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Page 1

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

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Profile for montereycoastrealty

Q3 2020 Market Report | Monterey Coast Realty  

The 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, dema...

Q3 2020 Market Report | Monterey Coast Realty  

The 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, dema...