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Carmel Highlands | web: 0473719

Monterey Peninsula Market Update First Quarter 2014 MONTEREY PENINSULA BROKERAGES Carmel Rancho Brokerage | t. 831.624.1566 Carmel Valley Brokerage | t. 831.659.2267 Carmel-By-The-Sea Brokerage | t. 831.624.1566 Pacific Grove Brokerage | t. 831.372.7700

sothebyshomes.com All data within this document is pulled from the Monterey Peninsula MLS. Areas include the Monterey Peninsula.

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.


A MESSAGE FROM OUR MANAGER: Janet Reilly I am pleased to provide a summary of sales activity in the Monterey Peninsula real estate market during the first quarter of 2014. MLSListings.com reports the following quarter over quarter statistics: The number of units sold on the Peninsula was down by 17 percent, but the increase in sales price was significant in many of our communities. The average sales price overall for Peninsula communities was up 40 percent. Of note was an increase in the average sales price of 84 percent in Pebble Beach driven by an increase in luxury home sales. The one sale closed in Big Sur sold for nearly 100 percent more than the average sales price in 2013. Also noteworthy, Carmel Valley saw a 39 percent increase in average sales price. These positive trends bode well for home sellers in our market. If you are thinking of selling your home this is an incredible market to take advantage of as many of our sellers during this time period enjoyed multiple offers from buyers, which for many, escalated the sales price well above the original asking price.

FEATURED LISTINGS

PACIFIC GROVE | Web ID: 1210033 | $2,750,000 Amber Russell 831.402.1982

PACIFIC GROVE | Web ID: 1210040 | $1,250,000 Annette Boggs 831.601.5800

MONTEREY/SALINAS HIGHWAY | Web ID: 0473731 | $2,795,000 Mike Jashinski 831.236.8913

CARMEL | Web ID: 0473623 | $2,195,000 Sam Piffero 831.236.5389

SERVING MONTEREY PENINSULA


FIVE YEARS OF AVERAGE SELLING PRICES | Q1

$1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $2010

2011

2012

2013

2014

Average Selling Price

$1,400,000

300

$1,200,000

250

$1,000,000

200

$800,000

150

$600,000

MONTEREY PENINSULA

100

$400,000

50

$200,000

Located on the central California coast, the beautiful Monterey Peninsula offers great living

$-

0 2010

in some of the most desirable areas, including:

2011

2012

Average Selling Price

Big Sur, Carmel, Carmel Highlands, Carmel

2013

2014

Units Sold

Valley, Monterey, Pacific Grove, Pebble Beach and Monterey/Salinas Highway.

SINGLE FAMILY HOMES | Q1 UNITS SOLD

2010

2011

2012

2013

2014

113

149

192

239

203

AVERAGE SELLING PRICE

$975,850

$1,124,493

$933,190

$936,109

$1,315,831

AVERAGE LISTING PRICE

$1,101,391

$1,229,921

$1,003,955

$986,638

$1,397,736

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

89%

91%

93%

95%

94%

$725,000

$795,000

$614,950

$735,000

$895,000

150

159

141

110

108

sothebyshomes.com/monterey


AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

3.5

$2,500,000

3

$2,000,000

BIG SUR South of Carmel lies Big Sur, nearly 100 miles of pristine, rugged coastline, where the Santa Lucia Mountains rise precipitously from the Pacific

2.5

$1,500,000

2

$1,000,000

1.5 1

$500,000

0.5 0

$-

Ocean, creating some of the most spectacular

2010

views and iconic imagery in America. Big Sur is

2012

Average Selling Price

best known for its natural untouched beauty.

SINGLE FAMILY HOMES | Q1

2011

2010

2011

2012

2013

2014

Units Sold

2013

2014

UNITS SOLD

0

2

1

3

1

AVERAGE SELLING PRICE

$-

$2,115,000

$985,000

$897,500

$1,650,000

AVERAGE LISTING PRICE

$-

$2,724,500

$1,750,000

$968,333

$1,795,000

DISCOUNT RATIO MEDIAN

n/a

78%

56%

93%

92%

$-

$2,115,000

$985,000

$842,500

$1,650,000

-

394

410

800

373

AVERAGE DAYS ON MARKET

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

60

$2,000,000

CARMEL

$1,500,000

Carmel was founded as an enclave for artists

$1,000,000

around the turn of the century and remains true to its bohemian roots today. With its idyllic location,

30 20

$500,000

10 0 2010

dining, shopping and charming inns, Carmel is a

2011

2012

Average Selling Price

haven for visitors and locals alike.

UNITS SOLD

40

$-

its pristine beaches and a village with first-rate

SINGLE FAMILY HOMES | Q1

50

2010

2011

2012

2013

2014

Units Sold

2013

2014

26

40

39

46

55

AVERAGE SELLING PRICE

$1,277,673

$1,349,997

$1,374,148

$1,575,753

$1,814,479

AVERAGE LISTING PRICE

$1,422,565

$1,458,383

$1,485,977

$1,671,433

$1,919,096

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

SERVING MONTEREY PENINSULA

90%

93%

92%

94%

95%

$987,500

$1,085,000

$925,000

$1,230,000

$1,485,000

132

115

167

133

140


AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

CARMEL HIGHLANDS

$6,000,000

5

$5,000,000

4

$4,000,000

A few short miles south of Carmel, along the

$3,000,000

winding Pacific Coast Highway, are the Carmel

$2,000,000

Highlands. Homes in the Highlands sit above the

$1,000,000

3 2 1 0

$-

sea, and from their sheltered perch, many have

2010

enviable views of the dramatic and ever-changing

2011

2012

Average Selling Price

coastline.

SINGLE FAMILY HOMES | Q1

2010

UNITS SOLD

2011

2012

2013

2014

Units Sold

2013

2014

2

2

4

0

0

AVERAGE SELLING PRICE

$877,500

$4,850,000

$2,650,000

$-

$-

AVERAGE LISTING PRICE

$947,000

$5,597,500

$3,053,750

$-

$-

DISCOUNT RATIO MEDIAN

93%

87%

87%

n/a

n/a

$877,500

$4,850,000

$2,700,000

$-

$-

255

58

287

-

-

AVERAGE DAYS ON MARKET

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

CARMEL VALLEY

$1,200,000

35

$1,000,000

30

Just east of Carmel and beyond the “fog line”

$600,000

is Carmel Valley, a sun-soaked region nestled

$400,000

between lush green mountains. Ranch-style

$200,000

homes, vineyards, ranches, horse properties and

15 10 5 0 2010

2011

2012

Average Selling Price

numerous golf courses and wineries.

UNITS SOLD

20

$-

country club real estate are enhanced by the

SINGLE FAMILY HOMES | Q1

25

$800,000

2010

2011

2012

2013

2014

Units Sold

2013

2014

23

22

15

31

25

AVERAGE SELLING PRICE

$716,761

$876,809

$699,733

$820,158

$1,141,680

AVERAGE LISTING PRICE

$800,504

$927,986

$722,227

$869,958

$1,200,676

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

90%

94%

97%

94%

95%

$500,000

$752,500

$575,000

$777,500

$1,187,500

195

189

103

143

101

sothebyshomes.com/monterey


AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

MONTEREY Monterey is the geographical and social center of the Peninsula. Its remarkable waterfront lies along Monterey Bay National Marine Sanctuary. Fisherman’s Wharf, Cannery Row and the famous

40 35 30 25 20 15 10 5 0

$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $2010

Monterey Bay Aquarium stretch along the vibrant

2012

Average Selling Price

waterfront.

SINGLE FAMILY HOMES | Q1

2011

2010

UNITS SOLD

2011

2012

2013

2014

Units Sold

2013

2014

10

22

34

38

32

AVERAGE SELLING PRICE

$653,843

$500,655

$514,121

$511,831

$684,555

AVERAGE LISTING PRICE

$689,960

$523,495

$532,146

$519,973

$699,683

DISCOUNT RATIO MEDIAN

95%

96%

97%

98%

98%

$697,500

$417,500

$495,625

$502,500

$654,500

143

149

96

87

77

AVERAGE DAYS ON MARKET

$1,200,000

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

350 300

$1,000,000

250

$800,000

200

MONTEREY / SALINAS HIGHWAY

$600,000 150 $400,000

Salinas lies directly east of the Monterey Peninsula

100

$200,000

50

and is the county seat and largest city in Monterey $0

County. Situated in the lush and fertile Salinas

0 2009

Valley, known as the Salad Bowl of America,Salinas

Average Sale Price

has a thriving agricultural economy.

SINGLE FAMILY HOMES | Q1 UNITS SOLD

2010

2010

2011

2012

2011

2012

2013

Total SFH Sold

2013

2014

23

24

37

49

30

AVERAGE SELLING PRICE

$686,266

$824,017

$700,019

$709,255

$711,614

AVERAGE LISTING PRICE

$723,161

$910,694

$735,522

$738,257

$730,205

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

SERVING MONTEREY PENINSULA

95%

90%

95%

96%

97%

$605,000

$552,000

$530,000

$525,000

$650,000

162

221

137

81

77


AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

PACIFIC GROVE Popularly known as America’s Last Home Town, Pacific Grove possesses a quaint and quiet charm all its own. Famous for its numerous Victorianstyle homes, Pacific Grove has a rich architectural

$1,000,000

50

$800,000

40

$600,000

30

$400,000

20

$200,000

10 0

$2010

history, apparent in its old-style downtown.

2011

2012

Average Selling Price

SINGLE FAMILY HOMES | Q1

2010

UNITS SOLD

2011

2012

2013

2014

Units Sold

2013

2014

13

25

35

40

30

AVERAGE SELLING PRICE

$714,462

$730,960

$572,283

$703,635

$781,260

AVERAGE LISTING PRICE

$762,335

$751,708

$600,283

$717,174

$811,625

DISCOUNT RATIO MEDIAN

94%

97%

95%

98%

96%

$635,000

$545,000

$520,000

$636,250

$745,500

79

135

126

74

78

AVERAGE DAYS ON MARKET

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1

PEBBLE BEACH

$3,000,000

35

$2,500,000

30 25

$2,000,000

Pebble Beach is a prestigious community world

$1,500,000

renowned for its unparalleled golf. Boasting seven

$1,000,000

courses within its gates, it is most notable for the Pebble Beach Golf Links, which is considered by

20 15 10

$500,000

5 0

$2010

many to be the best public course in the world.

2011

2012

Average Selling Price

SINGLE FAMILY HOMES | Q1 UNITS SOLD

2010

2011

2012

2013

2014

Units Sold

2013

2014

16

12

27

32

30

AVERAGE SELLING PRICE

$1,700,028

$2,605,417

$1,484,776

$1,274,364

$2,347,779

AVERAGE LISTING PRICE

$2,107,638

$2,974,750

$1,618,174

$1,388,320

$2,591,118

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

81%

88%

92%

92%

91%

$1,045,225

$1,907,500

$1,042,500

$1,035,500

$1,536,500

144

174

175

100

141

sothebyshomes.com/monterey


ON THE MARKET

left to right from top to bottom:

IN METROPOLITAN MARKETS SAN FRANCISCO, CA | Web: 0086643 | $2,995,000 HOUSTON, TX | Web: 1230207 | $3,295,000 NEW YORK, NY | Web: 0137101 | $2,500,000 IN RESORT MARKETS EAST HAMPTON, NY | Web: 0056005 | $2,750,000 PEBBLE BEACH, CA | Web: 0473601 | $2,690,000 EAST FALMOUTH, MA | Web: 0840564 | $2,595,000 IN FOREIGN MARKETS THAILAND | Web: V7QZ6W | $3,859,216 GREECE | Web: SMZVGF | Price Upon Request FRANCE | Web: PJ7HYY | Price Upon Request sothebysrealty.com


Monterey Peninsula Market Update | Q1 2014