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MARKET UPDATE | Q4 2013 MONTEREY PENINSULA

SIX YEARS OF AVERAGE SELLING PRICES | Q4 | MONTEREY PENINSULA*

$1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 A MESSAGE FROM OUR MANAGER: Janet Reilly I am pleased to report that the current MLS data indicates that the positive trends we noted in 2013 continued with another strong quarter for real estate sales in the Monterey Peninsula, ending the year on a high note for many of our communities. Prices of single family homes continued to increase, with average sales prices for single-family homes up 9.1 percent. Carmel, Carmel Valley, Pacific Grove, Monterey and the Monterey Salinas Highway all experienced an increase in averages sales price and units sold.

$200,000 $2008

2009

2010

2011

2012

2013

Average Selling Price

MONTEREY PENINSULA* ABOUT THE AREA Located on the central California coast, the beautiful Monterey Peninsula offers great living in some of the

Particularly strong increases were noted for three of our areas. Carmel saw an increase of 25 percent in average sales price and a 15.4 percent increase in the number of units sold and Pacific Grove had an increase of 29.6 percent in average sales price and an increase of 24 percent in units sold. However, the most significant increase was for homes in Monterey Salinas Highway with a dramatic 35.8 percent increase in average sales price and a 36 percent increase in units sold.

most desirable areas, including: Big Sur, Carmel, Carmel Highlands, Carmel Valley, Monterey, Pacific Grove, Pebble Beach and Monterey/Salinas Highway. AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4 $1,400,000

300

$1,200,000

250

$1,000,000

200

$800,000

150

$600,000

MONTEREY PENINSULA BROKERAGES

100

$400,000

CARMEL RANCHO BROKERAGE 200 Clocktower Place | 831.624.1566

50

$200,000 $-

CARMEL BY-THE-SEA BROKERAGE Ocean Avenue | 831.624.9700

0 2009

CARMEL VALLEY BROKERAGE 312 W. Carmel Valley Road | 831.659.2267 PACIFIC GROVE BROKERAGE 574 Lighthouse Avenue | 831.372.7700 JANET REILLY, Vice President and Brokerage Manager 831.622.4810 | janet.reilly@sothebyshomes.com sothebyshomes.com/monterey * In this Update, data is for single-family homes. The Monterey Peninsula is defined as the eight areas included in this report. All data within this document is pulled from MLSListings, Inc.

SINGLE FAMILY HOMES | Q4 Units Sold

2010

2011

2012

Average Selling Price

Units Sold

2009

2011

2010

2013

2012

2013

212

199

249

191

226

Average Selling Price

$977,759

$992,067

$859,357

$1,051,841

$1,147,949

Average Listing Price

$1,075,538

$1,086,498

$922,435

$1,144,285

$1,215,719

91%

91%

93%

92%

94%

$726,150

$740,000

$585,000

$745,875

$824,250

126

159

129

121

107

Discount Ratio Median Average Days on Market


BIG SUR AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

ABOUT THE AREA South of Carmel lies Big Sur, nearly 100 miles of pristine, rugged coastline, where the Santa Lucia Mountains rise precipitously from the Pacific Ocean, creating some of the most spectacular views and

$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $-

3.5 3 2.5 2 1.5 1 0.5 0 2009

2010

iconic imagery in America. Big Sur is best known for

Average Selling Price

its natural untouched beauty. SINGLE FAMILY HOMES | Q4

2011

2012

2013

Units Sold

2009

2010

2011

2012

2013

1

0

3

2

1

Average Selling Price

$950,000

$-

$628,333

$3,750,000

$400,000

Average Listing Price

$995,000

$-

$716,333

$4,450,000

$512,900

95%

n/a

88%

84%

78%

$950,000

$-

$425,000

$3,750,000

$400,000

188

-

158

328

77

Units Sold

Discount Ratio Median Average Days on Market

CARMEL AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$2,000,000

60 50

$1,500,000

ABOUT THE AREA Carmel was founded as an enclave for artists around the turn of the century and remains

40

$1,000,000

30 20

$500,000

true to its bohemian roots today. With its idyllic

10

$-

location, its pristine beaches and a village with

0 2009

first-rate dining, shopping and charming inns,

2011

Average Selling Price

Carmel is a haven for visitors and locals alike. SINGLE FAMILY HOMES | Q4

2010

2012

2013

Units Sold

2009

2010

2011

2012

2013

46

50

50

39

45

Average Selling Price

$1,431,739

$1,423,282

$1,190,658

$1,379,973

$1,728,056

Average Listing Price

$1,609,898

$1,604,934

$1,279,268

$1,498,703

$1,831,791

89%

89%

93%

92%

94%

$1,200,000

$1,010,000

$916,250

$1,119,000

$1,280,000

155

158

122

125

143

Units Sold

Discount Ratio Median Average Days on Market

SERVING THE MONTEREY PENINSULA


CARMEL HIGHLANDS AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$2,500,000

5

$2,000,000

4

$1,500,000

3

$1,000,000

2

$500,000

1

$-

0 2009

2010

2011

Average Selling Price

SINGLE FAMILY HOMES | Q4

2012

2013

ABOUT THE AREA A few short miles south of Carmel, along the winding Pacific Coast Highway, are the Carmel Highlands. Homes in the Highlands sit above the sea, and from their sheltered perch, many have enviable views of the dramatic and ever-changing

Units Sold

coastline.

2009

2010

2011

2012

2013

4

4

2

4

0

Average Selling Price

$2,272,500

$2,073,750

$1,001,000

$1,898,750

$-

Average Listing Price

$2,471,250

$2,645,500

$1,015,000

$2,208,750

$-

92%

78%

99%

86%

n/a

$1,387,500

$1,842,500

$1,001,000

$1,025,000

$-

289

303

144

93

-

Units Sold

Discount Ratio Median Average Days on Market

CARMEL VALLEY AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $-

40 35 30 25 20 15 10 5 0 2009

2010

2011

Average Selling Price

SINGLE FAMILY HOMES | Q4

2012

2013

ABOUT THE AREA Just east of Carmel and beyond the “fog line” is Carmel Valley, a sun-soaked region nestled between lush green mountains. Ranch-style homes, vineyards, ranches, horse properties and country club real estate are enhanced by the

Units Sold

numerous golf courses and wineries.

2009

2010

2011

2012

2013

23

33

35

25

33

Average Selling Price

$1,055,052

$763,508

$814,772

$1,296,522

$1,373,033

Average Listing Price

$1,241,865

$823,191

$863,571

$1,448,480

$1,479,561

85%

93%

94%

90%

93%

$759,700

$740,000

$645,000

$963,000

$1,198,000

146

127

137

120

112

Units Sold

Discount Ratio Median Average Days on Market

sothebyshomes.com/monterey


MONTEREY AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$700,000

50

$600,000

40

$500,000

ABOUT THE AREA Monterey is the geographical and social center of the Peninsula. Its remarkable waterfront lies along Monterey Bay National Marine Sanctuary.

$400,000

30

$300,000

20

$200,000

10

$100,000 $-

Fisherman’s Wharf, Cannery Row and the famous

0 2009

2010

Monterey Bay Aquarium stretch along the

Average Selling Price

vibrant waterfront. SINGLE FAMILY HOMES | Q4

2011

2012

2013

Units Sold

2009

2010

2011

2012

2013

33

28

38

34

40

Average Selling Price

$553,761

$551,536

$486,544

$575,643

$639,961

Average Listing Price

$583,633

$583,821

$514,470

$594,388

$656,945

95%

94%

95%

97%

97%

$525,000

$480,000

$451,500

$487,500

$598,500

87

118

137

111

68

Units Sold

Discount Ratio Median Average Days on Market

MONTEREY/SALINAS HIGHWAY AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$1,000,000

60

$800,000

50 40

$600,000

ABOUT THE AREA Salinas lies directly east of the Monterey Peninsula and is the county seat and largest city

30

$400,000

20

$200,000

in Monterey County. Situated in the lush and

10

$-

fertile Salinas Valley, known as the Salad Bowl

0 2009

of America,Salinas has a thriving agricultural

2011

Average Selling Price

economy. SINGLE FAMILY HOMES | Q4

2010

2012

2013

Units Sold

2009

2010

2011

2012

2013

48

46

54

36

49

Average Selling Price

$626,256

$783,927

$665,518

$636,819

$864,552

Average Listing Price

$651,869

$829,192

$710,934

$658,166

$908,407

96%

95%

94%

97%

95%

$527,500

$614,950

$498,308

$507,500

$725,000

125

204

131

103

104

Units Sold

Discount Ratio Median Average Days on Market

SERVING THE MONTEREY PENINSULA


PACIFIC GROVE AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$1,000,000

50

$800,000

40

$600,000

30

$400,000

20

$200,000

10

$-

0 2009

2010

2011

Average Selling Price

SINGLE FAMILY HOMES | Q4

2012

2013

ABOUT THE AREA Popularly known as America’s Last Home Town, Pacific Grove possesses a quaint and quiet charm all its own. Famous for its numerous Victorian-style homes, Pacific Grove has a rich architectural history, apparent in its old-style

Units Sold

downtown.

2009

2010

2011

2012

2013

41

28

44

29

36

Average Selling Price

$790,198

$670,221

$539,562

$696,591

$902,564

Average Listing Price

$828,323

$701,621

$572,199

$720,102

$944,914

95%

96%

94%

97%

96%

$673,980

$595,338

$482,000

$650,000

$711,450

93

92

96

91

87

Units Sold

Discount Ratio Median Average Days on Market

PEBBLE BEACH AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4

$2,500,000

25

$2,000,000

20

$1,500,000

15

$1,000,000

10

$500,000

5

$-

0 2009

2010

2011

Average Selling Price

SINGLE FAMILY HOMES | Q4

2012

2013

ABOUT THE AREA Pebble Beach is a prestigious community world renowned for its unparalleled golf. Boasting seven courses within its gates, it is most notable for the Pebble Beach Golf Links, which is considered by many to be the best public course

Units Sold

in the world.

2009

2010

2011

2012

2013

16

10

23

22

22

Average Selling Price

$1,649,133

$2,249,670

$1,907,630

$1,676,191

$1,614,094

Average Listing Price

$1,875,313

$2,408,390

$2,095,739

$1,880,723

$1,735,314

88%

93%

91%

89%

93%

$1,122,500

$1,843,000

$950,000

$1,032,500

$1,177,725

139

300

167

182

135

Units Sold

Discount Ratio Median Average Days on Market

sothebyshomes.com/monterey


ON THE MARKET FEATURED PROPERTIES

LISTINGS AROUND THE WORLD IN THIS PRICE RANGE

CARMEL, CA

IN METROPOLITAN MARKETS

Price: $5,495,000 Agents: Gin Weathers, Charlotte Gannaway 831.594.4752

HOUSTON, SUGAR LAND

NEW YORK

LOS ANGELES

5 br / 5 ba / 2 hf ba $4,950,000

3 br / 2 ba / 1 hf ba $5,350,000

6 br / 9 ba $5,800,000

Exquisite gated estate home in prestigious Hatton Fields on .75 acre. Completed in 2008 with antique French fixtures & materials encompass this nearly 5,000 square feet one level home. Belgian White Oak floors, spacious rooms include formal dining, club room, playroom, and grand living room opening to heated loggia fitted with radiant heat floors, tv and fireplace. WEB: 0473593

IN RESORT MARKETS

SANTA FE

PALM BEACH

VENTURA

5 br / 5 ba / 2 hf ba $4,800,000

3 br / 4 ba / 1 hf ba $4,700,000

5 br / 4 ba $5,195,000

CARMEL, CA

IN FOREIGN MARKETS

SOUTH AFRICA

PUERTO RICO

AUSTRALIA

6 br / 6 ba $5,186,242

5 br / 5 ba / 2 hf ba $4,400,000

5 br / 4 ba / 1 hf ba Price Upon Request

Price: $6,250,000 Agent: Nicole Truszkowski 831.238.7449 “Maison Parfait is an exquisite ocean view estate sure to capture your imagination. This 5507 square foot home radiates an ambiance of Old-World solidity & permanence, with European Country Flair. The property showcases 2.5 acres of perfectly landscaped & manicured grounds surrounded by a native forest with the Pacific Ocean as a backdrop. WEB: 0473644

AT SOTHEBY’S AUCTION

SONGYE “FOUR HORN” COMMUNITY POWER FIGURE The Collection of Allan Stone 15 November, 2013 Estimate: $600,000-$900,000

THE PINK STAR Rare English & European Magnificent Jewels 13 November, 2013 Sold: $84,730,214.30

SOTHEBYS.COM


Monterey Peninsula Market Update Q4 2013