

45

2015

2016

2017

Average Sale Price

2018

2019

Median Sale Price 30

Days on Market 42 Q1

Q2

Q3

2018

31.5

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

$40M

$35M

21

$30M

831.624.2300 montereycoastrealty.com

$25M

10.5

Dolores and Seventh Carmel-by-the-Sea

$20M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

19

2019 MARKET REPORT

Marina

$652,259 Average Selling Price

8%

vs 2018

188 Units Sold

6%

vs 2018

$122M

About Marina

M

arina is very strong market on the Peninsula. The demand remains high across the entire market and is positively driven by growth and new amenities in the ďŹ&#x201A;ourishing communities, such as East Garrison, The Dunes, and Sea Heaven. This market, like Monterey, PG and Seaside, is a very attractive entry point for local and regional buyers. Last year average sale prices in Marina increased 8% over 2018.

This was the 8th consecutive year over year increase in average sale price in this market.

2019 Sales by Segment

2%

5%

28%

12%

Sales Volume

1% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

vs 2018

44 Days on Market

54%

<$400 | 9 $400 - 600 | 53 $600 - 800 | 101 $800 - 1,000 | 22 $1M+ | 3

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$0.75M

Average vs Median Sales Price

$0.7M $0.5M

Marina $0.6M Q1

Q2

2018 2019

$0.5M

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

60

50

2015

2016

2017

Average Sale Price

2018

2019

40

Median Sale Price 30

20

Days on Market 60 Q1

Q2

Q3

2018

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

40

$40M

$30M

20

$20M

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

$10M

2015

2016

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

21

2019 MARKET REPORT

The Dunes on Monterey Bay

$743,143 Average Selling Price

4.9%

vs 2018

7 Units Sold

50%

vs 2018

$5.2M

About The Dunes

T

he data presented here represents MLS listed resale properties for The Dunes. It doesn’t factor in the Shea Homes, new home sales at The Dunes.

We keep a separate tally of the Shea Homes data. In 2019, there were 51 new Shea Home sales representing a volume of over $46M for a total of over $51M which includes both resale and new home sales at The Dunes on Monterey Bay in 2019.

In December the Marina City Council unanimously voted to approve Shea Homes Phase II & Phase III of the Master Plan. This is exciting news for all of us living at The Dunes. We attended the council meeting so feel free to contact us for more information. The current inventory of resale homes is very low. No surprise there. Everyone loves living here, including us, The Dunes Team, David & Thérèse Kent.

Sales Volume

48% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

2019 Sales by Segment

vs 2018

32 Days on Market

29% $600k-700k | 2 $700k-800k | 4 $800k-900k | 0 $900-1M | 1

14%

57%

Average vs Median Sales Price

by Quarter

2019 MARKET REPORT

$900K

Average vs Median Sales Price

$600K $675K

The Dunes on Monterey Bay

$400K $450K

Q1

Q2

2018 2019

2018 Resales

$200K

Q3

Q4

2018 Median 2019 Median

Closed Sales by Quarter

8

UNITS SOLD: 14 AVG PRICE: $708,527

6

DOM: 53

2017

2018

Average Sale Price

2019 Median Sale Price

4

2019 Resales UNITS SOLD: 7 (Down 50%) AVG PRICE: $743,143 (Up 4.9%)

2

Days on Market 40 Q1

Q2

Q3

2018

DOM: 32 (Down 60%)

Q4 2019

Closed Sales Volume â&#x20AC;¨

by Quarter

$5M

20

$4M

$3M

831.238.0653 dunesteam.com

$1M

2017

2018

2019

Q1

Q2 2018

Q3 2019

Q4

23

Alessia Ucelli Amy Scherer Ben Zoller Bob Profeta Brian Butler Brian Pybas Chris Babalis Devon Meeker Diane Kahle Ed Bass Erica Hutchinson Geoff Arnold George Fusco Greg Hamer Jennifer Veitengruber John Romley Lore Lingner LuAnn Meador Mike Proto-Robinson Noelle Hayes Patrick Norris Renee Catania Rita Lewis Rob Profeta Rose Clark Sharmaine Torrey Steve Wesenberg 831.624.2300 montereycoastrealty.com

The Dunes Team

Dolores and Seventh Carmel-by-the-Sea

The Finkle Team Th駻鑚érèse Kent Tom Glidden Wendy Loren