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