2021 Annual Market Report | Monterey Coast Realty

2021 ANNUAL MARKET REPORT

831.624.2300 montereycoastrealty.com

Carmel-by-the-Sea & Carmel Point

Dolores and Seventh Carmel-by-the-Sea

Greater Carmel

DRE#01871677

Carmel Valley Pebble Beach Carmel Highlands, Big Sur & South Coast Monterey Pacific Grove Seaside Marina

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

8370 Monterra Views Monterey $5,999,999

San Carlos 2 SE 13th Carmel-by-the-Sea $5,250,000

2

7567 Paseo Vista Monterey $1,119,000

2021 ANNUAL MARKET REPORT

2021 Significant Sales

NEC Scenic & 12th, Carmel-by-the-Sea • SP: $9.8M • Represented Buyer

3183 Del Ciervo Road, Pebble Beach • SP: $4.5M Represented Buyer

1020 San Carlos Road, Pebble Beach • SP: $3.85M Represented Seller

38 Sierra Vista Drive, Monterey • SP: $2.6M Represented Buyer

4085 El Bosque Drive, Pebble Beach • SP: $1.645M Represented Seller

3

2021 Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea

A

fter a record-breaking year in Real Estate Sales activity on the Monterey Peninsula in 2020, many were concerned how the market would perform in 2021. Extremely strong demand throughout all four quarters of 2021 kept volume levels and prices high, contributing to a record-breaking year. Total volume in 2021 across the Peninsula increased 25% over 2020 reaching just over $3.25B. The total number of units sold increased by 7% in 2021 and the average sale price grew nearly 17% across the Peninsula.

Each of the nine markets we track in this report showed growth and volatility on nearly all key indicators from quarter to quarter and year over year. For example, the average sale price increased 32% in Pebble Beach, 27% in Pacific Grove and 11% in Monterey in 2021. Forty-one percent of all sales for the year went at over asking price on average across all markets. However, in Seaside 50% went over asking and in Carmel Valley only 21% went over asking.

Behind those results are numerous informative drivers supporting agent and buying/selling decisions. This dynamic has changed the way Real Estate is sold in our market. Data analytics have become essential to delivering value for buyers and sellers. Our agents have a dedicated team of local analytics experts evaluating micro-level variables that help clients make informed decisions when buying or selling in this environment.

The following annual report highlights the dynamic nature of our market and provides insight into pricing, volume, inventory and other key factors that make up our current real estate environment. We hope you will find this report informative. As always, please be sure to contact us if there is anything we can do to help you, or your friends and family, with real estate plans in our marketplace.

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2021 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 Including The Santa Lucia Preserve

Pebble Beach �������������������������������������������������������������������12 Carmel Highlands, Big Sur & South Coast �������������������14 Monterey ���������������������������������������������������������������������������16 Pacific Grove ��������������������������������������������������������������������18 Seaside � ���������������������������������������������������������������������������� 20 Marina ������������������������������������������������������������������������������ 22

5

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

C

armel-by-the-Sea continued to experience an increase in home values as a result of very low inventory of homes available for sale. The average sales price reached an all-time high of $3.8M over the 4th quarter. There were only five listings remaining active at the end of the year. Sales volume in Carmelby-the-Sea also climbed to a near record high of $182M in Q4 2021, a sizable increase of 54% over the previous quarter. Sales volume overall for 2021 beat out 2020 by 14%.

<$1M | 0 $1M-2M | 9 $2M-3M | 10 $3M-5M | 18 $5M+ | 11

21%

$3,804,392 AV E R AG E S E L L I N G P R I C E

20.8% 2021 vs 2020

23%

26.1% Q4 2021 vs Q4 2020

$182.6M

48

37

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

5.6% 2021 vs 2020 14.3%

48.2% 2021 vs 2020 2.8%

14% 2021 vs 2020 8.1%

Q4 2021 vs Q4 2020 6

38%

19%

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Carmel-by-the-Sea & Carmel Point Days on Market

Average vs Median Sales Price

$4M

40

$3M

30

$2M

20

$1M

10

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Closed Sales Volume by Quarter

Q4 2021

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

80

$4M

$150M

60

$3M

$100M

40

$50M

20

Q2 2020

Q3 2021

Median

$200M

Q1

Q2 2021

Q3

Q4 2021

$2M

$1M

Q1

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

7

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

T

he Greater Carmel market experienced a reduction in average sale price from the highs of Q4 2020 and Q1 2021. Average sales prices have dropped to just under $1.8M this quarter as a result of fewer high-priced homes selling in the last three months of the year.

For the entire year of 2021 average sale prices remained slightly over $2M. Demand has remained strong in this area with 97 homes changing hands throughout 2021, consistent with the 101 sold in 2020. Inventory in this market has dried up, with just 4 active listings at the end of the year, down 77% from year-end 2020.

<$1M | 5 $1M-2M | 9 $2M-3M | 4 $3M-5M | 4 $5M+ | 0

41%

$1,794,581

23%

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

11.6% 2021 vs 2020 19.5% Q4 2021 vs Q4 2020

18%

$39.5M

22

49

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

4% 2021 vs 2020 29%

27.4% 2021 vs 2020 31%

7.2% 2021 vs 2020 42.8% Q4 2021 vs Q4 2020

8

18%

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 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

80

$1.8M

60

$1.2M

40

$600K

20

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$70M

40

$53M

30

$35M

20

$18M

10

$2.4M

$1.8M

$1.2M

$600K

Q1

Q1

Q2 2020

Q3

Q4 2021

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

9

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

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 sales activity increased at an incredible rate during 2021. The total number of sales for 2021 reached 299, an 18% increase over 2020 and 50% increase in the last two years. This larger number of sales combined with a 15% increase in average sale price, resulted in $551M in total sales volume during 2021. Quarter 4 of 2021, showed a lower average sales price than Q3 due to only two $5M+ sales in the market, which is about half the number high-priced homes sold over the previous 3 quarters.

<$1M | 23 $1M-2M | 31 $2M-3M | 13 $3M-5M | 8 $5M+ | 2

30%

$1,788,402 AV E R AG E S E L L I N G P R I C E

3%

14.9% 2021 vs 2020 16.3% Q4 2021 vs Q4 2020

17% 10%

$137.7M

77

39

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

18.2% 2021 vs 2020 1.3%

32.3% 2021 vs 2020 32.8%

35.7% 2021 vs 2020 14.8%

Q4 2021 vs Q4 2020 10

40%

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Carmel Valley

Including The Santa Lucia Preserve

Days on Market

Average vs Median Sales Price

$2.1M

60

$1.6M

45

$1.1M

30

$525K

15

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Closed Sales Volume by Quarter

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

100

$2.1M

$135M

75

$1.6M

$90M

50

$45M

25

$180M

$1.1M

$525K

Q1

Q2 2020

Q3

Q4 2021

Q1

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2020 Average

Q3

Q4 2021 Median 2021 Median

11

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

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 healthy sales volume this quarter selling 39 homes for $153M in value. This volume is 28% higher than the previous quarter but still 16% below 4th quarter of last year. For the year, sales volume of $665M represents a record year for Pebble Beach, 33% above 2020 which was on its own a record year as well.

The average sales price in Pebble Beach for the year was the highest on record at $4.3M, a 32% increase over 2020. Inventory is very tight in this market as well with just 18 homes currently listed for sale compared to 42 at this same time last year.

21%

$3,945,114

18% 8%

21%

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

32.6% 2021 vs 2020 19.9% Q4 2021 vs Q4 2020

33%

$153.9M

39

46

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

0.7% 2021 vs 2020 30.4%

41.1% 2021 vs 2020 13.2%

33.4% 2021 vs 2020 16.5%

Q4 2021 vs Q4 2020 12

<$1M | 3 $1M-2M | 13 $2M-3M | 8 $3M-5M | 8 $5M+ | 7

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Pebble Beach Days on Market

Average vs Median Sales Price

$5M

60

$3.8M

45

$2.5M

30

$1.3M

15

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Closed Sales Volume by Quarter

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

60

$5M

$165M

45

$3.8M

$110M

30

$55M

15

$220M

$2.5M

$1.3M

Q1

Q2 2020

Q3

Q4 2021

Q1

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

13

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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

F

or the 10-year period leading up to 2020, the Carmel Highlands, Big Sur, and South Coast market averaged 13 home sales per year. This year there were 54 homes sold, nearly matching the record of 56 homes sold in 2020. Total sales volume topped $200M during 2021 for the first time. The average sale prices remained strong at over $4M for the third straight quarter. This region, known for its high-priced sales along Highway 1, did see four sales over $5M during Q4 and 14 sales over $5M in 2021. At the end of the year there were 17 homes listed for sale compared to 31 at this same time last year.

$4,087,216

<$1M | 2 $1M-2M | 3 $2M-3M | 2 $3M-5M | 3 $5M+ | 4

21%

14%

14%

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

21%

11.4% 2021 vs 2020 22.6% Q4 2021 vs Q4 2020

$57.2M

14

75

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

3.6% 2021 vs 2020 26.3%

9.7% 2021 vs 2020 15.7%

7.4% 2021 vs 2020 9.7% Q4 2021 vs Q4 2020

14

29%

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Carmel Highlands, Big Sur & South Coast Days on Market

Average vs Median Sales Price

$5M

140

$3.8M

105

$2.5M

70

$1.3M

35

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

30

$90M

$7M

$5.3M

$68M

20

$3.5M

$45M

10 $1.8M

$23M

Q1

Q1

Q2

2020

Q3

Q4

2021

Q1

Q2

2020

Q3

Q4

2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

15

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

he Monterey and Del Rey Oaks market has been active all year long. The 109 sales that took place in Q4 of this year contributed to the region having its strongest year on record with 412 sales in 2021.

The total volume in the market hit a record high of $473M up 34% over the previous year, and the average sale price hit a record high in 2021 at $1.15M. In Q4 alone the average sale price was even higher at $1.22M as a result of more homes selling in $3M+ price range. Demand was high and the pace of these sales was fast, with an average of only 26 days on the market per sale. Inventory has started to dip, but the Monterey market remains healthy and primed for a great 2022.

< $800k | 34 $800k - 1.2M | 36 $1.2M - 2M | 25 $2M - 3M | 7 $3M+ | 7

$1,227,368

31%

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

6%

9.4% 2021 vs 2020 13.3% Q4 2021 vs Q4 2020

23%

6%

$133.8M

109

30

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

34.9% 2021 vs 2020 14.4%

Q4 2021 vs Q4 2020 16

33%

23.4% 2021 vs 2020 0.9%

Q4 2021 vs Q4 2020

39.5% 2021 vs 2020 3.4%

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Monterey & Del Rey Oaks Days on Market

Average vs Median Sales Price

35

$1.3M

28

$975K

21

$650K 14

$325K

7

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Closed Sales Volume by Quarter

$140M

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

110

$1.3M

88 $1.1M

$105M

66 $950K

$70M

44 $775K

$35M

22

Q1

Q1

Q2 2020

Q3

Q4 2021

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

17

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

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

SALES BY SEGMENT

P

acific Grove had another very strong quarter contributing to an unprecedented 2021. Sales volume hit a record $337M for the year climbing 39% between 2020 and 2021. Limited inventory and extremely high demand elevated prices to record highs in average and median price. Average sale price rose 27% from under $1.2M in 2020 to over $1.5M in 2021. Our internal data shows that 41% of the sales in this market in 2021 went for over asking price. At year-end 2021, only 6 properties remained on the market and with demand remaining high we expect continued upward pricing pressure and a multiple offer environment for at least the next few quarters.

< $800k | 4 $800k - 1.2M | 16 $1.2M - 2M | 17 $2M - 3M | 4 $3M+ | 4

36%

$1,586,464

9%

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

27.1% 2021 vs 2020 21.9% Q4 2021 vs Q4 2020

9%

$71.4M

45

29

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

9.3% 2021 vs 2020 28.6%

31.7% 2021 vs 2020 34.1%

38.9% 2021 vs 2020 12.9% Q4 2021 vs Q4 2020

18

9%

38%

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Pacific Grove Days on Market

Average vs Median Sales Price

50

$1.6M

40

$1.2M

30

$800K 20

$400K

10

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Closed Sales Volume by Quarter

$100M

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

80

$75M

60

$50M

40

$25M

20

$1.6M

$1.2M

$800K

$400K

Q1

Q1

Q2 2020

Q3

Q4 2021

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

19

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

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

SALES BY SEGMENT

A

fter a down year in 2020, Seaside experienced its best year in 2021. Total sales volume of $156M increased the most of any market, up over 72% from the prior year. There were 208 homes sold in 2021 which was the first time the Seaside market broke 200 sales in a year since 2011. Average sale price also reached a record high for the year, topping $750k for the first time. Like most other markets, inventory remains tight with just 12 homes for sale at the end of 2021.

< $400k | 1 $400k - 600k | 8 $600k - 800k | 37 $800k- 1M | 15 $1M+ | 5

56%

$738,852

12%

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

2%

22.9% 2021 vs 2020 16.2% Q4 2021 vs Q4 2020

23%

$48.8M

66

20

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

72.7% 2021 vs 2020 82.5%

Q4 2021 vs Q4 2020 20

8%

40.5% 2021 vs 2020 57.1% Q4 2021 vs Q4 2020

30.8% 2021 vs 2020 37.5% Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Seaside Days on Market

Average vs Median Sales Price

$900K

40

$675K

30

$450K

20

$225K

10

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

$50M

70

$900K

$38M

52.5

$675K

$25M

35

$13M

17.5

$450K

$225K

Q1

Q1

Q2 2020

Q3

Q4 2021

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

21

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

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

SALES BY SEGMENT

M

arina began 2021 with some of the tightest inventory in the region and closed the year the same way, finishing the year with just six homes on the market. As a result, units sold decreased by 28% in 2021 vs 2020. Driven by higher average prices, total sales volume fell only 19%. Strong demand and limited supply drove the average sale price up to $780K in 2021, nearly a 12% increase over 2020. The average listing sold in just 11 days on the market, easily the shortest timespan across the Peninsula. With high demand and increasing prices, ten percent of all sales are now over $1M in the Marina market.

$780,182

< $600k | 6 $600k - 800k | 14 $800k - 1M | 11 $1M - 1.2M | 0 $1.2M - 2M | 2

42% 18%

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

11.8% 2021 vs 2020 7.8% Q4 2021 vs Q4 2020

33%

$25.7M

33

11

SALES VOLUME

UNITS SOLD

D AY S O N M A R K E T

28.6% 2021 vs 2020 45.9%

63.3% 2021 vs 2020 57.7%

19% 2021 vs 2020 41.7% Q4 2021 vs Q4 2020

22

6%

Q4 2021 vs Q4 2020

Q4 2021 vs Q4 2020

2021 ANNUAL MARKET REPORT

Marina Days on Market

Average vs Median Sales Price

35

$900K

28

$775K

21

$650K 14

$525K

7

Q4 2020

Q1 2021

Q2 2021

Average

Q3 2021

Q4 2020

Q4 2021

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Median

$75M

Average vs Median Sales Price

by Quarter

Closed Sales by Quarter

Closed Sales Volume by Quarter

100

$900K

75

$775K

$60M

$45M $650K

50 $30M

$525K

25 $15M

Q1

Q1

Q2 2020

Q3

Q4 2021

Q1

Q2 2020

Q3

Q4 2021

Q2

2020 Average 2021 Average

Q3

Q4 2020 Median 2021 Median

23

2021 ANNUAL MARKET REPORT

Results Driven Experts Alessia Ucelli

George Fusco

Michelle Santin

Amy Scherer

Greg Hamer

Mike Miller

Anita Madison

Jahre Carver

Noelle Hayes

Aviana Bushnell

Jennifer Menke

Patrick Norris

Ben Zoller

Jennifer Veitengruber

Renee Catania

Brian Butler

John Romley

Rob Profeta

Brian Pybas

Liam Doust

Rose Clark

Danielle Germain

Lindsay Loveday

Ryan White

Devon Meeker

Lore Lingner

Sharmaine Torrey

Diane Kahle

Lori Nelson

The Dunes Team

Ed Bass

Martha Davis

The Finkle Team

Emily Weidner

Martin Klingel

Th駻鑚érèse Kent

Gary Paul Baker

Melissa Garren

Wendy Loren