on's v e D
Q3 2023
Quarterly Report
My Featured Listings and Q3 Sales Endless Monterey Bay Views
two homes on 10+ acres
10300 Saddle Way, Monterey LP: $2,950,000
37783 Palo Colorado Road, Carmel LP: $1,395,000
ample space and privacy in carmel
Completely REMODELED IN CV
3407 4th Avenue, Carmel 340 SP: $5,250,000 Represented Seller
128 Rancho Road, Carmel Valley SP: $3,500,000 Represented Seller
Blocks to the beach in Carmel
Creekbridge charmer
26246 Carmelo St, Carmel SP: $3,900,000 Represented Seller
1694 Somersworth Way, Salinas SP: $865,000 Represented Seller
Dear Friends, The real estate market across the Monterey Peninsula continued to climb from the lows we saw in Q4'22, performing better than most across the country. Average sales price for many neighborhoods are already back to post-covid levels, and in some cases, are outperforming the peaks we’ve seen historically. The
number
or
real
estate
sales,
meaningfully by area this quarter.
sales
volume,
and
pricing
varied
Carmel-by-the-Sea and Greater Carmel,
saw sales volume increase over 50% from the previous quarter, while Pebble Beach saw the lowest quarterly volume since Q1 2020. Macro-economic and geo-political issues will continue to impact our real estate market, however, I expect sales, sales volume, and prices to remain healthy for the rest of this year and into 2024 given the strong desire to live in this beautiful corner of the globe. As we head into the holiday months, many home owners are prepping their homes for sale in the spring. If you are still hoping to buy in 2023, please reach out so we can talk about off-market opportunities! With our best weather of the year finally here, I hope you and yours are able to enjoy more time outside and together
on v e D -
DEVON MEEKER 650 759 4193 DEVON@DEVONMEEKER.COM REALTOR
DRE#02074131
TABLE OF CONTENTS Carmel by the Sea
. . . . . . . . . . . . .
Greater Carmel
. . . . . . . . . . . . .
Carmel Valley
. . . . . . . . . . . . .
Pebble Beach Monterey Pacific Grove
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Seaside
. . . . . . . . . . . . .
Marina
. . . . . . . . . . . . .
Corral & San Benancio
. . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
2
. . . . . . . . . . . . . . . . . . .
4
. . . . . . . . . . . . . . . . . . .
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 10
. . . . . . . . . . . . . . . . . . .
12
. . . . . . . . . . . . . . . . . . .
14
. . . . . . . . . . . . . . . . . . .
16
. . . . . . . . . . . . . . . . . . .
18
Carmel - by - the - Sea Carmel-by-the-Sea had its best quarter in terms of number of sales and total sales volume since 2021. The number of sales jumped to 33, up from 22 and 14 in the two previous quarters, and back to the typical average of ~ 30 home sales per month. The average sales price reached its second highest mark on record at $3.8M, behind only Q4 2022. Total sales volume ($126M) was over double that of last quarter and Q3 of 2022. Seven sales over $5M bumped the average sales price and total volume up this quarter after we saw just five such sales over the first six months of the year.
SALES BY SEGMENT 8.1%
2
1 $10M+
13.5%
2
$1M-$2M
16.2%
$1M - $2M
6
4
$5M+
33 TOTAL SALES
12 $3M - $5M 32.4%
2
$2M$3M 11
$2M - $3M
29.7%
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 33
50% 32%
vs Q2 ‘23 vs Q3 ‘22
Average Sales Price $3,807,697
10% 18%
vs Q2 ‘23 vs Q3 ‘22
52% 49%
vs Q2 ‘23 vs Q3 ‘22
65% 55%
vs Q2 ‘23 vs Q3 ‘22
Days on Market 47 Total $ Sales $125,654,000 A V E R A G E
V S . M E D I A N
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$2,562,875
Q 3
'2 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$2,600,000
$3,150,000
AVERAGE SALES PRICE
MEDIAN
OTHER NUMBERS OF NOTE
98%
Average sale to list price
$15,550,0000 Highest Sale
21
$1,675,000 Lowest Sale
11
3
New listings
Price Reductions
Transactions fell through
compared to 22 in Q2 '23 compared to 17 in Q3 ‘22
compared to 12 in Q2 '23 compared to 7 in Q3 ‘22
compared to 2 in Q2 '23 compared to 0 in Q3 ‘22
Greater Carmel Greater Carmel had a very strong quarter with total sales volume up 56% compared to last quarter, and up 20% from the same quarter in 2022. Average sales price hit a new peak at $3.8M, up 4% from last quarter and 30% from Q3 2022, mostly driven by a few significant sales, including the iconic ‘butterfly house’ on Scenic Rd. Even without the few significant sales, the overall market was strong, with 42% of sales occurring at or above the list price wtihin 17 days on the market.
SALES BY SEGMENT 8.1%
2
4 $10M+ 4 $5M+
10.8%
27%
10
9 $1M - $2M
$5M - $10M
7
6
$3M - $5M 18.9%
$3M$5M
$1M $2M
36 TOTAL SALES
13 $2M - $3M 35.1%
4
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 36
50% (8%)
vs Q2 ‘23 vs Q3 ‘22
Average Sales Price $3,882,003
4% 30%
vs Q2 ‘23 vs Q3 ‘22
44% 61%
vs Q2 ‘23 vs Q3 ‘22
56% 20%
vs Q2 ‘23 vs Q3 ‘22
Days on Market 64 Total $ Sales $139,752,125
A V E R A G E
V S . M E D I A N
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$2,239,000
'2 3 Q 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$2,225,000
$2,625,000
AVERAGE SALES PRICE
MEDIAN
OTHER NUMBERS OF NOTE
98%
Average sale to list price
$29,000,000
$1,300,000
Highest Sale
71
New listings compared to 58 in Q2 '23 compared to 57 in Q3 ‘22
Lowest Sale
32
9
Price Reductions
Transaction fell through
compared to 25 in Q2 '23 compared to 26 in Q3 ‘22
compared to 8 in Q2 '23 compared to 7 in Q3 ‘22
Carmel Valley After a strong Q2, the number of sales in Carmel Valley dropped to 16, down from 23 last quarter and from 19 in Q3 2022. Average sales price was also down 18% and 19% respectively compared to last quarter, and Q3 2022 all of which contributed to the total sales volume dipping both quarter over quarter and compared to Q3 of last year. Despite fewer sales, 63% of home sales occurred at or above the list price - including my listing at 128 Rancho Road which sold over ask after only four days on the market.
SALES BY SEGMENT 11.8%
1 5
$3M - $5M
<$1M
29.4%
5 $2M- $3M
16 TOTAL SALES
5 $1M - $2M 29.4%
6
29.4%
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 16
(30%) vs Q2 ‘23 (16%) vs Q3 ‘22
Average Sales Price $1,641,003
(18%) vs Q2 ‘23 (19%) vs Q3 ‘22 (24%) vs Q2 ‘23 9% vs Q3 ‘22
Days on Market 63
(43%) vs Q2 ‘23 (32%) vs Q3 ‘22
Total $ Sales $26,261,333
A V E R A G E
V S . M E D I A N
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$1,735,000
$1,475,000
AVERAGE SALES PRICE
'2 3 Q 3
Q 2
Q 1
Q 4
Q 3
'2 2
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$1,466,000
MEDIAN
! OTHER NUMBERS OF NOTE g n i list k 98%
y s M above a M O ld r 4 D o S te af
Average sale to list price
$3,500,000 Highest Sale
19
$775,000 Lowest Sale
14
4
New listings
Price Reductions
Transaction fell through
compared to 31 in Q2 '23 compared to 28 in Q3 ‘22
compared to 16 in Q2 '23 compared to 21 in Q3 ‘22
compared to 7 in Q2 '23 compared to 5 in Q3 ‘22
Pebble Beach High-priced sales remained difficult to come by during Q3 2023 with just two sales over $10M and one sale between $5-$10M. More notably, there were no sales between $3-$5M this quarter, which is an anomaly as this price range usually comprises 20% of the Pebble Beach market! Back-to-back quarters of just 15 home sales resulting in $58M and $60M total sales dollars, which were the lowest sales volumes in the area over the last three years. 29 homes remain on the market heading into Q4, including 16 homes over $5M, six of which are over $10M.
SALES BY SEGMENT 16.7%
3
2 $10M+
11.1%
1 $5M - $10M
22.2%
3
$1M - $2M
15 TOTAL SALES
8
$2M-$3M 9 $2M - $3M 50%
8
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 15
0% vs Q2 ‘23 (21%) vs Q3 ‘22
Average Sales Price $3,843,833
(5%) vs Q2 ‘23 (15%) vs Q3 ‘22 83% vs Q2 ‘23 107% vs Q3 ‘22
Days on Market 61
(3%) vs Q2 ‘23 (33%) vs Q3 ‘22
Total $ Sales $57,657,500
A V E R A G E
V S . M E D I A N
$10,000,000
$7,500,000
$5,000,000
$2,500,000
$3,025,000
'2 3 Q 3
Q 2
Q 1
Q 4
Q 3
'2 2
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$2,643,950
$2,625,000
AVERAGE SALES PRICE
MEDIAN
OTHER NUMBERS OF NOTE
96%
Average sale to list price
$13,200,000 Highest Sale
29
$1,457,500 Lowest Sale
14
3
New listings
Price Reductions
Transaction fell through
compared to 26 in Q2'23 compared to 27 in Q3 ‘22
compared to 12 in Q2 '23 compared to 15 in Q3 ‘22
compared to 1 in Q2 '23 compared to 4 in Q3 ‘22
Monterey Monterey had a stable quarter with 37 sales which is on par with the number of sales last quarter and during Q3 2022. The average sales price also saw little change from both last quarter and Q3 2022 - just a 1% change respectively. Home sales between $1M-$2M continue to be the lion-share of the market, representing 65% of sales. Pricing also remained strong as the average sale to list price was 100%. A slightly higher than average 48 active listings remain on the market at the end of the quarter, showing promise for an uptick in sales to close out the year.
SALES BY SEGMENT 7.3%
12.2%
5
9.8%
1
2
$3M+
<$800K 5
<$800K
$2M- $3M
14.6%
$1.5M- $2M
6 $800K$1M
TOTAL SALES
12
18
$1M-$1.5M $1M- $1.5M 43.9%
10
12.2%
$800K - $1M
37
6
5
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 37
(3%) 6%
vs Q2 ‘23 vs Q3 ‘22
Average Sales Price $1,477,868
1% 1%
vs Q2 ‘23 vs Q3 ‘22
69% 30%
vs Q2 ‘23 vs Q3 ‘22
(2%) 7%
vs Q2 ‘23 vs Q3 ‘22
Days on Market 38 Total $ Sales $54,681,130
A V E R A G E
V S . M E D I A N
$2,000,000
$1,500,000
$1,000,000
$500,000
$1,125,000
$1,250,000
AVERAGE SALES PRICE
'2 3 Q 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$1,325,000
MEDIAN
OTHER NUMBERS OF NOTE
100%
Average sale to list price
$3,850,000 Highest Sale
50
$710,000 Lowest Sale
18
10
New listings
Price Reductions
Transaction fell through
compared to 52 in Q2 '23 compared to 48 in Q3 ‘22
compared to 14 in Q2 '23 compared to 25 in Q3 ‘22
compared to 10 in Q2 '23 compared to 4 in Q3 ‘22
Pacific Grove Pacific Grove had a steady quarter, with the average sales price coming in at it’s second highest mark on record at $1.69M. Despite the uptick in average sales price, total sales volume was down 7% compared to last quarter, and 40% compared to the same quarter in 2022. 56% of all sales for the quarter sold at or above the list price, selling in 17 days on market, compared to the quarterly average of 25 days, showing strong buyer demand. Heading into Q4, there are only 18 active listings on the market, which may make for a slow close to the year.
SALES BY SEGMENT 10.3%
17.2%
10.3%
1
1
$3M+
$800K $1M
5
10
$2M - $3M
$800K9 $1M
25
4
TOTAL SALES
$1.5M$2M 9
$1.5M - $2M
8
$1M-$1.5M
31%
12
$1M $1.5M
31%
Q 3
‘ 2 3
M A R K E T
O V E R V I E W (17%) vs Q2 ‘23 (40%) vs Q3 ‘22
Homes Sold 25
11% 3%
Average Sales Price $1,691,054
vs Q2 ‘23 vs Q3 ‘22
(18%) vs Q2 ‘23 17% vs Q3 ‘22
Days on Market 25
(7%) vs Q2 ‘23 (39%) vs Q3 ‘22
Total $ Sales $42,276,342
A V E R A G E
V S . M E D I A N
$2,000,000
$1,500,000
$1,000,000
$500,000
$1,367,500
'2 3 Q 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$1,469,000
AVERAGE SALES PRICE
$1,599,000
MEDIAN
OTHER NUMBERS OF NOTE
100%
Average sale to list price
$4,000,000 Highest Sale
36
$950,000 Lowest Sale
18
2
New listings
Price Reductions
Transaction fell through
compared to 41 in Q2 '23 compared to 45 in Q3 ‘22
compared to 10 in Q2 '23 compared to 23 in Q3 ‘22
compared to 5 in Q2 '23 compared to 5 in Q3 ‘22
Seaside Seaside hit a record high in average sales price at just over $1M, up an incredible 24% from last quarter and 29% from Q3 of 2022. The median sales price also reached a record high at $880K, showing the rising price of homes across the area. Thirteen homes sold for over $1M compared to just four such sales during the previous six months. Driving theses increases are home sales in the the new development, “The Enclave at Cypress Grove”, which had three MLS sales over $1M during the quarter, along with three sales over $1M in the Seaside Highlands neighborhood.
SALES BY SEGMENT 7.5%
10%
2
10%
2
1 4
$2M+
< $600K <$600K
5
<$600K
$1.5M- $2M
6
$800K5 $1M
9 $800K- $1M
34 TOTAL SALES
$1M- $1.5M 22.5%
15 7
$600K-$800K $800K - $1M 17.5%
14
13 $600K 17 $800K $600K $800K
32.5%
Q 3
‘ 2 3
M A R K E T
O V E R V I E W 17% vs Q2 ‘23 (15)% vs Q3 ‘22
Homes Sold 34 Average Sales Price $1,001,306 Days on Market 39 Total $ Sales $34,044,394
A V E R A G E
24% 29%
vs Q2 ‘23 vs Q3 ‘22
33% 3%
vs Q2 ‘23 vs Q3 ‘22
46% 9%
vs Q2 ‘23 vs Q3 ‘22
V S . M E D I A N
$1,250,000
$1,000,000
$750,000
$500,000
$250,000
$768,500
$737,000
'2 3 Q 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$880,000
AVERAGE SALES PRICE
MEDIAN
OTHER NUMBERS OF NOTE
100%
Average sale to list price
$2,299,508 Highest Sale
33
$581,000 Lowest Sale
12
6
New listings
Price Reductions
Transaction fell through
compared to 36 in Q2 '23 compared to 49 in Q3 ‘22
compared to 5 in Q2 '23 compared to 25 in Q3 ‘22
compared to 5 in Q2 '23 compared to 10 in Q3 ‘22
Marina Marina had another strong quarter setting the second highest average sales price to date at $966K just 1% behind last quarter’s record high, and up 4% from Q3 of 2022. While most markets across the Monterey Peninsula saw an increase in the days on market, Marina experienced a decrease to 27 days on market, down 11% from last quarter, and 13% from Q3 of 2022. Pricing also remained strong with 59% of sales occurring at or above the list price with an average of 19 days on market. Furthermore, this quarter marks the first quarter where more than one sale was recorded above $1.5M, showing the demand for property in Marina remains strong.
SALES BY SEGMENT 8.6%
2 13
$1.5M+
$600 - $800K
13
37.1%
$1M - $1.5M
34 37.1%
TOTAL SALES
6 $800K - $1M 17.1%
16
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 34
(3%) (8%)
vs Q2 ‘23 vs Q3 ‘22
Average Sales Price $965,647
(1%) 4%
vs Q2 ‘23 vs Q3 ‘22
(11%) vs Q2 ‘23 (13%) vs Q3 ‘22
Days on Market 27
(4%) (4%)
Total $ Sales $32,831,983
A V E R A G E
vs Q2 ‘23 vs Q3 ‘22
V S . M E D I A N
$1,000,000
$750,000
$500,000
$250,000
$826,000
$895,000
'2 3 Q 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$875,000
AVERAGE SALES PRICE
MEDIAN
OTHER NUMBERS OF NOTE
99%
Average sale to list price
$1,592,925 Highest Sale
31
$710,000 Lowest Sale
12
9
New listings
Price Reductions
Transaction fell through
compared to 44 in Q2 '23 compared to 46 in Q3 ‘22
compared to 14 in Q2 '23 compared to 28 in Q3 ‘22
compared to 0 in Q2 '23 compared to 7 in Q3 ‘22
Corral& San Benancio The 93908 area code had a down quarter with a sight dip in average sales price, number of homes sold, and therefore the total volume of sales. Average sales price was down 9% from last quarter, and 8% compared to Q3 2022 while total sales volume was also down 9% compared to last quarter, but up 3% from Q3 of 2022. Despite a slower quarter, 69% of sales sold at or above the list price with an average of 13 days on market, while the quarter’s average days on market landed at 23.
SALES BY SEGMENT 10%
1
16.7%
1
$2M+ 13.3%
$600 $800K
3
$1.5M - $2M
1
30 TOTAL SALES
9 $1M$1.5 M
16 $1M - $1.5M 43.3%
18
2
$800K-9 $1M
$800K $1M
16.7%
Q 3
‘ 2 3
M A R K E T
O V E R V I E W
Homes Sold 30
0% 11%
vs Q2 ‘23 vs Q3 ‘22
Average Sales Price $1,216,967
(9%) (8%)
vs Q2 ‘23 vs Q3 ‘22
35% 9%
vs Q2 ‘23 vs Q3 ‘22
(9%) 3%
vs Q2 ‘23 vs Q3 ‘22
Days on Market 23 Total $ Sales $36,509,000
A V E R A G E
V S . M E D I A N
$1,500,000
$1,000,000
$500,000
$998,000
Q 3
'2 3
Q 2
Q 1
Q 4
'2 2 Q 3
Q 2
Q 1
Q 4
Q 3
'2 1
$0
$1,087,500
AVERAGE SALES PRICE
$1,147,500
MEDIAN
OTHER NUMBERS OF NOTE
100%
Average sale to list price
$2,790,000 Highest Sale
39
$780,000 Lowest Sale
14
4
New listings
Price Reductions
Transaction fell through
compared to 42 in Q2 '23 compared to 32 in Q3 ‘22
compared to 12 in Q2 '23 compared to 16 in Q3 ‘22
compared to 3 in Q2 '23 compared to 3 in Q3 ‘22
Devon Meeker \\ 650.759.4193 Devon@devonmeeker .com DRE #02074131