Q1 2021 MARKET REPORT
831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea DRE#01871677
Carmel-by-the-Sea & Carmel Point Greater Carmel 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
7578 Paseo Vista Monterey $3,695,000
141 Caledonia Avenue Pacific Grove $995,000
2
46199 Clear Ridge Road Big Sur $955,000
Q1 2021 MARKET REPORT
Q1 2021 Significant Sales
25633 Shafter Way, Carmel • SP: $6,000,000 • Represented Buyer
28000 Underwood Road, Salinas • SP:$1,940,000 Represented Seller
San Carlos 3 SE of Alta, Carmel-by-the-Sea • SP: $1,685,000 Represented Seller
51 Cuesta Vista Drive, Monterey • SP: $1,340,000 Represented Seller
12480 Saddle Way, Carmel Valley • SP: $985,000 Represented Buyer & Seller
3
Q1 2021 Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
T
he Monterey Peninsula had a very strong first quarter in 2021. The total number of sales and total volume increased over the previous Q1 in almost all of the 9 markets we track. As reported in our 2020 annual report, last year was a very dynamic year. Q1 of last year started out strong, but by the middle of March, volume dramatically declined due to the initial COVID-19 shelter-in-place directive. April of 2020 became the slowest month we have experienced on the Monterey Peninsula in over a decade. By June and throughout the rest of the year, the market was setting record highs in units sold, total sales volume, and average selling price. The year ended with a very strong fourth quarter in 2020 and all indications were that demand would remain high into 2021. This demand has propelled us to materialize outstanding growth over Q1 of last year but does not reach the record levels achieved in Q4 of 2020. Record high sales in 2020 and in the first quarter of 2021 has caused more than a 50% decline in the total number of homes currently for sale on the Peninsula. This tight inventory has contributed to a healthy increase in average selling price in most markets. In early Q2 of 2021, we are still experiencing high demand in most markets. Many homes are experiencing multiple offers and when priced right, homes are selling at or above asking price. We believe this will continue throughout the rest of the year. While last year’s record volume will be hard to reach given our reduced inventory, we do expect a very healthy market through the end of the year. We hope you will find the attached quarterly 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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Q1 2021 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 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 had a strong first quarter, with 35 homes selling for $91M in volume. Volume is up 11% over Q1 of 2020, but down 46% from Q4 of 2020. Listed homes for sale are down 50% from last year. With low inventory, homes are selling quickly, often at or above asking price. Because of the mix of homes sold, the average selling price shows a decrease over previous periods, however, that is a product of higher priced sales in 2020 and not an accurate indication of values.
$2,602,089
<$1M | 2 $1M-2M | 14 $2M-3M | 9 $3M-5M | 7 $5M+ | 3
40% 26% 6%
AV E R AG E S E L L I N G P R I C E
14% vs Q4 2020 5% vs Q1 2020
20%
$91M
35
19
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
46% vs Q4 2020 11% vs Q1 2020 6
9%
38% vs Q4 2020 17% vs Q1 2020
47% vs Q4 2020 84% vs Q1 2020
Q1 2021 MARKET REPORT
Carmel-by-the-Sea & Carmel Point Days on Market*
Average vs Median Sales Price
$3.2M
120
$2.4M
90
$1.6M
60
$0.8M
30
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$200M
80
$3.2M
$150M
60
$2.4M
$100M
40
$50M
20
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
$1.6M
$0.8M
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
C
armel experienced growth across the board in Q1 of 2021 vs Q1 of 2020. The number of units sold increased almost 40%, total volume increased 128% and average selling price increased by 64%. While that sale price was also a result of product mix, there is strong evidence of a healthy increase in home values in this market for the last 5 quarters. Inventory is very low with just 11 homes available at the end of Q1 of 2021, and this will support fast sales and strong pricing in the coming quarters.
$2,334,278
48% 16%
AV E R AG E S E L L I N G P R I C E
8%
5% vs Q4 2020 64% vs Q1 2020
12%
16%
$58.3M
25
57
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
16% vs Q4 2020 128% vs Q1 2020 8
<$1M | 4 $1M-2M | 12 $2M-3M | 4 $3M-5M | 3 $5M+ | 2
19% vs Q4 2020 39% vs Q1 2020
20% vs Q4 2020 39% vs Q1 2020
Q1 2021 MARKET REPORT
Greater Carmel
The areas outside of Carmel-by-the Sea & Carmel Point
Days on Market*
Average vs Median Sales Price
$2.4M
100
$1.8M
75
$1.2M
50
$0.6M
25
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$70M
40
$2.4M
$53M
30
$1.8M
$35M
20
$18M
10
$1.2M
$0.6M
Q1
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
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 experienced a significant increase in units sold and in total volume in Q1 of 2021 over Q1 of 2020. The 70 homes sold is 63% more than Q1 and only 10% less than a very busy Q4 of last year. Average selling price has reached an all-time high at almost $1.7M. This is impacted by a number of higher priced estate sales in The Preserve and across the valley over the last few quarters. Inventory is very low, and demand is strong going into Q2 of 2021.
<$1M | 20 $1M-2M | 31 $2M-3M | 13 $3M-5M | 4 $5M+ | 2
$1,698,419
29%
44%
AV E R AG E S E L L I N G P R I C E
10% vs Q4 2020 8% vs Q1 2020
19%
$118.9M
70
51
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
1% vs Q4 2020 39% vs Q1 2020 10
3% 6%
10% vs Q4 2020 63% vs Q1 2020
12% vs Q4 2020 53% vs Q1 2020
Q1 2021 MARKET REPORT
Carmel Valley Days on Market*
Average vs Median Sales Price
$1.9M
110
$1.4M
82.5
$1.0M
55
$0.5M
27.5
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1
2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$160M
100
$1.9M
$120M
75
$1.4M
$80M
50
$40M
25
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
$1.0M
$0.5M
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
W
hile all markets across the Peninsula grew, Pebble Beach experienced the highest in average selling price, units sold, and total sales volume compared to Q1 of 2020. Volume in the quarter reached $186M compared to only $30M in Q1 of last year. There were 11 homes sold over $5M in Q1 of 2021, vs 23 sold all of last year. Inventory is down to 31 homes for sale vs 71 last year. Several of the remaining listings are on the higher end, with a current average list price of over $10M.
<$1M | 1 $1M-2M | 15 $2M-3M | 10 $3M-5M | 7 $5M+ | 11
$4,229,252 AV E R AG E S E L L I N G P R I C E
2%
29% vs Q4 2020 128% vs Q1 2020
16% 25%
$186.1
44
40
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
1% vs Q4 2020 527% vs Q1 2020 12
23%
34%
21% vs Q4 2020 175% vs Q1 2020
25% vs Q4 2020 50% vs Q1 2020
Q1 2021 MARKET REPORT
Pebble Beach Days on Market*
Average vs Median Sales Price
$5.0M
110
$3.8M
82.5
$2.5M
55
$1.3M
27.5
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1
2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$220M
60
$5.0M
$165M
45
$3.8M
$110M
30
$55M
15
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
$2.5M
$1.3M
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
V
olume in Carmel Highlands, Big Sur, and South Coast was healthy at almost $28M on 11 home sales. This represents a 52% increase over Q1 of 2020 and a 56% decrease from a busy Q4 last year. Average selling price has decreased as a result of more sales in the $1-2M range vs previous quarters. Inventory of homes for sale is down to 23 homes vs 39 at this same time last year. Demand remains strong which should produce a healthy market in the coming months.
$2,523,545
<$1M | 2 $1M-2M | 4 $2M-3M | 1 $3M-5M | 2 $5M+ | 2
36% 18%
9%
AV E R AG E S E L L I N G P R I C E
18%
28% vs Q4 2020 45% vs Q1 2020
$27.8M
11
104
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
56% vs Q4 2020 52% vs Q1 2020 14
18%
39% vs Q4 2020 175% vs Q1 2020
17% vs Q4 2020 36% vs Q1 2020
Q1 2021 MARKET REPORT
Carmel Highlands, Big Sur & South Coast Average vs Median Sales Price
Days on Market*
$7.0M
170
$5.3M
127.5
$3.5M
85
$1.8M
42.5
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2020 Q1 2020 Q2 2020 Q3 2020 Q4
2021 Q1
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$90M
30
$7.0M
$68M
22.5
$5.3M
$45M
15
$23M
7.5
$3.5M
$1.8M
Q1
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
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 market experienced a very strong quarter, selling 85 homes for a total of $82M in volume. This represents a 60% increase in both units sold and total volume this quarter over the same period last year. Average selling price is down 11% from Q4 of 2020 but still showing a strong number that has been increasing steadily for the last 6 years straight. Demand remains high and inventory is down to 26 homes available for sale.
<$1M | 56 $1M-2M | 24 $2M-3M | 4 $3M-5M | 1 $5M+ | 0
66%
$975,220 AV E R AG E S E L L I N G P R I C E
11% vs Q4 2020 1% vs Q1 2020
28%
$82.9M
85
33
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
26% vs Q4 2020 61% vs Q1 2020 16
1% 5%
17% vs Q4 2020 60% vs Q1 2020
18% vs Q4 2020 53% vs Q1 2020
Q1 2021 MARKET REPORT
Monterey Days on Market*
Average vs Median Sales Price
$1.3M
70
$1.0M
52.5
$0.7M
35
$0.3M
17.5
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$130M
110
$1.3M
$98M
82.5
$1.0M
$65M
55
$33M
27.5
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
$0.7M
$0.3M
Q1
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
C
oming off of an already great year in 2020, Pacific Grove continued to grow in Q1 of 2021. Average selling price and total dollar volume increased over Q1 and Q4 of 2020. There were 53 sales in the quarter which is 47% higher than Q1 of last year, and only 16% behind a very strong Q4 last year. Inventory is down over 50% to 20 homes currently listed vs 48 at this same time last year. Demand remains high and houses are selling quickly, often at or above asking price.
<$1M | 9 $1M-2M | 30 $2M-3M | 13 $3M-5M | 1 $5M+ | 0
57%
$1,569,640
17%
AV E R AG E S E L L I N G P R I C E
2%
21% vs Q4 2020 40% vs Q1 2020
$83.2M
53
40
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
1% vs Q4 2020 106% vs Q1 2020 18
25%
16% vs Q4 2020 47% vs Q1 2020
9% vs Q4 2020 38% vs Q1 2020
Q1 2021 MARKET REPORT
Pacific Grove Days on Market*
Average vs Median Sales Price
$1.6M
70
$1.2M
52.5
$0.8M
35
$0.4M
17.5
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
Closed Sales Volume by Quarter
$100M
80
$1.6M
$75M
60
$1.2M
$50M
40
$25M
20
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
$0.8M
$0.4M
Q1
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
S
easide has experienced an increase in values for over 10 years straight. Q1 of 2021 average selling price continued to grow 16% over Q1 and 14% over Q4 of last year. In 2020, 47% of all sales were over $600K. In Q1 of 2021, 72% of sales exceeded $600K. The percentage of sales exceeding $1M increased from 1% in 2020 to 9% in Q1 of 2021. Volume in the quarter was 9% ahead of Q1 and 13% behind Q4 of 2020.
$724,891
< $400 | 0 $400 - 600 | 9 $600 - 800 | 16 $800 - 1,000 | 4 $1M+ | 3
50%
28%
AV E R AG E S E L L I N G P R I C E
14% vs Q4 2020 16% vs Q1 2020
13%
$23.2M
32
28
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
13% vs Q4 2020 9% vs Q1 2020 20
9%
24% vs Q4 2020 6% vs Q1 2020
13% vs Q4 2020 26% vs Q1 2020
Q1 2021 MARKET REPORT
Seaside Days on Market*
Average vs Median Sales Price
$0.8M
40
$0.6M
30
$0.4M
20
$0.2M
10
2020 Q1
2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1
2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$28M
50
$0.8M
$21M
37.5
$0.6M
$14M
25
$7M
12.5
$0.4M
$0.2M
Q1
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
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 continues to be one of the tightest markets on the Peninsula as it relates to homes for sale. There are currently only 8 listed properties vs 41 at this same time last year. Tighter inventory is having a strong impact on average selling price, which is up 20% from Q1 of 2020. Marina has now had 11 straight years of growth in average selling price. Volume of $34M in sales was down 22% from a strong Q4 and up 88% over the first quarter of 2020.
< $400 | 0 $400 - 600 | 4 $600 - 800 | 32 $800 - 1,000 | 9 $1M+ | 2
68%
$729,734
9%
AV E R AG E S E L L I N G P R I C E
4%
1% vs Q4 2020 20% vs Q1 2020
$34.3M
47
13
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
22% vs Q4 2020 88% vs Q1 2020 22
19%
23% vs Q4 2020 57% vs Q1 2020
50% vs Q4 2020 70% vs Q1 2020
Q1 2021 MARKET REPORT
Marina Days on Market*
Average vs Median Sales Price
$800K
100
$750K
75
$700K
50
$650K
25
2020 Q1 2020 Q2 2020 Q3 2020 Q4 Average
2021 Q1
2020 Q1 2020 Q2 2020 Q3 2020 Q4
* DOM count was suspended March 17th - May 16th due to COVID-19
Median
Closed Sales Volume by Quarter
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$70M
100
$0.8M
$53M
75
$0.8M
$35M
50
$18M
25
$0.7M
$0.7M
Q1
Q1
Q2
2020
Q3
Q4
2021
2021 Q1
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 Median
23
Q1 2021 MARKET REPORT
Results Driven Experts Alessia Ucelli
Greg Hamer
Noelle Hayes
Amy Scherer
Jahre Carver
Patrick Norris
Anita Madison
Jennifer Menke
Renee Catania
Ben Zoller
Jennifer Veitengruber
Richard Oh
Bob Profeta
John Romley
Rob Profeta
Brian Butler
Liam Doust
Rose Clark
Brian Pybas
Lindsay Loveday
Ryan White
Devon Meeker
Lore Lingner
Sharmaine Torrey
Diane Kahle
Lori Nelson
Stephen Green
Ed Bass
LuAnn Meador
The Dunes Team
Emily Weidner
Martha Davis
The Finkle Team
Geoff Arnold
Martin Klingel
Th駻鑚érèse Kent
George Fusco
Michelle Santin-Fiallo
Wendy Loren
Mike Miller