Highway 68 Corridor • Carmel-by-the-Sea & Carmel Point • Greater Carmel • Carmel Valley • Pebble Beach Carmel Highlands, Big Sur & South Coast • Monterey & Del Rey Oaks • Pacific Grove • Seaside • Marina & East Garrison
Carmel Meadows Gem with Stunning Views
Monterey Estate in Monterra Ranch
Carmel Valley Home Provides Amazing Views
6 White Tail Lane • LP: $2,188,000 • Rep. Buyer & Seller Elegant, Single-Story East Garrison Home
I am thrilled to have made the recent change to join the team at Monterey Coast Realty! I always strive to provide the best experience possible for my clients and with the power of the Monterey Coast Realty team behind me, this partnership will surely allow me to do just that. While I now have more exposure to properties throughout the Monterey Peninsula, my primary focus will remain on the communities within the Highway 68 Corridor and providing tools and experience that is unmatched in the area.
As you will see in the Q2 Market Report, the market has rebounded signi cantly in several areas and the market outlook is strong! ese are encouraging signs for those considering selling or buying in the coming months.
You also may know, in just a short time there are several changes coming to the real estate industry as we know it. I have been working diligently to prepare for the upcoming changes so if I can help to provide any clarity, I’d love to connect with you.
As always, if I can be of help to you, your family members, or friends in any way, don’t hesitate to reach out.
Best,
Highway 68 Corridor
Spanning the area between Monterey and east toward Salinas, is California State Route 68, also known as, the Monterey–Salinas Highway. This corridor offers many communities and developments for those looking to be close to town with space among the natural terrain of the oak-studded coastal hills. Communities found here include Corral de Tierra, San Benancio, Toro Park, and Pasadera, with its Jack Nicklaus designed golf course. An array of single family homes and estates can be found offering sweeping views of both rolling hills and the ocean beyond.
Q2 2024 Market Breakdown
Carmel-by-the-Sea & Carmel Point
$4,452,769
Carmel-by-the-Sea had a nice bounce-back second quarter after an extremely slow Q1. The number of sales in the area rose to 32 after just 13 in Q1, which was a two-decade low. 32 sales this quarter also topped 3 of the 4 quarter’s sales marks in 2023. Average sale price ($4.45M) held strong, just 4.5% below the record high set last quarter. Available inventory doubled over the course of the quarter, starting with just 17 onmarket listings and ending with 35 actives. Of the five sales that took place over $5M in the area during Q2, Monterey Coast Realty and Carmel Realty Company represented a side in three of these sales. Units Sold 32
$142,488,600 Days on Market 39
Q2 2024 Market Breakdown
Did You Know?
Carmel-by-the-Sea is known for attracting various celebrities and artists. Clint Eastwood served as mayor of the village from 1986-1988. Other notable celebrities, artists and writers who have called Carmel home include Doris Day, John Denver, Ansel Adams and Jack London.
Greater Carmel
Areas outside of Carmel-by-the-Sea & Carmel Point
Greater Carmel’s 15 sales in Q2 2024 were the highest of any total over the past seven quarters. The average sale price ($2.52M) hit the second highest total on record and the most since Q2 2022, when two $10M sales occurred in the area. This led to total sales volume hitting its highest mark over the same twoyear period. The average days to sell remained low at just 41 days on the market.
Q2 2024 Market Breakdown
Did You Know?
Robert Louis Stevenson modeled Treasure Island’s Spyglass Hill after Point Lobos State Reserve near Carmel.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Carmel Valley
Like Greater Carmel, Carmel Valley’s 53 sales during the quarter matched or bested every quarter’s sales tally since Q2 2022. Even with the elevated number of sales, average sale price ($1.94M) came within about 5% of last quarter’s record high and was up 9% year-overyear. Total sales volume in the area topped $100M for the first time in two years. After a higher than usual 75 average days on market during Q1, Q2 2024’s total dropped back to 45 days on market, a typical period for this area. Carmel Valley ended the quarter with an incredible 71 active listings, the most inventory the area has seen since October 2020. MCR & CRC combined to represent four of the six sides on the three highest priced sales in the area during the quarter.
$1,945,514
Q2 2024 Market Breakdown
Did You Know?
Monterey County has 349 vineyards, 82 bonded wineries and 65 tasting rooms. The wide range of climates allow Monterey County to grow over 30 different wine grape varietals.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Pebble Beach
Pebble Beach saw 20 sales during Q2, which more than doubled the record-low nine sales during the previous quarter. These 20 sales were also the most over the past five quarters. The average sale price jumped back to a more typical Pebble Beach number of $3.87M. This was the highest mark since Q4 2022. The first $10M+ sale of 2024 in Pebble Beach occurred in June, with CRC representing the seller. Six sales over $5M closed during Q2 after just four of these high-priced sales occurred over the previous six months. This hints to the potential of high-priced buyers becoming more comfortable in returning to the Pebble Beach market. Of these six $5M+ sales, MCR & CRC represented at least one side in five of the transactions.
$3,868,820
20 Sales Volume $77,376,400 Days on Market
Q2 2024 Market Breakdown
Did You Know?
17-Mile Drive through Pebble Beach is one of only nine private toll roads in the country, and the only one west of Mississippi.
County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Carmel Highlands, Big Sur & South Coast
Carmel Highlands and Big Sur saw five sales for the quarter and $16.2M in sales volume, which were both the most in a quarter since Q3 of last year. There is a large amount of available inventory in this region with 24 homes on the market heading into Q3. Six additional homes are currently contingent or pending sale, setting up what could be a very nice Q3 in this area. Monterey Coast Realty and Carmel Realty Company each had agents double-end sales in Carmel Highlands and Big Sur during Q2.
$3,236,500
$16,182,500 Days on Market
102
5 Sales Volume
Q2 2024 Market Breakdown
Did You Know?
Local settings from around the Monterey Peninsula have provided the backdrops for more than 180 films and television shows. You’ll recognize many scenes in HBO’s award winning mini-series Big Little Lies in Big Sur and the Carmel Highlands.
Pacific Grove
While Pacific Grove’s Q2 2024 was far better than its Q1, it was just on par with the below average quarters it saw during 2023. The 30 sales during the quarter equaled the low of any quarter in 2023, trailing a healthy quarter by about ten sales. The average sale price remained high in the area, topping $1.70M. This was the fourth time over the last six quarters that average sale prices topped $1.70M. While every other area increased in active listings throughout the quarter, Pacific Grove started and ended Q2 with an inventory of 30 homes.
45 Average Selling Price $1,703,373
$51,101,185 Days on Market
30 Sales Volume
Q2 2024 Market Breakdown
Did You Know?
Point Pinos Lighthouse in Pacific Grove is the oldest continually operating lighthouse on the West Coast
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Monterey & Del Rey Oaks
After a low number of sales led to an inflated average sales price during Q1, Q2 saw the average sale price level out near its previous high at $1.24M. This was a 9.7% increase year-over-year. During the quarter, Monterey saw 79 sales close, which was the most in over two years (Q1 2022). With 54 remaining active listings heading into Q3, there is promise for another healthy quarter to come. Total sales volume also saw its highest mark over the same period, finishing at $98.3M, which was up 52.3% quarter-over-quarter and 31.3% year-over-year. Three homes topped the $3M price mark. MCR represented the seller of the third-highest sale of the quarter in the Alta Mesa neighborhood, which set a neighborhood record for price per square foot.
Q2 2024 Market Breakdown
Did You Know?
Nearly a quarter million tons of sardines were processed on Cannery Row in 1945, the year John Steinbeck’s Cannery Row was published. Cannery Row was previously named Ocean View Avenue but was renamed to honor John Steinbeck’s well-known novel.
Seaside
Seaside saw its average sale price top $1M for the first time. Nine of its 30 sales in the quarter (30%) topped the $1M mark. Two of these topped $2M, each located at The Enclave at Cypress Grove, within the new Bayonet & Blackhorse golf community. Three more sold in the Seaside Highlands, with prices between $1.20M-1.55M. With these high-priced sales, Seaside’s average sale price topped the Marina & East Garrison market for the first time since Q1 2020. The 30 sales for this area over the quarter were still quite low, with healthy sales levels typically reaching the forties. The average days on market fell to just 25 days, the quickest we have seen in this area since Q2 2022. Inventory rose back to 26 active listings to end the quarter, after just 16 to start.
Q2 2024 Market Breakdown
Did You Know?
In 1910, as Monterey County Supervisor, Jon Roberts successfully lobbied President Theodore Roosevelt to locate the U.S. Army Base Fort Ord in Seaside. As many as 1.5 million American troops trained at Fort Ord between 1917-1994.
Marina & East Garrison
Like Seaside, the Marina & East Garrison area’s average sale price also topped the $1M mark for the first time, coming in at $1.02M. Of the 46 sales during Q2, 22 topped the $1M threshold in the area, with 13 of these topping $1.2M. While Seaside’s average sale price came in above Marina’s, the median sale price in Marina came in over $140K higher than Seaside’s. The 46 sales in the area were 16 more than the previous quarter, and the most of any quarter since Q4 2021. The average days to sell fell back under one month after six months of slower paced sales.
Q2 2024 Market Breakdown
Did You Know?
Monterey Bay Football Club was founded on February 1, 2021 and played its inaugural season in the USL Championship in 2022. The club plays at Cardinale Stadium, a 6,000-seat soccer-specific venue located on the campus of California State University, Monterey Bay.
