Q3 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
Q3 2020 MARKET REPORT
OUR FEATURED LISTINGS
Palou 2 NW of 2nd Ave, Carmel-by-the-Sea • $2,750,000
9 Sonoma Lane, Carmel Highlands • $2,695,000
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea 115 Vista Grande Drive, Aptos • $2,250,000
Q3 2020 MARKET REPORT
OUR SIGNIFICANT SALES THIS QUARTER
7418 Alturas Court, Monterey • LP: $3,390,000 • Represented Seller
14 Miramonte Road, Carmel Valley • LP: $2,400,000 • Represented Seller
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea Santa Fe 5 SW of 5th, Carmel-by-the-Sea • LP: $2,150,000 • Represented Seller
3
Q3 2020 MARKET REPORT
MARKET OVERVIEW
T
he 3rd quarter of 2020 has turned out to be one of the busiest quarters in our market’s history. As the coming pages will demonstrate, demand across all 9 markets we track has been extraordinary. New records have been set in total sales volume, average sales price and the number of transactions in several of our markets. It is important to note that we report this surge in business with the utmost humility and care. We understand that so many business are dealing with extraordinary challenges as a result of COVID-19. Our thoughts and best wishes go out to all businesses and people in our community and around the world. We pray for your safety and a fast recovery as the world prepares to recover in the months ahead. One positive impact for the Monterey Peninsula is that along with this surge in activity comes a number of fantastic families moving into our homes, sending children to our schools, shopping and dining in our town. We believe this prepares us well for a speedy recovery on the other side of the COVID crisis. Our thoughts on the real estate market going forward remain very positive. We believe that the underlying demand is based on a shift in lifestyle preference for a lot of people. The Monterey Peninsula oers space, beauty, indoor-outdoor living and a slower pace of life than a number of the larger cities. While the economic and political environment continues to shift, we believe the underlying drivers for demand in our market to remain strong well into next year. We hope you ďŹ nd the attached data useful in evaluating the results of our market. As always, please be sure to contact us if there is anything we can do to help you with your real estate plans in our marketplace.
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q3 2020 MARKET REPORT
TABLE OF CONTENTS
CARMEL-BY-THE-SEA, CARMEL POINT .............................................. 4 GREATER CARMEL ........................................ 6 The areas outside of Camel-by-the Sea & Carmel Point
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
5
Q3 2020 MARKET REPORT
CARMELBY-THE-SEA, CARMEL POINT
$2,569,677
A B O U T C A R M E L - BY-T H E - S E A
C
armel by the Sea realized a surge in demand from the larger neighboring markets and experienced extraordinary growth in Q3, 2020. There were 74 sales up over 300% from Q2 and up almost 100% over Q3 2019. Sales in the under $1M range decreased, partially because average sale price increased by 24% in the quarter. Sales in the $3M-5M range saw the most growth over last year, increasing from 2 sales in Q3 2019 to 20 sales in Q3 2020. Total sales volume of $191M was almost 3 times higher the same period last year.
AV E R AG E S E L L I N G P R I C E
24% vs Q2 2020 45% vs Q3 2019
47
74
D AY S O N M A R K E T *
UNITS SOLD
15% vs Q2 2020 39% vs Q3 2019
311% vs Q2 2020 95% vs Q3 2019
2020 YTD Sales by Segment
43%
22% 2% 6%
SALES VOLUME
28%
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
$191.7M <$1M | 2 $1M-2M | 52 $2M-3M | 34 $3M-5M | 27 $5M+ | 7
412% vs Q2 2020 184% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $2.8M
$2.1M
Average vs Median Sales
$2.8M
CARMELBY-THE-SEA, CARMEL POINT
$1.4M
$2.1M Q1
Q2
2019 2020
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter
$1.4M
80
60
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
40
Median
20
Days on Market*
120 Q1
Q2
Q3
Q4
2019
90
2020
Closed Sales Volume by Quarter $200M
$150M
60
$100M
30 831.624.2300 montereycoastrealty.com
$50M
Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
7
Q3 2020 MARKET REPORT
GREATER CARMEL The areas outside of Camel-by-the Sea & Carmel Point
A B O U T G R E AT E R C A R M E L
T
here were 38 sales in Carmel during Q3, which is almost double the number of sales in this market during the ďŹ rst half of the year. Average sales price was up to $1.8M representing a 35% increase over last quarter and 25% increase over Q3 of 2019. Total sales volume was up almost 300% over Q2 and 100% over Q3 of 2019. Over half of the sales were in the $1M-2M. Availability in the area is currently very tight with only 2.2 months of available inventory of homes for sale at the end of Q3.
$1,801,092 AV E R AG E S E L L I N G P R I C E
35% vs Q2 2020 25% vs Q3 2019
55
38
D AY S O N M A R K E T *
UNITS SOLD
175% vs Q2 2020 18% vs Q3 2019
192% vs Q2 2020 65% vs Q3 2019
2020 YTD Sales by Segment
$68.4M
22% 9% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
17%
SALES VOLUME
52% <$1M | 15 $1M-2M | 36 $2M-3M | 12 $3M-5M | 6 $5M+ | 0
294% vs Q2 2020 106% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $1.75M
$1.5M
Average vs Median Sales Price
$1.75M
GREATER CARMEL The areas outside of Camel-by-the Sea & Carmel Point
$1.25M
$1M
$1.5M
Q1
Q2
2019 2020
$1.25M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 40
$1M
30
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 20
Average
Median 10
Days on Market*
100 Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter
75
$70M
$53M
50
$35M
25 $18M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
9
Q3 2020 MARKET REPORT
CARMEL VALLEY
$1,614,404
A B O U T C A R M E L VA L L E Y
C
armel Valley also experienced extraordinary growth in the number of sales transacting during the quarter. There were 96 properties that changed hands in Q3 up dramatically from Q2 and up over 80% over Q3 of 2019. Average sales price for the quarter was $1.614M up over 30% over last year at this time. The vast majority of the sales in Carmel Valley are under $2M but, we have seen four sales this year over $5M which is double that of all of last year, mostly due to the strong increase in demand for living in the Santa Lucia Preserve.
AV E R AG E S E L L I N G P R I C E
23% vs Q2 2020 32% vs Q3 2019
46
20
D AY S O N M A R K E T *
UNITS SOLD
10% vs Q2 2020 50% vs Q3 2019
167% vs Q2 2020 81% vs Q3 2019
2020 YTD Sales by Segment
2% 10%
41%
$155M SALES VOLUME
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
10% 37%
<$1M | 72 $1M-2M | 64 $2M-3M | 18 $3M-5M | 17 $5M+ | 4
237% vs Q2 2020 139% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $2M
$1.5M
Average vs Median Sales Price
$2.25M $1M
CARMEL VALLEY $1.5M
Q1
Q2
2019 2020
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter
$0.75M
100
80
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
Median
60
40
20
Days on Market*
120
Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter
90
$160M
$123M
60 $85M
30 $48M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
* DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
11
Q3 2020 MARKET REPORT
PEBBLE BEACH
$3,460,278
ABOUT PEBBLE BEACH
P
ebble Beach closed 60 transactions in Q3 of 2020 which is 3 times the number of homes sold in Q2 of this year and almost 2 times the number of homes sold in any quarter last year. Total sales dollar volume of $207,616,708 is 2 times higher than the same quarter last year and almost 2 times the total volume sold in the previous 2 quarters combined. Year-to-date there has been an increase of 30% in sales in the $3M and up price range. There have been 16 sales over $5M so far this year. There is only 1.9 months left of available inventory.
AV E R AG E S E L L I N G P R I C E
9% vs Q2 2020 9% vs Q3 2019
73
60
D AY S O N M A R K E T *
UNITS SOLD
30% vs Q2 2020 42% vs Q3 2019
200% vs Q2 2020 82% vs Q3 2019
2020 YTD Sales by Segment
39%
$207.6M SALES VOLUME
10% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
17%
17% 18%
<$1M | 10 $1M-2M | 37 $2M-3M | 16 $3M-5M | 17 $5M+ | 16
174% vs Q2 2020 99% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $4.5M
$3.5M
Average vs Median Sales Price $2.5M
$4M
PEBBLE BEACH
$1.5M
$3.25M
Q1
Q2
2019 2020
$2.5M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 65
$1.75M 52
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
Median
39
26
13
Days on Market*
130
Q1
Q2
2019
Q3
Q4
2020
104 Closed Sales Volume by Quarter $220M
78 $170M
52 $120M
26
$70M
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
13
Q3 2020 MARKET REPORT
CARMEL HIGHLANDS BIG SUR & SOUTH COAST
ABOUT CARMEL HIGHLANDS
T
his market has beneďŹ ted the most from the increased demand for space and beauty. In a market where we see the number of quarterly sales in the low single digit range, Q3 had a total of 28 sales. Year to date there have been more homes sold than in any of the previous 13 years. The averages sales price is up over 40% from this time last year. There have been 10 sales over $5M year-to-date as compared to only one last year. Total sales volume is up nearly 10 times the volume of the same quarter last year.
$2,924,361 AV E R AG E S E L L I N G P R I C E
44% vs Q2 2020 42% vs Q3 2019
97
28
D AY S O N M A R K E T *
UNITS SOLD
25% vs Q2 2020 62% vs Q3 2019
460% vs Q2 2020 600% vs Q3 2019
2020 YTD Sales by Segment
30% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
8%
22% 14%
27%
$81.9M SALES VOLUME
<$1M | 3 $1M-2M | 11 $2M-3M | 8 $3M-5M | 5 $5M+ | 10
213% vs Q2 2020 894% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $7M
$5.25M
Average vs Median Sales Price $3.5M
$6.5M
CARMEL HIGHLANDS
$1.75M
$5M
BIG SUR & SOUTH COAST
Q1
Q2
2019 2020
$3.5M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 30
$2M
20
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
Median 10
Days on Market*
200 Q1
Q2
2019
150
Q3
Q4
2020
Closed Sales Volume by Quarter $90M
100
$68M
$46M
50 831.624.2300 montereycoastrealty.com
$23M
Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
15
Q3 2020 MARKET REPORT
MONTEREY
$1,131,932
ABOUT MONTEREY
T
he average sales price in Monterey in Q3 of 2020 was $1.13M and 64% of the sales yearto-date are in the under $1M. 107 homes were sold which represents an increase of 182% over Q2 of 2020. Homes in this market were moving fast this quarter and average days on marketing decreased almost 50% over the previous year to just 39 days from listing to sale. Inventory remains tight in this market with only 1.3 months of available inventory.
AV E R AG E S E L L I N G P R I C E
12% vs Q2 2020 15% vs Q3 2019
39
107
D AY S O N M A R K E T *
UNITS SOLD
33% vs Q2 2020 49% vs Q3 2019
182% vs Q2 2020 45% vs Q3 2019
2020 YTD Sales by Segment
64% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
1%
3%
8%
$121.1M SALES VOLUME
24%
<$1M | 127 $1M-2M | 48 $2M-3M | 15 $3M-5M | 6 $5M+ | 2
147% vs Q2 2020 67% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $1,300K
$975K
Average vs Median Sales Price
$1,300K
MONTEREY
$650K
$325K
$975K Q1
Q2
2019 2020
$650K
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 110
$325K
88
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
66
Median 44
22
Days on Market*
90 Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter
60
$130M
$108M
30
$85M
831.624.2300 montereycoastrealty.com
$63M
Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
17
Q3 2020 MARKET REPORT
PACIFIC GROVE
A B O U T PAC I F I C G R OV E
P
aciďŹ c Grove experienced a major increase in the number of sales over the quarter with 78 sales transacting compared to only 30 in Q2 of 2020 and 53 in Q3 of last year. Total sales volume in the territory was up to $94M which is almost a 70% increase in volume over Q3 of last year. Average sales price was up 25% over Q2 to $1.2M. All of this sales activity has resulted in less than a month of available inventory. At the end of the quarter there were only 19 active listings and 26 properties under contract.
Dolores and Seventh Carmel-by-the-Sea
25% vs Q2 2020 14% vs Q3 2019
78
D AY S O N M A R K E T *
UNITS SOLD
147% vs Q2 2020 37% vs Q3 2019
160% vs Q2 2020 47% vs Q3 2019
1%
831.624.2300 montereycoastrealty.com
AV E R AG E S E L L I N G P R I C E
37
2020 YTD Sales by Segment
6%
$1,209,340
$94.3M
56% 37%
SALES VOLUME
<$1M | 81 $1M-2M | 53 $2M-3M | 9 $3M-5M | 1 $5M+ | 0
224% vs Q2 2020 66% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $1.25M
$1.15M
Average vs Median Sales Price
$1.05M
$1.25M $0.95M
PACIFIC GROVE
$0.85M
$1M
Q1
Q2
2019 2020
$0.75M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 80
$0.5M
53.333
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
Median 26.667
Days on Market*
70
Q1
Q2
Q3
2019
52.5
Q4
2020
Closed Sales Volume by Quarter $100M
35
$80M
$60M
17.5 831.624.2300 montereycoastrealty.com
$40M
Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
19
Q3 2020 MARKET REPORT
SEASIDE
$589,080
ABOUT SEASIDE
S
easide was one of the tightest markets in Q3 this year. Inventory was low and while the number of sales was 46 for the quarter, that is relatively ďŹ&#x201A;at to last years Q3 volume. Total volume of $27M was almost double the previous quarter but still represented a bit less growth than the rest of the markets, again simply because of limited inventory. Prices in this high demand market should continue to remain strong in the coming year.
AV E R AG E S E L L I N G P R I C E
2% vs Q2 2020 2% vs Q3 2019
18
46
D AY S O N M A R K E T *
UNITS SOLD
50% vs Q2 2020 60% vs Q3 2019
92% vs Q2 2020 2% vs Q3 2019
2020 YTD Sales by Segment
$27.1M
55%
SALES VOLUME
32%
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
7% 5% 2%
< $400k | 5 $400k - 600k | 57 $600k - 800k | 33 $800k - $1M | 7 $1M+ | 2
96% vs Q2 2020 1% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $700K
$525K
Average vs Median Sales Price $350K
$0.7M
SEASIDE
$175K
$0.65M
Q1
Q2
2019 2020
$0.6M
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 60
$0.55M
40
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
Median 20
Days on Market*
50 Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter $35M
$28M
25 $21M
$14M
831.624.2300 montereycoastrealty.com
$7M
Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
21
Q3 2020 MARKET REPORT
MARINA
$706,758
ABOUT MARINA
M
arina had 99 closings in Q3 which represents over a 200% increase from Q2 of 2020. Average sales price saw a slight increase to $706K for the quarter up 10% from this time last year. We are now starting to see sales in excess of $1M, with 3 homes selling over $1M so far this year. Marina is also challenged by lack of available inventory with only half a month of inventory currently on the market. This market is in very high demand and currently there are almost twice as many properties under contract than there are available for sale.
AV E R AG E S E L L I N G P R I C E
7% vs Q2 2020 10% vs Q3 2019
32
99
D AY S O N M A R K E T *
UNITS SOLD
6% vs Q2 2020 32% vs Q3 2019
209% vs Q2 2020 77% vs Q3 2019
2020 YTD Sales by Segment
$70M
60%
SALES VOLUME
20% 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
4%
2%
15%
<$400 | 6 $400 - 600 | 32 $600 - 800 | 96 $800 - $1M | 24 $1M+ | 3
234% vs Q2 2020 95% vs Q3 2019
Q3 2020 MARKET REPORT
Average vs Median Sales Price by Quarter $800K
$700K
Average vs Median Sales Price
$710K $600K
MARINA $683K Q1
Q2
2019 2020
$655K
Q3
Q4
2019 Median 2020 Median
Closed Sales by Quarter 100
$628K 82
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Average
Median
64
46
28
Days on Market*
60
Q1
Q2
Q3
Q4
2019
2020
Closed Sales Volume by Quarter $75M
40
$60M
$45M
20 $30M
831.624.2300 montereycoastrealty.com
$15M
Dolores and Seventh Carmel-by-the-Sea
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 * DOM count was suspended March 17th - May 16th due to COVID-19
Q1
Q2
2019
Q3
Q4
2020
23
Alessia Ucelli Amy Scherer Anita Madison Ben Zoller Bob Profeta Brian Butler Brian Pybas Chris Babalis Devon Meeker Diane Kahle Ed Bass Emily Weidner Erica Hutchinson Geoff Arnold George Fusco Greg Hamer Jahre Carver Jennifer Veitengruber John Romley Liam Doust Lore Lingner Lori Nelson LuAnn Meador Martha Davis Mike Proto-Robinson Noelle Hayes Patrick Norris Renee Catania Richard Oh Rob Profeta Rose Clark Ryan White Sharmaine Torrey 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Steve Wesenberg The Dunes Team The Finkle Team The Somerville Group Th駻鑚érèse Kent Wendy Loren