Monterey County - December 2025.pdf

Photo by Charlie Day, used under the Creative Commons license

Monterey County Real Estate December 2025 Report with market data through November

The real estate market began its usual mid-winter holiday season slowdown in November, marked by a substantial decline in both listing and sales activity. This contraction typically accelerates through December - normally the year's slowest month - before the market begins to wake up in mid-January. Although the inventory of new listings shrinks, December presents the period when motivated buyers can typically negotiate most aggressively, particularly on properties with extended days-on-market. As is virtually always the case, well-priced and prepared, and effectively marketed new listings can still sell quickly, often above the asking price. Our focus now shifts toward the New Year's market. In the past, the beginning of the year frequently ushered in a substantially higher level of demand that continued to build into spring.

This occurred in early 2025 until affected by the "tariff shock" and subsequent economic reactions, initiating a significant slowdown in April. This report reviews a wide range of real estate market indicators through November. Our January report will provide an analysis of 2025's conditions and trends in the longer-term context of previous years. In the broader financial landscape, the first week of December saw the S&P 500 and Nasdaq largely recover from their substantial declines in November; and the 30-year mortgage rate was close to a 14month low. While consumer confidence showed a modest rise from November, it remains very low by long-term standards. Attention is now focused on the Federal Reserve’s upcoming decision regarding an end-of-year benchmark-rate reduction, and the subsequent inflation report due later in the month.

Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate and may change with late-reported activity.

Monterey County Home Sales Breakdown Number of Sales by Property Type & Bedroom Count* 2 & 3 BR Townhouse Sales ▼ 3-BR Condo Sales 2-BR Condo Sales 1-BR Condo Sales

120

43

48

12 Months MLS Sales*

County Median Sales Prices

44 268

2-BR Houses - $787,500

2-BR House Sales

3-BR Houses - $899,000 4-BR Houses - $1,075,000

130 5+ BR House Sales

5+ BR Houses - $1,427,500 1-BR Condos - $485,000 2-BR Condos - $838,000

4-BR House Sales

3-BR Condos - $1,045,500

402

3-BR House Sales

926

2-3 BR Townhouses - $875,000 Note: Median home sales prices run much higher in the Carmel-Carmel Valley-Pebble Beach-Pacific Grove-City of Monterey region. For example, the median sales price for 3-BR houses there was $1,900,000, and for 4-BR houses, $2,500,000.

*12 months sales reported to NorCal MLS Alliance through mid-November 2025. Data from sources deemed reliable, but may contain errors and subject to revision. Selected major property configurations. All numbers approximate.

Monterey County’s Biggest Sales of the Year* As reported to MLS Sales Price

Location

Bedrooms

Square Footage

$/Sq.Ft.

Lot Size (Acres)

Year Built

$18,130,000

Pebble Beach

4

7245

$2502

2.21

1927

$17,500,000

Carmel

3

2503

$6992

.23

1996

$17,000,000

Big Sur Coast

11

7668

$2217

43.83

1971

$15,525,000

Carmel

3

3002

$5172

.14

1944

$14,750,000

Carmel Highlands

4

3851

$3830

1.96

1973

$14,450,000

Pebble Beach

7

8394

$1721

5.02

1924

$13,900,000

Pebble Beach

5

6742

$2062

1.04

1958

$13,750,000

Pebble Beach

6

5886

$2336

1.31

1966

$13,000,000

Carmel

4

3186

$4080

.18

1981

$12,900,000

Pebble Beach

4

5104

$2527

.15

2021

*2025 sales reported to NorCal MLS Alliance by 12/5/25. Not all sales are reported to MLS. Square footage and $/sq.ft. are calculated on interior, livable space only, and does not include storage, garages, decks or lot size. Data from sources deemed reliable but may contain errors and subject to

Monterey County Median House Sales Prices 3-Month Rolling House Sales, since 2017 The county 3-month-rolling median house sales price in November 2025 was unchanged year over year.

Median sales price is that price where half the homes sold for more and half for less. It is Fall aa very that disguises widegeneral range ofstatistic prices in thetypically underlying sales. 2020

Nov. 2023

June 2024

Aug. 2025 $1,000,000 $950,000

May 2022

$900,000 $850,000

Besides changes in fair market value, median sales prices often rise and fall due to seasonal and short-term factors.

$800,000 $750,000 $700,000

2019 | Pandemic hits

Jul-21 Sep-21 Nov-21 Jan-22 Mar-22

$650,000

May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23

Appreciation is typically measured year over year to account for market seasonality.

May-23 Jul-23 Mar-24 Sep-23 Nov-23 Jan-24

Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21

Updated through November 2025

Sales reported to NorCal Regional MLS, per Infosparks. Each data point reflects 3 months of sales. Analysis may contain errors and subject to revision. All numbers approximate. Latest month data may change due to late-reported sales.

$600,000 $550,000 $500,000 $450,000 $400,000

Carmel-Pebble Beach Region: Home Price Trends since 2005 3-Month Rolling Median House Sales Price

The 3-month-rolling median house sales 2025 2023 price in November 2025 rose about 1.5% Reflecting house sales in Carmel, Carmel Valley, Carmel year over year. Because the number of 2022 Highlands, Pebble Beach, Monterey and Pacific Grove. sales in this expensive region is Median sales price is that price at which half therelatively low, short-term fluctuations in 2024 sales occurred for more and half for less, and ismedian sales price are not uncommon. often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common. Longer-term trends are much more meaningful than short-term changes.

2019

2007

$2,200,000

$2,000,000

$1,800,000

$1,600,000

$1,400,000

Pandemic hits

$1,200,000

$1,000,000

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13

$800,000

Great recession

Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25

Jan-14 Jul-13

Jan-18 Jul-18

Jan-05 Jul-05 Jan-06 Jul-06 Jan-07

Updated through November 2025

3-month rolling median sales prices for house sales reported to NorCal MLS Alliance, per Infosparks.

Based on large sample of sales. Analysis may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.

$600,000

$400,000

Monterey County House Value Trends since 2005 3-Month Rolling Median Dollar per Square Foot Values* 2023 Median $/sq.ft. value is a very general statistic, disguising an enormous range of values in the underlying sales. It is often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, which explain many of the regular ups and downs in this chart. Longer-term trends are much more meaningful than short-term changes.

2022

Carmel-Pebble Beach-City of Monterey-Pacific Grove Region

2024

2025

$1,200 $1,100

Monterey County - All

$1,000 $900

2006-2007

$800 $700 ▲ Pandemic hits

Great recession & foreclosure crisis

$600 $500 $400

Jul-25

Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25

-19 Jul-18 -19

-13 Jan-13 -14

*3-month rolling median house sales values reported to NorCal MLS Alliance, per Infosparks, large sample of regional sales. Analysis may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.

Jan-08 l-08

$200

Updated through November 2025 Jan-20

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

Jul-14

Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12

Jan-09

Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07

Jul-20 Jan-21 Jul-21

$300

$100

New Listings Coming on Market Monterey County Market Dynamics & Seasonality Aug. 2021

The number of new listings in November 2025 continued to fall (the typical seasonal trend) and was slightly down from November 2024. New listing activity typically hits its nadir in December.

May 2022

350

300

250

200

December

December

December

December

April 2025

May 2024

Aug. 2023

150

100

50

Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources deemed reliable but may contain errors and subject to revision.

May not include “coming-soon” listings. All numbers are approximate.

0 Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Updated through November 2025 Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

The number of new listings coming on market ebbs and flows by seasonal trends, though it can be affected by specific market dynamics.

Monterey County Homes Market Active & Coming-Soon Listings on 1 stof Month On12/1/25, the numberoflistingsforsale declined from a monthearlierbutwashigheryear over year. 85.5% oflistingswerehouses,12% condos, and 2.5% townhouses.Listinginventory typically plunges within the month of December.* 465461 438 411 4053 98

5425 48 516 485

431

380 3753603663 57 3393 49 346353 31 3 323 3113 20 3032 95 293 279

347 292

608 586 585 600 567 549 531 510 496 500

499 467

4264 33 414

400

375

300

213 195 176

Updated December 1, 2025

5/1/25 6/1/25 7/1/25 8/1/25 9/1/25 10/1/25 11/1/25 12/1/25

/24 10/1/24 /24 9/1/24

* Active/Coming-Soon listings posted to NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. Not all listings are posted to MLS. All numbers approximate. The number of active listings constantly changes.

2/1/25 3/1/25 4/1/25

100

1/1/24 2/1/24 3/1/24 4/1/24 5/1/24 6/1/24 7/1/24 8/1/24

12/1/23

11/1/22

4/1/22 5/1/22 6/1/22 7/1/22 8/1/22 9/1/22 10/1/22

3/1/22 2/1/22

The # of active listings on a given day is affected by 1) the # of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off the market without selling.

1/1/25

3/1/23 4/1/23 /23 12/1/22 5/1/23 2/1/23 9/1/23 8/1/23 1/1/23 /23 6/1/23 7/1/23

200

0

Monterey County Homes for Sale # of Listings by Days on Market, 12/2/25* 90 90 80

As of 12/2/25, 56% of active listings have been on the market for over 2 months without selling; 40% for over 3 months; and 16% for over 6 months.*

► December is typically the month when buyers can negotiate most aggressively, especially on listings with longer days on market.

75

75

73

70 60

56

58

50

41 40

Active Listings over 90 Days on Market

by Price Segment*

30

• • • • • •

22 20 10

As new listings dwindle, older, unsold listings come to dominate inventory during the mid-winter holidays.

Under $1,000,000 $1m to $1,999,999 $2m to $2,999,999 $3m to $4,999,999 $5m to $9,999,999 $10,000,000+

46 of 178 listings 59 of 138 listings 31 of 63 listings 24 of 48 listings 16 of 24 listings 13 of 17 listings

0

Coming Soon

Up to 15 Days on Market

16 to 30 Days

31 to 60 Days

61 to 90 Days

91 to 120 Days

*Active/coming-soon listings posted to NorCal Alliance on 12/2/2025. Cumulative days on market as active listings. Not all properties for sale are listed on MLS. This analysis was performed in good faith with data derived from sources deemed reliable but may contain errors and is subject to revision.

Listing counts change constantly. All numbers approximate.

121 to 180 Days

181+ Days on Market

Listings Accepting Offers (Going into Contract) MontereyCountyMarketDynamics & Seasonality July 2020

400

Aug. 2021

350

300

The number of listings going into contract in November 2025 fell back from October but rose year over year.

Demand soared after the pandemic hit

May 2022 Aug. 2022

250

Dec.

200

Jan.

March 2024

Dec.-Jan.

Dec.-Jan

100

Dec.

Pandemic hits

Dec.

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20

Jul-20

May-20

Jan-20

Mar-20

House, condo, townhouse listings reported to NorCal MLS Alliance, per Infosparks. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Last month numbers estimated based on available data, and may change with late reported activity.

Jul-24

Updated through November 2025

50

May-24

150

May 2023

Sept.-Oct. 2025

Oct. 2024

Percentage of Listings Accepting Offers MontereyCounty: AbsorptionRatebyMonth

Absorption rate is the comparison of buyer demand vs. the supply of homes for sale: The higher the %, the more heated and competitive the market.

March 2022

Spring 2021

45% 40% May 2023

March 2024

35%

March 2025

Pandemic boom: Historic lows in interest rates

Feb. 2020

30% 25% 20% 15%

| Interest rate changes impact the market

10% | Pandemic hits

5%

*MLSLISTINGS reported data for houses, condos and townhouses, per Broker Metrics. Last month’s data estimated using available data, may change with late reported activity. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

0% Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20

Jul-20

May-20

Mar-20

Jan-20

Updated through November 2025

Monthly Home Sales Volume Monterey County Market Dynamics & Seasonality NOTE: Sales in one month mostly reflect accepted offers in the previous month. Monterey County often sees substantial, but not particularly meaningful, monthly fluctuations in sales volume.

July 2020 Aug. 2021

The number of home sales in November 2025 dropped back from October but was essentially unchanged year over year.

250

200

February

December

January

Pandemic boom: Historic lows in interest rates

300

Oct. 2025

May 2024

June 2023

January

Pandemic hits

January

March 2022

January

350

150

100 | Interest rate changes impact the market

50

Sales of houses, condos, townhouses reported to NorCal MLS Alliance, per Infosparks. Data from sources deemed reliable but may contain errors and subject to revision. Last month estimated based on available information and may change with late reported sales. All numbers approximate.

0 Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20

Jul-20

May-20

Mar-20

Jan-20

Updated through November 2025

Monterey County Luxury Home Sales Homes Selling for $5 Million+ since 2020 June 2021

Sept.

2020

Closed sales mostly reflect accepted-offer activity in the previous month. Luxury home sales can fluctuate significantly from month to month but typically hit their low count in mid- winter and then climb moving into spring.

Dec. 2021

14

12

Luxury home sales in November 2025 declined substantially from the peak in October.

Oct. 2025

Spring 2022 Sept.

2022

8

Fall 2024

June – Sept.

2023

Spring 2024

Pandemic Hits

6

4

2

Nov-25

Sep-25

Jul-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

May-25 Mar-25

Home sales reported to Norcal MLS Alliance, per Infosparks. Data from sources deemed reliable butmay containerrorsand subject torevision. Lastmonth estimatedfrom available dataandmay change with late-reported sales. All numbers approximate. Not all sales are reported to MLS.

Mar-24 Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20

Jul-20

May-20

Mar-20

Updated through November 2025 Jan-20

10

0

Overbidding List Prices in Monterey County Percentage of Home Sales Closing over List Price

Sales in 1 month mostly reflect market dynamics in the previous month.

Seasonal ebbs and flows are typical.

July 2021

April 2022

Higher overbidding percentages signify more competition for new listings.

Overbidding usually peaks during the spring selling season, but monthly fluctuations are common. 21% of sales sold over asking price in November 2025, compared to 27% in November 2024.

June 2023

More overbidding ▲

60%

50%

April 2024

40% April 2025

May 2019

30%

20%

Pandemic hits ▲

Sep-24

Nov-23 Jan-24 Jul-24 Mar-24 Sep-23 May-24

10%

Jul-22

Jul-21

Sales data reported to NORCAL MLS® ALLIANCE, per Infosparks. Reflecting the percentage of sales closing at salespricesoverthe finallistprices.Datafrom sources deemed reliablebutmay contain errors and subject to revision. All numbers are approximate and may change with late-reported sales.

Sep-25 Nov-25

Nov-24 Jan-25 Mar-25 May-25 Jul-25

Jul-23

Sep-22 Nov-22 Jan-23 Mar-23 May-23

Sep-21 Nov-21 Jan-22 Mar-22 May-22

Sep-20 Nov-20 Jan-21 Mar-21 May-21

Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20

Jan-19 Mar-19 May-19 Jul-19

Updated through November 2025

0%

Average Sales Price to Original List Price Percentage Monterey County Over/Under Bidding: Market Dynamics & Seasonality

103% 102% 101%

100% = an average sales price at original list price. 98% = an average sales price 2% below asking price. More expensive homes, on average, see lower SP/LP percentages than more affordable homes.

July 2021

April 2022

The average home sale sold about 5% below list price in November 2025.

June 2023

100%

April 2024

99% 98%

May 2018

May 2019

Fall 2022

April 2020

97%

April 2025

96% 95%

Jul-22

Sales of houses, condos, townhouses reported to NorCal MLS Alliance, per Infosparks. Data derived from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.

Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25

Updated through November 2025 Nov-23

Mar-20

Sep-19

Pandemic hits Nov-19 Jan-20

May-19 Mar-19 l-19

92%

Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19

93%

May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22

94%

Median Days on Market: Speed of Sale Monterey County: Market Dynamics & Seasonality 40

35

30

Homes usually sell fastest in spring as buyers respond to the rush of new listings. Median days on market in November 2025 were 5 days higher than in November 2024.

A measurement of how quickly the listings Dec. which sell go into contract, this statistic 2022 ebbs and flows per seasonal demand trends, and is a lagging indicator of market conditions. Generally speaking, more affordable homes sell more quickly than luxury homes.

Dec. 2024

Jan. 2024

25

20

Dec. 2021 Spring 2025

15

10

Spring 2023

Spring 2022

5

Spring 2024

Pandemic boom Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Jul-21

May-21

Mar-21

Jan-21

Sep-21

Sales of houses, condos, townhouses reported to NorCal MLS Alliance, per Infosparks. Data derived from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.

Sep-24

Updated through November 2025

0

A screen shot of a map AI-generated content may be incorrect.

Selected Economic Indicators

Mortgage Interest Rates in 2023-2025 YTD 30-YearConformingFixed-RateLoans,WeeklyAverageReadings* Per Freddie Mac (FHLMC), on December 4, 2025, the weekly average, 30-year, conforming-loan interest rate was 6.19%, very close to its 14-month low.

7.8 7.6

The Fed’s next decision regarding another benchmark rate reduction is due 12/10/25.

Percentage InterestRate

7.4 7.2 7.0 6.8

Fed begins reducing its benchmark rate.

Jan. 2025

Fed’s 2025 rate cuts

Jan. 2024

6.6 Jan. 2023

6.2

*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.

Nov-25

Oct-25

Sep-25

Aug-25

Jul-25

Jun-25

May-25

Apr-25

Mar-25

Feb-25

Jan-25

Dec-24

Nov-24

Oct-24

Sep-24

Aug-24

Jul-24

Jun-24

May-24

Apr-24

Mar-24

Feb-24

Jan-24

Dec-23

Nov-23

Oct-23

Sep-23

Jul-23

Jun-23

May-23

Apr-23

Mar-23

Jan-23

6.0

Feb-23

Rates vary widely according to the property, price, borrower and lender.

Aug-23

6.4

Financial Markets, 2024 – 2025 YTD Percentage Increases in S&P 500 & Nasdaq since 1/2/24

10/29/25 ▼

60%

Nasdaq Index: % Change since 01/24 S&P 500 Index: % Change since 01/24 50%

Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.

40%

30% Updated through 12/5/25 ▲ 2025 begins

20%

▲ Election

Tariff shock ►

10%

Data per MarketWatch.com. Data from source deemed reliable but may contain errors and subject to revision. Financial market values change constantly and all numbers to be considered approximate. Financial markets can be prone to significant volatility even on a short-term basis.

02-Dec-25

02-Nov-25

02-Oct-25

02-Sep-25

02-Aug-25

02-Jul-25

02-Jun-25

02-May-25

02-Apr-25

02-Mar-25

02-Feb-25

02-Jan-25

02-Dec-24

02-Nov-24

02-Oct-24

02-Sep-24

02-Aug-24

02-Jul-24

02-Jun-24

02-May-24

02-Apr-24

02-Mar-24

02-Feb-24

02-Jan-24

0%

VIX Volatility Index*

By Day in 2025 55 50

“The CBOE Volatility Index, or VIX, is a real-time market index representing the [stock] market’s expectations for volatility over the coming 30 days. Investors use the VIX to measure the level of risk, fear, or stress in the market when making investment decisions.” Quote from Investopedia

45 40 35 Tariff shock ►

30 25

20 15 10

Dec-25

Nov-25

Nov-25

Oct-25

Sep-25

Sep-25

Aug-25

Aug-25

Jul-25

Jul-25

Jul-25

Jun-25

Jun-25

May-25

May-25

Apr-25

Apr-25

Mar-25

Mar-25

Feb-25

Feb-25

Jan-25

Jan-25

Jan-25

*CBOE Volatility Index (VIX), per https://www.cboe.com/tradable_products/vix/vix_historical_data/ and/or Yahoo! Finance: https://finance.yahoo.com/quote/%5EVIX/history/. Data from sources deemed reliable but may contain errors. All numbers approximate.

Oct-25

Updated 12/5/25

5

S&P 500 Cyclically-Adjusted Price to Earnings (CAPE) Ratio*

By Month since January 1985 50 1999-2000

45

The CAPE ratio is a stock market valuation measure created by economist Robert Shiller. It is defined as the current price of the S&P 500 divided by the moving-average of 10 years of inflation-adjusted earnings and is principally used to assess likely future returns over longer periods.

A higher CAPE ratio can suggest investors are expecting higher future growth, or that the stock market is overvalued.

2025

40

Dotcom bubble

35

2018

30

25

2021

As of December 1, 2025, the CAPE ratio is at its highest reading since the dotcom bubble.

Pandemic boom ▲ Tariff shock

2007 Historical average since 1985 Pandemic hits

20

Dotcom crash

1987

Financial markets crash 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2008-2010

2023 2017

2006

Updated December 1, 2025

*Source: Robert Shiller, https://shillerdata.com/. Reading are sometimes subsequently revised.

Data from sources deemed reliable, but not guaranteed and should be considered approximate.

2025 2024

1994 1995 1996 1997 1998 1999 2000 2001

1993

3 4 2002 5

1992 1991

10

1985 1986 1987 1988 1989 1990

15

Bitcoin Price ByDaysinceMarch 7, 2024 10/6/25 ▼

$130,000

$120,000

$110,000

$100,000 ▲ 2025 begins

$90,000

$80,000

Tariff shock ►

Updated through 12/5/25

$70,000 ▲ Election

$60,000 March 2024

Data per https://www.nasdaq.com/market-activity/cryptocurrency/btc/historical. Data from source deemed reliable but may contain errors and subject to revision.

Cryptocurrency values change constantly and all numbers to be considered approximate.

07-Nov-25

07-Oct-25

07-Sep-25

07-Aug-25

07-Jul-25

07-Jun-25

07-May-25

07-Apr-25

07-Mar-25

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$50,000

Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data.

Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.

Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.

Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.

Photo use under the Creative Commons License: https://creativecommons.org/licenses/by-sa/2.0/ Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.