Q2 2022 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 & Del Rey Oaks Pacific Grove Seaside Marina & East Garrison
Our Featured Listings
2
1525 Deer Path, Pebble Beach $4,999,000
9 Sonoma Lane, Carmel Highlands $3,300,000
690 Pine Avenue, Pacific Grove $1,795,000
479 Palisade Drive, Marina $1,680,000
Pfeiffer Ridge Road, Big Sur Coast $1,550,000
19024 Fieldstone Court, Salinas $1,350,000
Q2 2022 MARKET REPORT
Q2 2022 Significant Sales
Scenic 6 SE of Ocean, Carmel • SP: $13.025M Represented Buyer & Seller
2 NW 9th and Lincoln Avenue, Carmel • SP: $3.85M Represented Buyer
3406 3rd Avenue, Carmel • SP: $2.65M Represented Seller
610 Braden Way, Marina • SP: $1.595M Represented Buyer & Seller
1101 Melton Place, Pacific Grove • SP: $1.4M Represented Seller
18955 Kilpatrick Lane, East Garrison • SP: $1.14M Represented Seller
3
Q2 2022 Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
R
eal estate markets across the country are cooling down after two years of pandemic related growth. With macro-economic pressure, inflation, and higher interest rates, sales volumes have declined in most markets throughout the US. After almost eight quarters of extraordinary growth Monterey Peninsula Real Estate is also showing signs of “Normalizing” although the decline is not as significant as many parts of the country. Demand for living in this region remains extremely high and continues to outpace supply. With inventory of homes for sale still low across the Peninsula, average sale prices have remained high. For Q2 of 2022 the average sale price across the Peninsula was $1.922M down just 12% from last quarters high and slightly ahead of the average sale price at this time last year. The number of sales in Q2 was slightly higher than last quarter, but the average sales price and total dollar volume were down from the previous quarter. This decline was heavily driven by fewer high-priced sales in Pebble Beach. In Q1 of this year there were 3 homes that sold for over $26M in Pebble Beach which skewed the average sale price and total volume higher in Q1 than in Q2. All nine markets we track in the attached report show healthy growth from Q2 of last year to Q2 of this year. The Greater Carmel, Monterey, Seaside, and Marina markets all reached new historical high average sale prices this quarter. Our proprietary data still tells us that there are many more buyers looking to purchase here than there are homes for sale. Clients tell us that the reasons for wanting to live here on the Peninsula remain as strong as ever. With this genuine desire and a limited amount of inventory, we do feel as though our market is more insulated than many. With a shifting market, tracking key analytic drivers has never been more important. Our analytics team is constantly reviewing all market conditions including supply, demand, pricing, competitive bidding, multiple offers, and over asking offers. This intelligence is essential in accurately pricing a home for sale and in advising clients on comparable value when bidding on a home. The market is changing and our agents have a dedicated team of local analytics experts evaluating micro-level variables which help clients make informed decisions when buying or selling in this environment. The following report details the dynamic variance by market across the Peninsula. 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
Q2 2022 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 & Del Rey Oaks � �����������������������������������������������16 Pacific Grove ��������������������������������������������������������������������18 Seaside � ���������������������������������������������������������������������������� 20 Marina & East Garrison �������������������������������������������������� 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
Q
uarter 2 of 2022 in Carmel-by-the-Sea saw more high prices, but with limited inventory and lower sales volume than the last four quarters. The quarter began with just 13 properties on the market, contributing to a lower than average 33 sales during the period.Total sales dollar volume was down just 10% from Q1 of this year but off 30% from the record quarter at this time last year. An average sales price of $3.36 million was the second highest in Carmel-by-the-Sea history. Several of the 33 homes sold this quarter received multiple offers while the speed of sale hit a record 8 days on the market, which demonstrates that the demand to live here remains extremely high.
$3,365,254
<$1M | 1 $1M-$2M | 6 $2M-$3M | 9 $3M-$5M | 12 $5M+ | 5
3%
15% 36%
18%
AV E R AG E S E L L I N G P R I C E
27%
3.7% vs Q1 2022 3% vs Q2 2021
$111.1M
33
8
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
10.8% vs Q1 2022 32.7% vs Q2 2021
74.2% vs Q1 2022 78.9% vs Q2 2021
7.6% vs Q1 2022 30.6% vs Q2 2021 6
Q2 2022 MARKET REPORT
Carmel-by-the-Sea & Carmel Point Days on Market
Average vs Median Sales Price
$4M
40
$3M
30
$2M
20
$1M
10
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
50
$190M
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$4M
40
$3M
$143M
30 $2M
$95M
20 $1M
$48M
10
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
T
he Greater Carmel area experienced its best quarter ever in terms of average sales price, median sales price, and total sales volume. This was assisted by 30% of sales topping $3 million in the quarter, including the former home of Betty White selling twice in the same quarter for over $10 million. Even with these two large sales removed, the average sales price in the area would have set a record high, topping $2.4 million. With Carmel-by-the-Sea inventories so low, we are seeing buyers look more toward and be willing to pay more for the Greater Carmel area.
<$1M | 2 $1M-$2M | 10 $2M-$3M | 6 $3M-$5M | 4 $5M+ | 4
15%
$3,037,404 AV E R AG E S E L L I N G P R I C E
23%
62.5% vs Q1 2022 49.3% vs Q2 2021
15% 8% 38%
$79M
26
25
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
18.2% vs Q1 2022 7.1% vs Q2 2021
25% vs Q1 2022 19.4% vs Q2 2021
92% vs Q1 2022 38.7% vs Q2 2021 8
SALES BY SEGMENT
Q2 2022 MARKET REPORT
Greater Carmel
The areas outside of Carmel-by-the Sea & Carmel Point
Days on Market
Average vs Median Sales Price
$3.2M
50
$2.4M
38
$1.6M
25
$800K
13
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$80M
28
$3.2M
$60M
21
$2.4M
$40M
14
$20M
7
$1.6M
$800K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
C
armel Valley experienced a solid Q2 of 2022 after a down Q1 this year. 62 sales in the quarter is slightly above pre-COVID levels, although down from the six quarters between July 2020 and end of year 2021. Average sales prices remain high at over $1.9 million, the second highest total on record, while the median sales price actually dipped to $1.35 million, the lowest since Q2 of 2020. Overall, with sales prices remaining high, a healthy sales volume topping $120M, and 45 homes on market to end the quarter, Carmel Valley continues to show promise as one of the strongest areas in our market moving forward.
SALES BY SEGMENT
<$1M | 19 $1M-$2M | 25 $2M-$3M | 7 $3M-$5M | 7 $5M+ | 4
40%
11%
$1,944,357
11%
AV E R AG E S E L L I N G P R I C E
31%
6.7% vs Q1 2022 3.9% vs Q2 2021
$120.5M
62
30
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
31.9% vs Q1 2022 27.9% vs Q2 2021
6.3% vs Q1 2022 42.3% vs Q2 2021
40.7% vs Q1 2022 25.1% vs Q2 2021 10
6%
Q2 2022 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
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$170M
90
$2.1M
$128M
68
$1.6M
$85M
45
$43M
23
$1.1M
$525K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
P
ebble Beach had very slow quarter compared to the previous seven quarters. There were just 20 homes sold in Q2, down 54% from Q2 quarter last year and well below pre-pandemic numbers. Total sales dollar volume was down 54% from the previous quarter and 51% from Q2 of last year. This quarterly volume is more consistent with pre-COVID quarters of 2019 and prior, suggesting the market is normalizing. While down 42% from Q1 of 2022 (due to 3 sales over $26 million in Q1), the average sale price of $4.95M remains strong in Pebble Beach. Sister company Carmel Realty Company was proud to represent the three highest priced sales in Pebble Beach during Q2, 2022.
SALES BY SEGMENT
<$1M | 2 $1M-$2M | 1 $2M-$3M | 5 $3M-$5M | 5 $5M+ | 7
35%
$4,956,910
10% 5%
AV E R AG E S E L L I N G P R I C E
42.5% vs Q1 2022 6.1% vs Q2 2021
25%
$99.1M
20
41
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
20% vs Q1 2022 54.5% vs Q2 2021
8.9% vs Q1 2022 18% vs Q2 2021
54% vs Q1 2022 51.8% vs Q2 2021 12
25%
Q2 2022 MARKET REPORT
Pebble Beach Days on Market
Average vs Median Sales Price
$9M
50
$6.8M
38
$4.5M
25
$2.3M
13
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
50
$220M
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$9M
40
$6.8M
$165M
30 $4.5M
$110M
20 $2.3M
$55M
10
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
T
he Carmel Highlands and Big Sur area continued its high average sales price at over $4.8 million. This was slightly down from the previous quarter which was positively impacted by some very highpriced transactions. There were only eight sales in Q2, lower than the previous seven quarters, but consistent with pre-2020 levels. Five of the eight sales were on market for less than a week. Four of the eight sales topped $5 million, leading to the high average sales price. While sales slowed a bit from previous quarters, this market remains in demand and should continue to perform well in the coming quarters.
50%
$4,874,282
25%
AV E R AG E S E L L I N G P R I C E
16.1% vs Q1 2022 15% vs Q2 2021
13% 13%
$39M
8
85
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
33.3% vs Q1 2022 46.7 vs Q2 2021
157.6% vs Q1 2022 35.6% vs Q2 2021
44.1% vs Q1 2022 38.7% vs Q2 2021 14
<$1M | 1 $1M-$2M | 0 $2M-$3M | 1 $3M-$5M | 2 $5M+ | 4
Q2 2022 MARKET REPORT
Carmel Highlands, Big Sur & South Coast Days on Market
Average vs Median Sales Price
$6M
140
$4.5M
105
$3M
70
$1.5M
35
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$72M
15
$6M
$54M
11
$4.5M
$36M
8
$18M
4
$3M
$1.5M
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
T
he Monterey area set another record for average sales price in Q2 at $1.3 million. Inventory of available homes has been low, contributing to fewer sales (70) in the quarter. This is the fewest sales in at least seven quarters and lower than the average pre-COVID quarters. We believe this is due to low inventory and all-time-high prices. These record high prices are making this typically affordable housing market more difficult to enter and contributing to sales growth in neighboring markets like Seaside and Marina.
SALES BY SEGMENT
<$800K | 18 $800K-$1.2M | 23 $1.2M-$2M | 18 $2M-$3M | 8 $3M+ | 3
26%
$1,313,948
33%
11%
AV E R AG E S E L L I N G P R I C E
26%
5.9% vs Q1 2022 8% vs Q2 2021
$92M
70
28
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
19.4% vs Q1 2022 30.6% vs Q2 2021 16
4%
23.9% vs Q1 2022 35.8% vs Q2 2021
21.7% vs Q1 2022 33.3% vs Q2 2021
Q2 2022 MARKET REPORT
Monterey & Del Rey Oaks Days on Market
Average vs Median Sales Price
35
$1.4M
28
$1.1M
21 $700K
14 $350K
7
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$140M
110
$1.4M
$105M
83
$1.1M
$70M
55
$35M
28
$700K
$350K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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 a mixed quarter after seeing continued growth and record highs over the last several quarters. Average sales price and median sales price both dropped to 2021 levels after seeing record highs in Q1 of 2022. There were 44 homes sold in the quarter, higher than last quarter’s 30, but below all other post-COVID quarters. Inventory has been incredibly tight in PG with just 10 listings to start Q2. There was a spike of listings at the end of the quarter, bringing the total up to 31 to begin Q3. We believe this increase in inventory is a result of the traditional summer selling season as well as additional sellers looking to capitalize on the strong demand and higher prices the market is now demanding.
<$800K | 3 $800K-$1.2M | 12 $1.2M-$2M | 20 $2M-$3M | 8 $3M+ | 1
45%
$1,522,709
18% 2%
AV E R AG E S E L L I N G P R I C E
27%
10.6% vs Q1 2022 8.6% vs Q2 2021
$67M
44
9
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
46.7% vs Q1 2022 29% vs Q2 2021
71.9% vs Q1 2022 59.1% vs Q2 2021
31.1% vs Q1 2022 22.9% vs Q2 2021 18
7%
Q2 2022 MARKET REPORT
Pacific Grove Days on Market
Average vs Median Sales Price
$1.8M
40
$1.3M
30
$900K
20
$450K
10
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$100M
70
$1.8M
$75M
53
$1.3M
$50M
35
$25M
18
$900K
$450K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
S
easide had an impressive quarter across the board. Average sales price of $866K and median sales price of $815k both hit record highs in Q2 of 2022. There were 53 sales resulting in nearly $46M in volume over the quarter. This represents a healthy increase in both sales and volume over last quarter and last year. Seaside’s commitment revitalizing its downtown area has drawn consumers in and helped increase home sale prices (up over 35% vs 2019). Supply, demand, pricing and inventory all seem to be healthy in this market and should continue to drive strong results.
$866,705
< $400K | 0 $400K-$600K | 2 $600K-$800K | 22 $800K-$1M | 17 $1M+ | 12
32%
AV E R AG E S E L L I N G P R I C E
42%
10.4% vs Q1 2022 22% vs Q2 2021
$45.9M
53
14
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
24.4% vs Q1 2022 29.4% vs Q2 2021 20
4%
23%
12.8% vs Q1 2022 6% vs Q2 2021
no change vs Q1 2022
16.7% vs Q2 2021
Q2 2022 MARKET REPORT
Seaside Days on Market
Average vs Median Sales Price
$900K
20
$675K
15
$450K
10
$225K
5
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$50M
70
$900K
$38M
53
$675K
$25M
35
$13M
18
$450K
$225K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 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
T
he Marina and East Garrison market saw another record high in average sales price at $874 thousand, up four percent from last quarter. Sea Haven and East Garrison are both helping push prices higher in this area as 12 homes (28 percent of sales) topped $1 million in the quarter. Lack of inventory has affected this area for several quarters and continued to do so in Q2 of 2022. The market performed well with 44 sales for the quarter especially considering that there were only 11 available on the market at the beginning of the quarter. After rarely seeing more than 15 to 20 listings at a time, this number jumped to 32 by the end of Q2, showing promise moving forward into the second half of 2022.
<$600 | 8 $600K-$800K | 9 $800K-$1M | 15 $1M-$1.2M | 6 $1.2M+ | 6
20%
$874,057
34% 18%
AV E R AG E S E L L I N G P R I C E
4.3% vs Q1 2022 5.4% vs Q2 2021
14% 14%
$38.5M
44
18
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T
29.4% vs Q1 2022 6.4% vs Q2 2021
14.3% vs Q1 2022 100% vs Q2 2021
35% vs Q1 2022 1.3% vs Q2 2021 22
SALES BY SEGMENT
Q2 2022 MARKET REPORT
Marina & East Garrison Days on Market
Average vs Median Sales Price
22
$880K
17 $820K
11 $760K
6
$700K
Q2 2021
Q3 2021
Q4 2021
Average
Q1 2022
Q2 2022
Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$48M
60
$900K
$36M
45
$850K
$24M
30
$12M
15
$800K
$750K
Q1
Q1
Q2 2021
Q3
Q4 2022
Q1
Q2 2021
Q3
Q4 2022
Q2
Q3
Q4
2021 Average
2021 Median
2022 Average
2022 Median
23
Q2 2022 MARKET REPORT
Results Driven Experts Alessia Ucelli
George Fusco
Melissa Garren
Amy Scherer
Greg Hamer
Michele Annereau
Anita Madison
Jahre Carver
Michelle Santin
Aviana Bushnell
Jennifer Menke
Mike Miller
Ben Zoller
Jennifer Veitengruber
Patrick Norris
Brian Butler
John Romley
Renee Catania
Brian Pybas
Liam Doust
Rob Profeta
Danielle Germain
Lindsay Loveday
Rose Clark
Devon Meeker
Lore Lingner
Ryan White
Diane Kahle
Lori Nelson
Sharmaine Torrey
Ed Bass
Martha Davis
The Dunes Team
Emily Weidner
Martin Klingel
The Finkle Team
Gary Paul Baker
Th駻鑚érèse Kent