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
As the Monterey Peninsula’s Indian summer brings sunshine and warmer temperatures across the region, the real estate market is also experiencing an enjoyable period. After a spike in activity during the second quarter, the market experienced another well-performing quarter during Q3. is means we have seen six consecutive months of good activity and sales volume in our market, following a slower sales cycle over the prior 18 months. In addition, there is also promise for a third consecutive strong quarter ahead as September saw 115 homes go into escrow, the most of any month since May 2022. Inventory also closed the quarter with 379 active listings, over one hundred more than the same time last year, and the most we have seen on the Peninsula since the summer of 2020.
Q3 was just a step behind Q2 in total sales, coming in at 281 compared with 310 sales last quarter. e average sales price came in 2% down from Q2, but up 8.6% from Q3 2023. A $45M off-market sale occurred during the quarter, setting the new highest priced sale in Monterey County. Monterey Coast Realty was proud to represent the Buyer for this record sale, located along the 18th fairway of the esteemed Pebble Beach Golf Links. As this sale was not put on the MLS for comparison purposes, it was not included in our market report data. If this sale was included, it would push the average sales price for the quarter over $2.06M and sales volume for the quarter would come within $22M of Q2, while experiencing 28 less sales.
While most areas across the Peninsula are on track to outperform 2023’s slow year, Pebble Beach continues to struggle selling $5M+ listings. is could result in the area’s lowest sales volume in over a decade, even with the $45M off-market sale included. Pacific Grove was the top performing area during the quarter. e area saw a 47% increase in units sold and a 43% increase in sales volume. e Carmel Valley area saw a record in average sales price ($2.27M) as the Santa Lucia Preserve saw three homes sell for over $7M. Sales volume across the Peninsula was up 9% (and up 18% including the $45M sale) compared with Q3 2023.
With inventory up and demand proven to be strong as we move into Q4 and the holiday season, we are prepared and hopeful for a strong close to 2024. Expert local insight alongside quality service can add significant value when product and pricing continue to change. Please reach out to one of our full-time professional agents should you or any of your friends or family be considering a real estate transaction here on the Monterey Peninsula.
We hope you enjoy the following detailed analytic view of our market.
While falling short of a great Q2 2024, Carmel-by-the-Sea had a good Q3 2024 overall. e area saw the same number of sales (32) as last quarter. Average sales price dipped almost $1M from $4.4M to $3.5M, due to 9 sales under $2M in the quarter (just four in Q2) and the lack of a $20M+ sale, which we saw last quarter. Sales volume came in at $113M, which is a healthy level for the area, although down 20% from last quarter. While most areas saw inventory remain the same or slightly increase over the quarter, Carmel-bythe-Sea saw a drop from 37 to 30 active homes on market heading into Q4.
$3,539,308
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 saw a very similar quarter to Carmel-bythe-Sea. e average sales price ($1.79M) ended at its lowest number over the last five quarters, much in part to 12 of 18 sales coming in between $1M-$2M. While the selection of homes sold was not the highest prices we have seen, 18 sales during the quarter was the most of any quarter in over two years (since Q2 2022). is brought total sales volume over $32M, a healthy level for this area. Average days on the market rose slightly from 41 to 45 days and inventory increased from 15 to 21 active homes from quarter start to quarter end. Greater Carmel has already surpassed 2023’s total sales volume through three quarters of 2024. is is an expected bounce back since the 2023 volume was the lowest seen over the past 10 years.
After a strong 53 sales in Q2, Carmel Valley saw a slight decrease to 42 sales during Q3 2024. Average sales price on the other hand spiked to a record high of $2.27M, thanks to three sales topping $7M in the Santa Lucia Preserve during the quarter. Even with these big sales, the median sales price topping $1.62M was the second highest on record, showing appreciation in this area. Inventory stayed consistent throughout the quarter with 77 active listings to begin and end the quarter. Eleven different Monterey Coast Realty and Carmel Realty Company agents represented Carmel Valley Buyers and/or Sellers during Q3.
Selling Price
$2,272,233
$95,433,805 Days on Market
67
42 Sales Volume
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.
For just the second time over the last four years the average sales price of on-market sales in Pebble Beach dropped under $3M over the course of a quarter. is was due to just one on-market sale over $5M occurring during the quarter. Pebble Beach saw 20 on-market sales during the quarter, equaling the previous quarter. irteen of these sales came in under $3M, with high-priced sales continuing to come slowly in this typically high-priced area. An active inventory of 44 listings to end the quarter is the most since the end of Q3 2020. Eight of these listings top $10M in list price. MCR and CRC Agents combined to represent 12 of the 40 sides in Pebble Beach during the quarter. During Q3 2024, Monterey Coast Realty represented the Buyer of the highest priced sale in Monterey County on a $45M offmarket sale located on the 18th fairway of Pebble Beach Golf Links. Including this sale, the average sales price in Pebble Beach would jump up to $4.8M for the quarter and bring total sales volume over $100M for the first time since Q4 2022.
$2,803,500
17-Mile Drive through Pebble Beach is one of only nine private toll roads in the country, and the only one west of Mississippi.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Seven sales in the area were the most since Q3 2022. Carmel Highlands saw two sales over $5M during the quarter, another over $3M, and a fourth under $2M. For the seven properties that sold, the average days on market was just 26 days, an incredibly low number for this area, showing strong demand. Heading into Q4, 35 active listings in the area are the most since early 2020. Ten properties in the area are currently in escrow, two of which are listed over $20M, showing potential for a huge quarter to end the year.
$3,341,286 versus Q2 2024
$23,389,000 Days on Market
26
7
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.
While most areas across the Peninsula saw a better Q2 2024 than Q3 2024, Pacific Grove’s Q3 far out performed its previous quarter and every quarter over the last two years. e area saw 44 sales, up 47% from last quarter, while average sales price stayed within 2.3% of last quarter’s yearly high. Over 60% of the quarter’s sales fell in the $1.2M-2M segment, typical for the area. Another four home sales topped $3M during the quarter, the most since Q1 2022. Inventory remained steady in the low thirties throughout the quarter, showing promise for another nice quarter ahead in PG.
Selling Price $1,664,483
$73,237,270 Days on Market
42
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
After an incredible Q2 in Monterey that saw 79 sales, Q3 2024 saw a dip back to 57 sales during the quarter. While the number of sales fell, the average sales price found its record high at $1.56M and the median sales price recorded a strong number of $1.18M this quarter. Six sales topped $3M in the quarter including three in Monterra and one in Pasadera. While the 56 homes that remain on the market heading into Q4 is a high number compared with the last four years, it is about half the inventory as 2019 and years prior.
$1,558,601
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 saw its third consecutive quarter with sales in the low 30s, with Q3 2024 seeing 31 closed sales. Healthy sales numbers in this area typically top 45 sales during a quarter, something the Seaside area has not seen in two full years, since Q3 2022. Average sales price remains strong, though down 16.8% from last quarter, when nine homes sold over $1M during the quarter. is quarter did see 5 such sales topping $1M. One of these sales occurred in e Enclave, while the other four took place in Seaside proper. Just 45% of sales in the area came in under $800k, further displaying rising prices in the area. Seaside did experience a spike in inventory during the quarter, rising from 27 listings up to 40 to end Q3.
$26,515,215
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.
After an awesome second quarter, Q3 2024 saw the Marina and East Garrison market come back to the slower pace seen over the last two years. e number of sales dropped from 46 to 30 and the average sales price ($930k) came down 9% from its record high Q2. At the end of the quarter, 44 active listings remain, 17 of which are listed over $1M. Even with two below average quarters, because of a strong Q2 and promise in Q4, Marina is on pace to outperform its 2023 numbers in both sales and sales volume.
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.
