Q1 2020 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
Q1 2020 MARKET REPORT
A
fter a strong finish to 2019, Monterey Peninsula was off to a healthy Q1, 2020. The underlying fundamentals seemed to be improving until we experienced the drastic change with the Shelter-in-Place on March 17, 2020. That slow down did not dramatically affect Q1 because most sales already in escrow proceeded to close. Since then the number of new listings and escrows has dramatically slowed. While we would traditionally be looking at Q1 results as a strong indicator, at this point, all projections are off. At this time it would be irresponsible to attempt to forecast the speed of recovery. However, we do know that there are a number of key drivers at play that will put both positive and negative pressure on our real estate market. As a company, we are closely tracking all of the positive and negative drivers. We are preparing to help our clients make the most of the opportunities and are working to offset challenges wherever we can. This includes new sales tools, channels and messaging strategies targeting over a dozen key drivers, e.g., pent up demand and lower interest rates vs. higher inventories and investment portfolio pressures. Over time, like the stock market, our real estate market always delivers. We live in one of the most desirable communities in the world with limited inventory of homes. We know that together we will get through this crisis and that our market will in time return to a healthy, vibrant community with appreciating real estate values and an extraordinary quality of life.
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q1 2020 MARKET REPORT
Table of Contents Carmel-by-the-Sea, Carmel Point ��������������������������������������� 4 Greater Carmel ������������������������������������ 6 Carmel Valley �������������������������������������� 8 Pebble Beach �������������������������������������� 10 Carmel Highlands, Big Sur & South Coast ������������������������� 12 Monterey ������������������������������������������� 14 Pacific Grove �������������������������������������� 16 Seaside ���������������������������������������������� 18 Marina ����������������������������������������������20 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
3
Q1 2020 MARKET REPORT
Carmelby-the-Sea, Carmel Point
$2,727,783 Average Selling Price
20%
vs Q4 2019
30 Units Sold
14%
vs Q4 2019
$81.8M Sales Volume
3% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q4 2019
117 Days on Market*
About Carmel-by-the-Sea
C
armel-by-the-sea and Carmel Point had a strong Q1. While the total number of sales was down the total sales volume was slightly ahead of the previous quarter and consistent on average with all of last year. The market strength was driven by high quality home sales. Nearly 30% of the homes sold in the quarter where $3M and over driving the average sales price in Carmel to the highest number it has been in over 5 quarters. 2020 Q1 Sales by Segment
7%
33%
23% 37%
<$1M | 0 $1M-2M | 10 $2M-3M | 11 $3M-5M | 7 $5M+ | 2
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$2.8M
Average vs Median Sales
$2.1M
$2.8M
$1.4M
Carmelby-the-Sea, Carmel Point
$2.1M Q1
Q2
2018 2019 2020
$1.4M
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
40
30
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
Median
20
10
Days on Market*
120 Q1
Q2
2018
90
Q3 2019
Q4 2020
Closed Sales Volume by Quarter
$100M
$75M
60
$50M
831.624.2300 montereycoastrealty.com
30 $25M
Dolores and Seventh Carmel-by-the-Sea
Q1
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q2 2018
Q3 2019
Q4 2020
5
Q1 2020 MARKET REPORT
Greater Carmel
$1,420,287 Average Selling Price
3.4%
vs Q4 2019
18 Units Sold
18%
Dolores and Seventh Carmel-by-the-Sea
reater Carmel is considered the neighborhoods of Carmel that fall outside of the Carmel-by-the-Sea rectangle and Carmel Point. This area performed better than Q1 of 2019 and worse than Q4 of 2019. Of the 18 sales 11 were in the $1M-$1.6M price range. Many of these sales were larger properties at comparatively more approachable prices. Momentum seemed to be building in this area prior to the March shutdown. 2020 Q1 Sales by Segment
Sales Volume
831.624.2300 montereycoastrealty.com
G
vs Q4 2019
$25.5M 21%
About Greater Carmel
vs Q4 2019
94 Days on Market
*
6%
22%
11% 61%
<$1M | 4 $1M-2M | 11 $2M-3M | 2 $3M-5M | 1
Q1 2020 MARKET REPORT
Average vs Median Sales Price by Quarter
$1.75M
$1.5M
Average vs Median Sales Price
$1.75M $1.25M
Greater Carmel
$1M
$1.5M
Q1
Q2 2018 2019 2020
$1.25M
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
$1M
30
20
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
Median 10
Days on Market*
120 Q1
Q2
2018
90
Q3 2019
Q4 2020
Closed Sales Volume by Quarter
$50M
$38M
60
$25M
831.624.2300 montereycoastrealty.com
30 $13M
Dolores and Seventh Carmel-by-the-Sea
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 * DOM count was suspended on March 17, 2020
Q1
Q2 2018
Q3 2019
Q4 2020
7
Q1 2020 MARKET REPORT
Carmel Valley
$1,987,375 Average Selling Price
31%
vs Q4 2019
43 Units Sold
27%
vs Q4 2019
$85.4M Sales Volume
5% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q4 2019
112 Days on Market*
About Carmel Valley
C
armel Valley had a very strong Q1, building on an even stronger Q4 of last year. The average sale price for the quarter of $1.987M is one of the highest averages seen in years. This was driven by the sale of Fox Creek Ranch, a 275 acre ranch for $17M, along with a strong sales activity in The Preserve where there were 5 transactions in the quarter averaging just over $4.2M. 2020 Q1 Sales by Segment
2% 14%
40%
7% 37%
<$1M | 17 $1M-2M | 16 $2M-3M | 3 $3M-5M | 6 $5M+ | 1
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$2M
Average vs Median Sales Price
$1.5M
$2M
$1M
Carmel Valley
$1.5M
Q1
$1M
Q2 2018 2019 2020
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
$0.5M
80
64
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
48
Median 32
16
Days on Market*
120
Q1
Q2
2018
Q3 2019
Q4 2020
Closed Sales Volume by Quarter
90
$100M
$78M
60
$55M
831.624.2300 montereycoastrealty.com
30 $33M
Dolores and Seventh Carmel-by-the-Sea Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q1
Q2 2018
Q3 2019
Q4 2020
9
Q1 2020 MARKET REPORT
Pebble Beach
$1,854,188 Average Selling Price
49%
vs Q4 2019
16 Units Sold
56%
vs Q4 2019
$29.6M Sales Volume
77% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
About Pebble Beach
P
ebble Beach was coming off a very strong Q4 of 2019 with two sales over $20M just before the year ended. Comparatively, there was only one transaction in Q1 of this year over $5M and 13 of the 16 transactions were $2M or less. This is very uncharacteristic of the market, although Q1 of 2019 was also much lower than the other 3 quarters last year. There are currently 10 listings available in Pebble Beach over $10M. 2020 Q1 Sales by Segment
6% 6% 6% 13%
69%
vs Q4 2019
80 Days on Market*
<$1M | 1 $1M-2M | 11 $2M-3M | 2 $3M-5M | 1 $5M+ | 1
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$4.5M
$3.5M
Average vs Median Sales Price
$4M
Pebble Beach
$2.5M
$1.5M
$3.25M
Q1
Q2 2018 2019 2020
$2.5M
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
50
$1.75M
40
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
30
Median 20
10
Days on Market*
130
Q1
Q2 2018
Q3 2019
Q4 2020
104 Closed Sales Volume by Quarter
$160M
78 $125M
52 $90M
831.624.2300 montereycoastrealty.com
26
$55M
Dolores and Seventh Carmel-by-the-Sea Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q1
Q2 2018
Q3 2019
Q4 2020
11
Q1 2020 MARKET REPORT
Carmel Highlands Big Sur & South Coast
$4,569,444 Average Selling Price
27%
vs Q4 2019
4 Units Sold
300%
vs Q4 2019
About Carmel Highlands
T
he Big Sur, South Coast Carmel Highlands market typically does not have enough transaction volume for data to be predictive. Q1 was off to a great start led by the sale of 3 Ocean-front or big view properties, There was a total of $18M in sales volume in the quarter which nearly matched all of last yearâ&#x20AC;&#x2122;s volume of $21.8M. With a number of great properties still for sale in the Highlands, Big Sur area, things were on track for a potential recordbreaking year prior to the March slowdown. 2020 Q1 Sales by Segment
$18.2M
25% 25%
Sales Volume
192% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
50% vs Q4 2019
163 Days on Market*
<$1M | 0 $1M-2M | 1 $2M-3M | 0 $3M-5M | 1 $5M+ | 2
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$7M
$5.25M
Average vs Median Sales Price
$6.5M
Carmel Highlands Big Sur & South Coast
$3.5M
$1.75M
$5M
Q1
Q2 2018 2019 2020
$3.5M
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
8
$2M
6
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
Median
4
2
Days on Market*
240 Q1
Q2
2018
Q3 2019
Q4 2020
180 Closed Sales Volume by Quarter
$30M
120
$23M
$16M
831.624.2300 montereycoastrealty.com
60 $8M
Dolores and Seventh Carmel-by-the-Sea
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q1
Q2 2018
Q3 2019
Q4 2020
13
Q1 2020 MARKET REPORT
Monterey
$968,950 Average Selling Price
25%
vs Q4 2019
53 Units Sold
24%
vs Q4 2019
About Monterey
M
onterey remains a very strong market as it relates to appreciation value. Q1 experienced an increase of more than 20% in average sales price, driven by two sales in Pasadera and one in Monterra. The remaining 50 sales were driven by the mid market ranging from $800K - $1.5M. The number of sales in the market declined meaningfully in the quarter, however the higher average sales price allowed for the total volume for the quarter to remain almost ďŹ&#x201A;at to that of Q1 and Q4 of 2019. 2020 Q1 Sales by Segment
$51.3M
2% 4% 66%
Sales Volume
5% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
28% vs Q4 2019
70 Days on Market
*
<$1M | 35 $1M-2M | 15 $2M-3M | 2 $3M-5M | 1
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$1,000K
$900K
Average vs Median Sales Price
$1,000K
Monterey
$800K
$700K
$900K
Q1
Q2 2018 2019 2020
$800K
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
$700K
100
80
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
Median
60
40
Days on Market*
90
Q1
Q2
2018
Q3 2019
Q4 2020
Closed Sales Volume by Quarter
60
$80M
$70M
$60M
30
831.624.2300 montereycoastrealty.com $50M
Dolores and Seventh Carmel-by-the-Sea
Q1
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q2 2018
Q3 2019
Q4 2020
15
Q1 2020 MARKET REPORT
Pacific Grove
$1,120,902 Average Selling Price
7%
vs Q4 2019
36 Units Sold
25%
vs Q4 2019
$40.3M
About Pacific Grove
P
acific Grove total sales dollars for the quarter were up almost 30% over Q1 of 2019 while at the same time falling nearly 30% off a strong Q4 of last year. The number of transactions in the quarter was also higher than Q1 but lower than Q4 of last year. It is important to note that PG closed last year with a few great quarters included Q4. The average sales price in the market held up better, attributable to a few luxury condo sales that took place in the quarter. 2020 Q1 Sales by Segment
3% 6%
58%
Sales Volume
30% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q4 2019
64 Days on Market*
33%
<$1M | 21 $1M-2M | 12 $2M-3M | 2 $3M-5M | 1
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$1.25M
$1.15M
Average vs Median Sales Price
$1.05M
$1.25M $0.95M
Pacific Grove
$0.85M
$1M
Q1
Q2
Q3
2018 2019 2020
$0.75M
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
$0.5M
60
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
40
Median 20
Days on Market*
70 Q1
Q2
2018
Q3 2019
Q4 2020
65 Closed Sales Volume by Quarter
$60M
60
$50M
$40M
831.624.2300 montereycoastrealty.com
55 $30M
Dolores and Seventh Carmel-by-the-Sea
Q1
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q2 2018
Q3 2019
Q4 2020
17
Q1 2020 MARKET REPORT
Seaside
$626,621 Average Selling Price
6%
vs Q4 2019
34 Units Sold
37%
vs Q4 2019
About Seaside
S
easide started the year slowly with 34 sales in the quarter down from 54 in very strong Q4 of 2019. Total sales volume in the market was also lower than the previous quarter and ďŹ&#x201A;at with Q1 of 2019. The good news in Seaside is that the average sales price increased to $626K. This is one of the highest average quarterly sales prices the market has experienced in many years. The appreciation in average sale price seems to be fairly equally spread through the price ranges, which suggests a strong market with solid demand. 2020 Q1 Sales by Segment
$21.3M
3%
6%
6%
44%
Sales Volume
33% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q4 2019
38 Days on Market*
41%
< $400k | 2 $400k - 600k | 15 $600k - 800k | 14 $800k - 1M | 2 $1M+ | 1
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$650K
$600K
Average vs Median Sales Price
$0.65M
$550K
$500K
Seaside $0.6M
Q1
Q2 2018 2019 2020
$0.55M
Q3
Q4
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
60
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
40
Median 20
Days on Market*
50 Q1
Q2
2018
Q3 2019
Q4 2020
Closed Sales Volume by Quarter
$35M
$28M
25 $21M
831.624.2300 montereycoastrealty.com
$14M
Dolores and Seventh Carmel-by-the-Sea
$7M
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q1
Q2 2018
Q3 2019
Q4 2020
19
Q1 2020 MARKET REPORT
Marina
$608,294 Average Selling Price
9%
vs Q4 2019
30 Units Sold
32%
vs Q4 2019
$18.2M
About Marina
C
oming off of a very strong Q4, Marina experienced a slower start to the year with a fewer number of sales and less total dollar volume than the previous quarter. This market, which has been traditionally driven by the $400-$600K range, is shifting. In Q1 more than 50% of sales were in the $600-800K range. This was led by strong sales in East Garrison, including a sale at $847K, which was the highest price in Marina in the quarter. 2020 Q1 Sales by Segment
3%
47%
7%
Sales Volume
38% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
vs Q4 2019
44 Days on Market*
43%
< $400k $400k $600k $800k -
| 1 600k | 14 800k | 13 1M | 2
Average vs Median Sales Price by Quarter
Q1 2020 MARKET REPORT
$680K
Average vs Median Sales Price
$643K
$700K $607K
Marina 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2019 2020
$600K
2018 Median 2019 Median 2020 Median
Closed Sales by Quarter
60
50
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Average
40
Median 30
20
Days on Market*
60 Q1
Q2
2018
Q3 2019
Q4 2020
Closed Sales Volume by Quarter
$38M
40
$29M
$19M
20
831.624.2300 montereycoastrealty.com $10M
Dolores and Seventh Carmel-by-the-Sea
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
* DOM count was suspended on March 17, 2020
Q1
Q2 2018
Q3 2019
Q4 2020
21
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 Lori Nelson LuAnn Meador Mike Proto-Robinson Noelle Hayes Patrick Norris Renee Catania 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