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