Q2 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
22180 Toro Hills Drive Salinas $1,450,000
13525 Warren Avenue East Garrison $949,000
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142 19th Street Pacific Grove $899,000
Q2 2021 MARKET REPORT
Q2 2021 Significant Sales
7578 Paseo Vista, Monterey • SP: $3.575M • Represented Buyer & Seller
Seventh 2 SW Casanova, Carmel-by-the-Sea • SP: $3M Represented Buyer & Seller
3238 Taylor Road, Carmel • SP: $2.16M Represented Seller
208 Ridge Road, Pacific Grove • SP: $1.75M Represented Buyer & Seller
13730 Sherman Boulevard • SP: $1.325M Represented Seller
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Q2 2021 Market Overview 831.624.2300 montereycoastrealty.com Dolores and Seventh Carmel-by-the-Sea
Market demand for houses across The Peninsula remained very strong in the second quarter of 2021. Current indications are that the 2021 calendar year volume levels will stay at exceedingly high levels. There were 477 sales in the nine markets we cover across The Peninsula representing a total volume of $932M in sales. This volume level is well ahead of Q1, 2021 and nearly three times the volume recorded in Q2 of last year. There are two important facts to note in this quarter’s results. First, the year over year comparisons look extraordinary because we are comparing a very healthy Q2 of 2021 against the Covid impacted Q2 of 2020. Last April and May, sales activity was severely impacted by Covid health and regulatory restrictions. Second, this last quarter proved that the level of out-of-market demand has remained very high. Sales levels in Q2, 2021 are for the most part up from last quarter and only modestly behind Q3 and Q4 of last year, when we experienced record breaking quarters in nearly every market across The Peninsula. Another current driver in the market is the extremely low inventory of homes for sale. This recent quarter ended with 233 listed properties across all nine markets we track, compared to 454 at this same time last year. With inventory down almost 50% and demand remaining high, we are seeing measurable increases in home values. The market has also been experiencing multiple offers on a large percentage of new listings. This is a new phenomenon for our market and has added a level of complexity for both the buying and selling side. While each scenario is unique, we are just now getting helpful data to inform decisions based on location, price, demand, and other factors. 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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Q2 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
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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 very strong second quarter of 2021 with 49 properties changing hands and total market volume of $160M. The number of sales is up 172% over the Covid impacted second quarter of 2020 and is also up 40% over a healthy Q1 of 2021. Total volume is also well ahead of Q2 last year and Q1 of 2021. The average sale price of $3,266,057 is at an all-time high in Q2 of 2021. This is a product of increased prices due to strong demand and low inventory but is also driven a mix of higher priced homes selling in the quarter.
<$1M | 1 $1M-2M | 15 $2M-3M | 14 $3M-5M | 13 $5M+ | 6
31%
$3,266,057 AV E R AG E S E L L I N G P R I C E
2%
25.5% vs Q1 2021 57.1% vs Q2 2020
27%
$160M
49
38
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
76% vs Q1 2021 328% vs Q2 2020 6
12%
29%
40% vs Q1 2021 172% vs Q2 2020
100% vs Q1 2021 7% vs Q2 2020
Q2 2021 MARKET REPORT
Carmel-by-the-Sea & Carmel Point Days on Market*
Average vs Median Sales Price
$3.4M
50
$2.6M
37.5
$1.7M
25
$0.9M
12.5
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$200M
80
$3.4M
$150M
60
$2.6M
$100M
40
$50M
20
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
$1.7M
$0.9M
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 a healthy Q2 with 28 home sales and just under $57M in total sales volume. That sales volume is well ahead of the same quarter last year and very close to the volume in Q1 of this year. Average sale price in the area has declined but this is a product fewer high priced homes trading in the quarter. Overall demand remains high and with only 17 homes on the market at the end of the quarter, we are continuing to see an increase in home values.
<$1M | 7 $1M-2M | 10 $2M-3M | 7 $3M-5M | 3 $5M+ | 1
36%
$2,034,134
25%
AV E R AG E S E L L I N G P R I C E
4%
12.9% vs Q1 2021 52% vs Q2 2020
25%
$56.9M
28
31
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
2% vs Q1 2021 228% vs Q2 2020 8
11%
12% vs Q1 2021 115% vs Q2 2020
46% vs Q1 2021 52% vs Q2 2020
Q2 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
80
$1.8M
60
$1.2M
40
$0.6M
20
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
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
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 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 has now recorded 4 quarters of very healthy sales volume. A total of 330 homes have sold in the market in the trailing 12 months. This is well ahead of annual sales record for the area. 2020 saw an annual record sales level of 253 home sales. There were 87 sales in Q2 contributing to a record quarterly volume level of $161M. This is a very positive statement demonstrating the strength of the Carmel Valley Market even with inventory levels down considerably.
<$1M | 22 $1M-2M | 38 $2M-3M | 14 $3M-5M | 8 $5M+ | 5
44%
$1,858,162
25%
AV E R AG E S E L L I N G P R I C E
9.4% vs Q1 2021 41.7% vs Q2 2020
9%
$161.6M
87
58
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
39% vs Q1 2021 252% vs Q2 2020 10
6%
16%
26% vs Q1 2021 142% vs Q2 2020
14% vs Q1 2021 2% vs Q2 2020
Q2 2021 MARKET REPORT
Carmel Valley Days on Market*
Average vs Median Sales Price
$1.9M
60
$1.4M
55
$1.0M
50
$0.5M
45
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$180M
100
$1.9M
$135M
75
$1.4M
$90M
50
$45M
25
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
$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
P
ebble Beach had another very strong quarter with 44 home sales and total volume of $205M. This is the exact same number of sales as Q1 but with more higher priced homes trading total sales dollar volume increased in Q2 over Q1 by approximately 10%. Average sale price trading hit a new high at $4,672,897. This is a result of 25 homes over $3M trading in the quarter, 16 of which were over $5M as well. With several new higher priced homes in escrow at the beginning of Q3, we expect the strength in this market to continue.
$4,672,897
<$1M | 8 $1M-2M | 9 $2M-3M | 2 $3M-5M | 9 $5M+ | 16
36% 20%
18%
AV E R AG E S E L L I N G P R I C E
10% vs Q1 2021 23.5% vs Q2 2020
$205.6
44
50
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
10% vs Q1 2021 172% vs Q2 2020 12
5%
20%
no change
vs Q1 2021
120% vs Q2 2020
25% vs Q1 2021 52% vs Q2 2020
Q2 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
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$220M
60
$5.0M
$165M
45
$3.8M
$110M
30
$55M
15
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
$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
F
or the 10 years leading up to Covid (2020), The Carmel Highlands Market averaged 13.7 home sales per year. Last year that number increased to 54 for the year 2020. This quarter there were 15 transactions, more in a single quarter than we averaged for the 10 years prior to Covid. This confirmed the recent surge we are seeing in demand for this beautiful community. Total sales volume of $63M is second highest quarterly volume behind Q3 of last year. Average sale price is strong at $4.2M and inventory levels are a bit stronger than other markets with 24 homes currently listed.
$4,239,412
<$1M | 3 $1M-2M | 2 $2M-3M | 4 $3M-5M | 1 $5M+ | 5
13% 27%
20%
AV E R AG E S E L L I N G P R I C E
69.5% vs Q1 2021 19% vs Q2 2020
$63.5M
15
132
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
111.9% vs Q1 2021 143% vs Q2 2020 14
33%
7%
25% vs Q1 2021 200% vs Q2 2020
32% vs Q1 2021 2% vs Q2 2020
Q2 2021 MARKET REPORT
Carmel Highlands, Big Sur & South Coast Days on Market*
Average vs Median Sales Price
$7.0M
140
$5.3M
105
$3.5M
70
$1.8M
35
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
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
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 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 Market set a record for quarterly sales volume in Q2 with $127M in transaction volume. There were 105 sales in the quarter and 48% were over $1M. This increase in the number of higher priced homes contributed to an increase in average sale price to $1,215,160. This is the second highest quarterly average sale price the market has seen. Inventory continues to be the biggest challenge in this market with only 40 homes currently listed for sale compared to 73 at this time last year. Given the strong demand for less product we expect values to continue to increase.
<$1M | 55 $1M-2M | 36 $2M-3M | 8 $3M-5M | 6 $5M+ | 0
52%
$1,215,160
34%
AV E R AG E S E L L I N G P R I C E
24.6% vs Q1 2021 5.85% vs Q2 2020
8%
$127.5M
105
21
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
51% vs Q1 2021 160% vs Q2 2020 16
6%
21% vs Q1 2021 176% vs Q2 2020
36% vs Q1 2021 64% vs Q2 2020
Q2 2021 MARKET REPORT
Monterey Days on Market*
Average vs Median Sales Price
$1.3M
60
$1.0M
45
$0.7M
30
$0.3M
15
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$130M
110
$1.3M
$98M
82.5
$1.0M
$65M
55
$33M
27.5
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
$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
P
acific Grove experienced very strong sales activity with 62 homes trading in Q2. That number compares to 53 trading in Q1 of this year and only 30 trading in this same quarter last year. Total sales volume in PG was $86M which is the second highest quarterly result in the last 6 quarters, just slightly behind Q3 of last year. Demand for PG continues to be very strong and the number of homes for sale sits at 25, compared to 49 in the same quarter last year.
<$1M | 21 $1M-2M | 32 $2M-3M | 8 $3M-5M | 1 $5M+ | 0
34%
$1,401,548
52%
AV E R AG E S E L L I N G P R I C E
2%
10.7% vs Q1 2021 44.5% vs Q2 2020
$86.8M
62
22
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
4% vs Q1 2021 199% vs Q2 2020 18
13%
17% vs Q1 2021 107% vs Q2 2020
45% vs Q1 2021 47% vs Q2 2020
Q2 2021 MARKET REPORT
Pacific Grove Days on Market*
Average vs Median Sales Price
$1.6M
50
$1.2M
37.5
$0.8M
25
$0.4M
12.5
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$100M
80
$1.6M
$75M
60
$1.2M
$50M
40
$25M
20
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
$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 had a very strong quarter within number of sales and total sales volume. There were 49 sales in Q2 compared to 32 in Q1 and 24 in Q2 of last year. This sales velocity has driven the market to a new total volume record of $35M for the quarter, compared to $23M last quarter and $13M in Q2 of last year. Average sale price continues to be very strong at $714K. Inventory levels are low but not as low as other markets with 19 homes for sale at the end of Q2 compared to 16 at the end of last quarter and 20 at this time last year.
< $400 | 1 $400 - 600 | 8 $600 - 800 | 30 $800 - 1,000 | 6 $1M+ | 4
61%
$714,401
16%
AV E R AG E S E L L I N G P R I C E
2% 8%
1.4% vs Q1 2021 24% vs Q2 2020
$35M
49
12
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
51% vs Q1 2021 153% vs Q2 2020 20
12%
53% vs Q1 2021 104% vs Q2 2020
57% vs Q1 2021 no change vs Q2 2020
Q2 2021 MARKET REPORT
Seaside Days on Market*
Average vs Median Sales Price
$0.8M
40
$0.6M
30
$0.4M
20
$0.2M
10
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$40M
50
$0.8M
$30M
37.5
$0.6M
$20M
25
$10M
12.5
$0.4M
$0.2M
Q1
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 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 has been maybe the tightest inventory market on the Peninsula. There are currently only 12 homes for sale in Marina compared to 39 at this time last year. While volume is healthy at $30M for the quarter, it is down slightly from $34M last quarter and well behind Q3 and Q4 of last year when the market was in dramatic rebound from Covid. The demand remains very high in this market, putting pressure on prices and influencing increased home values. There have now been several home sales well over $1M, six in this quarter alone. The current average sale price of $831K is a new high for the market.
< $400 | 0 $400 - 600 | 4 $600 - 800 | 11 $800 - 1,000 | 16 $1M+ | 6
30%
$831,799 13.9% vs Q1 2021 25.7% vs Q2 2020
16%
$30.7M
37
10
SALES VOLUME
UNITS SOLD
D AY S O N M A R K E T *
-10% vs Q1 2021 47% vs Q2 2020 22
43%
11%
AV E R AG E S E L L I N G P R I C E
21% vs Q1 2021 16% vs Q2 2020
23% vs Q1 2021 69% vs Q2 2020
Q2 2021 MARKET REPORT
Marina Days on Market*
Average vs Median Sales Price
$900K
40
$675K
30
$450K
20
$225K
10
Q2 2020 Q3 2020 Q4 2020 Average
Q1 2021
Q2 2021
Q2 2020 Q3 2020 Q4 2020
Average vs Median Sales Price by Quarter
Closed Sales by Quarter
$70M
100
$0.9M
$53M
75
$0.7M
$35M
50
$18M
25
$0.5M
$0.2M
Q1
Q2
2020
Q3
Q4
2021
Q2 2021
* DOM count was suspended March 17th - May 16th, 2020 due to COVID-19
Median
Closed Sales Volume by Quarter
Q1
Q1 2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4 2020 Median 2021 Median
23
Q2 2021 MARKET REPORT
Results Driven Experts Alessia Ucelli
Gary Baker
Mike Miller
Amy Scherer
George Fusco
Noelle Hayes
Anita Madison
Greg Hamer
Patrick Norris
Aviana Bushnell
Jahre Carver
Renee Catania
Ben Zoller
Jennifer Menke
Richard Oh
Bob Profeta
Jennifer Veitengruber
Rob Profeta
Brian Butler
John Romley
Rose Clark
Brian Pybas
Liam Doust
Ryan White
Danielle Germain
Lindsay Loveday
Sharmaine Torrey
Devon Meeker
Lore Lingner
Stephen Green
Diane Kahle
Lori Nelson
The Dunes Team
Ed Bass
Martha Davis
The Finkle Team
Emily Weidner
Martin Klingel
Th駻鑚érèse Kent
Francesca Murray
Melissa Garren
Wendy Loren
Michelle Santin