1Q22 Market Update
Mike Canning
DRE#01004964 831.596.1171 mike@mikecanning.com
Ellen Armstrong
Jessica Canning
DRE# 01920034 831.238.5535 jessica@canningproperties.com
Brian Keck
Nic Canning
DRE# 01959355 831.241.4458 nic@canningproperties.com
Dave Reese
DRE# 02046046 831.204.2204 ellen@canningproperties.com
DRE# 02070480 831.238.8730 brian@canningproperties.com
DRE# 02121762 831.272.2172 dave@canningproperties.com
Kelly Savukinas
Paige Colijn
Caroline Garcia
DRE# 02053030 831.238.8443 kelly@canningproperties.com
DRE# 02168140 831.710.1655 paige@canningproperties.com
717.318.8003 caroline@canningproperties.com
Overview The market has begun to taper a bit with deal flow coming in at 136 this quarter, down about 7% from last quarter and 12% from the first quarter of last year. As inventory continues to tighten, we’re seeing prices spike in the most coveted neighborhoods and elevate everywhere else. As such, the total amount invested in Carmel, the Carmel Highlands, Pebble Beach, Preserve, Quail and Pacific Grove actually leapt to $540M this quarter, which was up 10% from last quarter and 22% from the same quarter last year. The single question on everyone’s mind is just how sustainable these prices really are. This is where things get interesting… In analyzing Carmel & Pebble Beach, this is the first time in over 30 years that we’ve seen three consecutive quarters of double-digit increases in median sales prices. However, it pales in comparison to the 59% spike we saw in 2000 or the 35% climb in 2004. The years that we have had a price decrease are those years that have had the fewest number of sales - under 210 to be specific. After the 2008 market correction, only 178 deals closed with a median sales price plunge of 23% in a single year. To effectively predict where prices will go in the near future, it’s more important to look at the number of new buyers entering the market than the total inventory. The 77 deals that closed in Carmel and Pebble this quarter is slightly above the 1Q average since 1998 and on-track to surpass 308 deals this year. Given this strong level of sustained demand we’re seeing in this area, we don’t anticipate a sudden shift in prices in the near future. Demand is strong across the price spectrum right now with as many deals closing over $8M (12) as under $1M (10), with everything in the middle being very well balanced. Pebble Beach closed $232M in just 32 deals this quarter, which far exceeds the $176M into 52 deals in Carmel. The Carmel Highlands had a very strong quarter with $57M closing on just 9 deals, including one at $26M - a new record for the Highlands. In response to increasing demand, we have added a new team member, Kelly Savukinas, who focuses on Pacific Grove and wrote up that section of our report. PG surged to $51M in sales this quarter, in just 31 deals. Quail continues to hold steady with nearly $12M closing in just 4 deals and the Preserve had almost $10M in 8 sales. We have seen huge, unmet demand in Quail and the Preserve recently with Quail median sales price leaping 129% in a single year (compared to 33% overall). As we enter our primary selling season of May through October, it will be very interesting to see how sustainable this buyer demand is.
Market Insight All Regions
1Q2022 Sales by Price Range
136
Total Sales
Median Sales Price ($M) 1Q2022
Area
YoY % Change
$2.76
Carmel
38%
$4.00
Carmel Highlands
30%
$3.40
Pebble Beach
24%
$3.85
Quail
129%
N/A
Preserve
N/A
$1.60
Pacific Grove
31%
$2.65
Overall
33%
$8M+
12
$6M - $8M
8
$4M - $6M
13
$3M - $4M
20
$2.5M - $3M
17
$2M - $2.5M
14
$1.5M - $2M
20
$1M - $1.5M
22
<$1M
10
Total Annual Sales
Average Sales Price ($M) 1Q2022
Area
YoY % Change
$3.47
Carmel
33%
$6.42
Carmel Highlands
66%
$7.84
Pebble Beach
94%
$3.43
Quail
89%
N/A
Preserve
N/A
$1.70
Pacific Grove
22%
$4.31
Overall
43%
Information believed to be reliable as obtained from the Monterey County Association of Realtors database and known off market transactions.
1Q2022 Update All Regions
# of Sales
Quarterly Sales by Region
Carmel Sales Price Range
Carmel Highlands
Pebble Beach
Preserve
Quail
Pacific Grove
1Q2021
1Q2022
Oct-Mar 2021
Oct-Mar 2022
<$1.0M
20
10
54
28
42
82
$1.0M-$1.5M
30
22
70
42
27
54
$1.5M-$2.0M
31
20
64
41
17
39
$2.0M-$2.5M
11
14
27
26
10
22
$2.5M-$3.0M
19
17
41
31
9
16
$3.0M-$4.0M
16
20
33
47
10
21
$4.0M-$6.0M
13
13
37
30
7
16
$6.0M-$8.0M
9
8
16
13
4
7
$8M+
6
12
14
24
3
7
155
136
356
282
127
263
Total Sales
10 Year Ave. 10 Year Ave. 1Q Sales Oct-Mar Sales
Pebble Beach Market Overview
After closing out 2021 with a uniquely active fourth quarter, the Pebble Beach market’s pace slowed to start 2022 with just 32 transactions (-37% QoQ). Interestingly, even as deal flow subsided, prices continued to rise and the top of Pebble’s market went into a frenzy - propelling the total investments to $232M and well above the previous quarter’s total (+18% QoQ). The exodus from metropolitan areas like the Bay Area carried into the New Year as more and more people favor Pebble’s resort and coastal settings over urban lifestyles, not just for secondary homes, but also for primary homes. This expanding demand to reside in Pebble Beach outpaced any uptick in new listings, holding the razor-thin inventory levels to just under 20 actively listed (21% of historical inventory averages). With robust demand outstripping supplies across all regions of Pebble Beach throughout the quarter, median sales prices continued their upward climb into 2022. Bolstered by an impressive 8 sales above $8M, the Central Pebble Beach region median price rose to $8.38M (+54% QoQ), while the MPCC area reached $2.5M (+6% QoQ) and the Upper Forest jumped to $2.55M (+113% QoQ). Average days-on-market narrowed in 1Q22 for all three of Pebble’s regions as properties continued to move quickly on the market and Buyers acted quickly to beat out the stiff competition. The Central Pebble area shrunk to an average of 65.3 days (-56.4% QoQ) while the MPCC area dropped further to just 10.4 days (-73% QoQ) and the Upper Forest recoiled to 27.6 days (-28.6% QoQ). Pebble Beach currently has 10 deals in the escrow pipeline – totaling $64M in potential investments – which is forecasting a similar outcome in Q2 where transactions are lower, while total investments are above seasonal averages. With rising interest, inflation rates and supply shortages taking center stage in 2022 we’re keeping a close eye on potential market impacts.
Nic Canning Pebble Specialist
Featured Property Photo: 3249 17 Mile Drive, Pebble Beach 324917Mile.com
1Q2022 Update Pebble Beach
1Q2022 Sales by Price Range 8 4 1 7 2 2 4 3 1
$8M+ $6M - $8M $4M - $6M $3M - $4M $2.5M - $3M $2M - $2.5M $1.5M - $2M $1M - $1.5M <$1M
32
Total Sales
$232M Total Dollar Volume
Get Smart
1Q2022 Snapshot
32 Units Sold in 1Q2022
37 Average Days on Market
18% increase from 4Q21
15% increase from 1Q21
37% decrease from 4Q21
38% decrease from 1Q21
57% decrease from 4Q21
35% decrease from 1Q21
1Q2022 Top Pebble Beach Sales 3188 17 Mile Drive 1470 Cypress Drive 3210 Whitman Place 3406 17 Mile Drive 1310 Portola Road 3908 Ronda Road 1016 Rodeo Road 1471 Padre Lane 72 Spanish Bay Circle
$29,750,000 $26,000,000 $18,500,000 $ 14 , 9 3 3 ,3 3 3 $ 8,37 9,762 $ 7, 5 0 0,0 0 0 $ 7, 5 0 0,0 0 0 $ 7, 0 5 5 , 0 4 4 $6,058,000
2972 Cormorant Road 4161 Sunridge Road 1171 Arroyo Drive 1266 Portola Road 1044 Lost Barranca Road 1122 Sawmill Gulch Road 3112 Stevenson Drive 2877 Galleon Road 2988 Colton Road
Indicates a Canning Properties Group Sale
$3,745,000 $3,395,000 $3,310,000 $2,833,333 $2,280,000 $2,000,000 $1,995,000 $1,925,000 $1,880,000
# of Sales
Quarterly Sales by Region
Central Pebble Beach
-1.4%
Average % off list price 1Q2022 Sales
Median Home Sales Price ($M)
MPCC
Upper Forest
, b m i l c s ice r p s a g n n i h c Eve t a m e r a s r r e e l l e buy s g n si s a p r u s or terms. Average Home Sales Price ($M)
Quarter
Median
YoY % Change
Quarter
Average
YoY % Change
1Q2022
$3.40
24%
1Q2022
$7.84
94%
4Q2021
$2.66
15%
4Q2021
$4.01
9%
3Q2021
$2.93
36%
3Q2021
$4.58
26%
2Q2021
$3.50
11%
2Q2021
$4.59
4%
1Q2021
$2.75
79%
1Q2021
$4.04
118%
Carmel
Market Overview Carmel continued at a steady, yet strong, pace this quarter with 52 deals closing for $176M. This pace is in-line with historic averages for the first quarter, but we have seen the prices climb significantly over the past couple of years with houses that used to sell for $1-1.5M in 2019 now going for $2.5-3M. Buyers frequently start their search wanting to be close to the water, but we’re seeing appreciation in all areas of downtown Carmel as most buyers just want to get their foot in the door and start using the house right away. Northeast Carmel grabbed the majority of the deals this quarter, representing 23 of the 52 that closed which has benefited from slightly larger houses up there and close proximity to the highway - a plus for commuters or full time families who need to get in and out of town more often. Historically, the first quarter is always a bit sleepy in Carmel as a lot of people are out of town, skiing or in Hawaii getting out of the rain. As such, although the $176M was down a bit from last quarter, it’s up significantly from this time last year ($147M) and the year before ($105M). So I would anticipate another strong summer coming for Carmel sales. The bread and butter in Carmel - those homes priced $2-4M represented just over half of all deals this quarter (27) so we’re seeing continued movement in our core market. However, buyers must move very quickly and be prepared to offer above list; for houses priced $2.5-3M, the final sales price came in at 7.6% over ask this quarter. All things considered, the market is still very strong and we’re seeing a strong flow of new buyers come into the market, so we anticipate this level continuing through the end of the year, at the very least.
Jessica Canning Carmel Specialist
Featured Property Photo : Forest 6SW of Ocean, Carmel-by-the-Sea Forest6SWofOcean.com
1Q2022 Update Carmel
1Q2022 Sales by Price Range $8M+ $6M - $8M $4M - $6M $3M - $4M $2.5M - $3M $2M - $2.5M $1.5M - $2M $1M - $1.5M <$1M
52
Total Sales
$176M
Total Dollar Volume
Get Smart
52
Units Sold in 1Q2022
1Q2022 Snapshot
36 Average Days on Market
2 4 7 9 12 6 5 5 2
16% decrease from 4Q21
20% increase from 1Q21
12% decrease from 4Q21
7% decrease from 1Q21
3% increase from 4Q21
8% decrease from 1Q21
1Q2022 Top Carmel Sales Casanova 5 NE of 12th 2514 San Antonio Avenue Dolores 7SW of 13th 2970 Franciscan Way 9th 2 SE of Dolores San Carlos 2 SE of 13th Street Camino Real 4 NE of 8th Carmelo 2 SW of 11th Forest 2 SE of 8th
$7,650,000 $7,200,000 $6,928,000 $6,500,000 $5,600,000 $5,000,000 $4,550,000 $4,300,000 $4,045,000
Monte Verde 2NW of 2nd Monte Verde 5 NE of 4th SW Corner San Carlos &12th Monte Verde 3NE of 3rd Casanova 3 NE of 7th Mission 2 NW of Santa Lucia Avenue 26253 Atherton Place 24770 Valley Way Santa Rita & 3rd NE Corner
Indicates a Canning Properties Group Sale
$3,900,000 $3,525,000 $3,495,000 $3,295,000 $3,000,000 $2,875,000 $2,800,000 $2,725,000 $2,687,500
# of Sales
Quarterly Sales by Region
Carmel Point Northeast Carmel
Golden Rectangle
Northwest Carmel
+1.5% Average % off list price 1Q2022 Sales
Median Home Sales Price ($M)
Southeast Carmel
als are e d f o y t i r jo A ma s and r e f f o e l p i t l getting mu ask. e v o b a y l t h g i going sl
Average Home Sales Price ($M)
Quarter
Median
YoY % Change
Quarter
Average
YoY % Change
1Q2022
$2.76
38%
1Q2022
$3.47
33%
4Q2021
$3.11
42%
4Q2021
$3.61
27%
3Q2021
$2.37
13%
3Q2021
$2.96
18%
2Q2021
$2.50
49%
2Q2021
$2.92
50%
1Q2021
$2.00
-7%
1Q2021
$2.61
2%
Carmel Highlands Market Overview
As last year came to a close, we noted three trends that we expected to see continue into 2022 for the Carmel Highlands and Carmel Meadows markets: •Continuing Strong Buyer Demand with Limited Inventory •Higher Property Values would be the New Normal •Greater Market Stability and Predictability With the first quarter of 2022 now in the books we see that, for the most part, those trends have continued: •Continued Buyer Demand—Another 9 properties sold the first quarter of 2022 in the Highlands and Meadows market, keeping pace with the higher quarterly volume sales that started in 2020. As a reminder, last year we jumped from the 10-year rolling average of 4.5 property sales a quarter, to an average of 8 sales a quarter. •Limited Inventory—There are currently 12 Active or Active Contingent houses on the market, which is about average over the last couple of years, but the average list price has skyrocketed and is now over $9.9M! But even with the drastic increase in listing price, the Days on Market (DOM) for sold properties dropped to an astounding 13 days last quarter (compared to an average of 127 DOM for 2021). •Higher Property Values—The average sales price has continued to climb and now sits at Just under $6.42M, up from $4M last quarter. Part of this extreme spike is the record high sale of the $26M property on Spindrift Road, and because the asking price was $29M, this brought the average closing price down further from -4.5% off list last quarter (QoQ) to -10% this quarter. •Greater Market Stability and Predictability—The one trend we thought we would see that has not ended up being the case, is market stability and predictability. We did not anticipate just how high property values would soar and how strong the demand for these markets would be. The clear story here is that the Carmel Highlands and Carmel Meadows markets continue to rise and remain highly sought-after areas for those seeking quieter neighborhoods and offthe-beaten-path oceanfront and ocean view properties. For a peek at one of these remarkable properties, take a look at our listing at 237 HWY 1 on our website.
Dave Reese Highlands Specialist
13
Featured Property Photo : 237 Highway 1, Carmel Highlands 237Highway1.com
1Q2022 Update Carmel Highlands
1Q2022 Sales by Price Range 2 0 3 2 0 1 1 0 0
$8M+ $6M - $8M $4M - $6M $3M - $4M $2.5M - $3M $2M - $2.5M $1.5M - $2M $1M - $1.5M <$1M
9
Total Sales
$58M
Total Dollar Volume
Get Smart
1Q2022 Snapshot
9
Units Sold in 1Q2022
65
Average Days on Market
140% increase from 4Q21
87% increase from 1Q21
50% increase from 4Q21
13% increase from 1Q21
37% increase from 4Q21
17% increase from 1Q21
1Q2022 Top Carmel Highlands Sales 171 Spindrift Road 108 Yankee Point Drive 139 San Remo Road 20 Mentone Road 16 Mal Paso Road 208 Upper Walden Road 199 Van Ess Way 2765 Ribera Road 134 Cypress Way
$26,000,000 $10,000,000 $4,100,000 $4,000,000 $4,000,000 $3,100,000 $3,025,000 $2,000,000 $1,520,000
Quarterly Sales by Region Carmel Meadows
# of Sales
Carmel Highlands
-10%
Average % off list price 1Q2022 Sales
Median Home Sales Price ($M)
ga n i y a p e r a Buyers e-in v o m r o f m premiu ws. e i v h t i w s e ready hom Average Home Sales Price ($M)
Quarter
Median
YoY % Change
Quarter
Average
YoY % Change
1Q2022
$4.00
30%
1Q2022
$6.42
66%
4Q2021
$3.15
11%
4Q2021
$4.01
14%
3Q2021
$2.58
36%
3Q2021
$2.93
-5%
2Q2021
$7.35
20%
2Q2021
$7.41
41%
1Q2021
$3.09
-41%
4Q2020
$3.85
-21%
Quail Lodge/Meadows Market Overview
Quail Lodge had 3 substantial home sales in the first quarter, for $10.3M invested, up 89% from 1Q21. The median selling price surged to $3.85M, helped by a newly remodeled home on Poplar Lane that closed for $3.85M and an off-market sale on Fairway Place that sold for $4.25, the second highest sale ever paid in Quail. Strong demand for Quail’s single-level homes, school district and weather has kept bargaining power in favor of sellers, yielding an average discount of just 1.8% off ask compared to a 3.2% off list in 4Q21. The most remarkable aspect of the Quail market is that the floor has surged over $2M - with several closing in the mid-to-upper 3's. Historically, the highest price we saw was in the low 2's, with a high in 2012 being just $1.295M. Quail Meadows did not record any home sales in Q1 as there weren’t any available to start the quarter, but we have a stunning 8,900 square foot, Charlie Rose design home currently in escrow. There was one vacant land sale that recorded for $1.5M after being on the market for just under one year and closed 9.8% off ask which is 18% higher than Meadows’ two previous land sales and about on par with days on market and discounts. With no homes actively listed and our one escrow, buyers will have to be patient and willing to pay up for finished product or seek vacant land to build their dream home.
Brian Keck Preserve & Quail Specialist
Featured Property Photo : 5466 Quail Way, Quail Meadows 5466QuailWay.com
1Q2022 Update Quail Lodge/Meadows
1Q2022 Sales by Price Range 0 0 1 1 0 1 1 0 0
$8M+ $6M - $8M $4M - $6M $3M - $4M $2.5M - $3M $2M - $2.5M $1.5M - $2M $1M - $1.5M <$1M
4
Total Sales
$11.8M
Total Dollar Volume
Get Smart
1Q2022 Snapshot
4
Units Sold in 1Q2022
13% decrease from 5Q21
116% increase from 1Q21
33% increase from 4Q21
33% increase from 1Q21
294% increase from 4Q21
10% decrease from 1Q21
84
Average Days on Market
1Q2022 Quail Lodge/ Meadows Top Sales 7075 Fairway Place 8044 Poplar Lane 7048 Valley Green Circle 5451 Quail Way
$4,250,000 $3,850,000 $2,200,000 $1,511,250
Quarterly Sales by Region Quail Meadows
# of Sales
Quail Lodge
-4.5%
Average % off list price 1Q2022 Sales
Median Home Sales Price ($M)
m o o r g n i t Negotia er h g i h e h t adjusts in ints. price po Average Home Sales Price ($M)
Quarter
Median
YoY % Change
Quarter
Average
YoY % Change
1Q2022
$3.85
129%
1Q2022
$3.43
89%
4Q2021
$4.60
123%
4Q2021
$4.53
94%
3Q2021
$1.58
-27%
3Q2021
$2.46
1%
2Q2021
$2.40
63%
2Q2021
$2.10
42%
1Q2021
$1.68
20%
1Q2021
$1.82
-8%
Santa Lucia Preserve Market Overview
It was a slow start to 2022 in the finished home market as the year kicked off with the single new listing going into escrow immediately; however, buyers’ demand remains elevated for contemporary style homes. Once again, vacant land sales were the beneficiary of the housing shortage with 8 land sales equaling $9.85M invested. Although no home sales closed in 1Q, we are honored to represent the sellers and buyers of 4 Via Vaquera closed in the first week of April. We also just listed 14 San Clemente Trail, a beautiful 7,000+ square foot hacienda style home in a very quiet Preserve setting listed at $6.295M. As home prices have risen much faster than vacant land prices, we have also seen a few builders and developers purchase land and begin building spec houses so stay tuned for new finished home inventory later in the year. Vacant land sales in The Preserve remained strong to start the year as we see continued demand for privacy, open space, worldclass amenities and a near record land sale that traded for $3.5M. The Preserve now has 140 homes built out of 297 total sites, ~ 15 under construction and only 27 homesites currently listed, down from ~ 60 just two years ago. Days on market were significantly reduced this quarter to just 66 days, down 82% QoQ and down 80% YoY as buyers were eager to make a purchase of new inventory. Small discounts (average of 5.1% off ) were also taken in Q1, down 56% QoQ and down 63% YoY. Quicker sales, smaller discounts, and shrinking inventory should be a tail wind for rising prices; however, rising build costs and time may hinder the parabolic increase we have witnessed in finished home prices. We were active in the lot market last quarter and were honored to represent both the buyer and seller at 11 Vasquez Trail and the sellers at 11 Wild Boar and 21 Pronghorn Run.
Brian Keck Preserve & Quail Specialist
Featured Property Photo: 14 San Clemente Trail, Santa Lucia Preserve 14SanClemente.com
1Q2022 Update Preserve
1Q2022 Sales by Price Range 0 0 0 1 0 0 0 3 4
$8M+ $6M - $8M $4M - $6M $3M - $4M $2.5M - $3M $2M - $2.5M $1.5M - $2M $1M - $1.5M <$1M
8
Total Sales
$9.85M
Total Dollar Volume
Get Smart
1Q2022 Snapshot
8
Units Sold in 1Q2022
66
Average Days on Market
37% decrease from 4Q21
66% decrease from 1Q21
Even from 4Q21
43% decrease from 1Q21
75% decrease from 4Q21
73% decrease from 1Q21
1Q2022 Top Preserve Sales Lots
22 Vasquez Trail 11 Vasquez Trail 21 Pronghorn Run 11 Wild Boar Run 3 Via Vaquera 14 Vasquez Trail 12 Arroyo Sequoia 27 San Clemente Trail
$3,500,000 $1,440,000 $1,300,000 $1,040,000 $870,000 $800,000 $450,000 $445,000
Indicates a Canning Properties Group Sale
Quarterly Sales Preserve Houses
# of Sales
Preserve Lots
g n i t r a t s e r Homes a , e v o b a r o , t to go a list price.
Lots | - 5.2% Average % off list price 1Q2022 Sales
Median Home Sales Price ($M)
Average Home Sales Price ($M)
Quarter
Median
YoY % Change
Quarter
Average
YoY % Change
1Q2022
N/A
N/A
1Q2022
N/A
N/A
4Q2021
$5.43
44%
4Q2021
$5.43
44%
3Q2021
$6.40
49%
3Q2021
$6.28
37%
2Q2021
$3.77
2%
2Q2021
$3.91
6%
1Q2021
$4.58
8%
1Q2021
$4.22
0%
Pacific Grove Market Overview
Hello~ I would like to introduce myself. My name is Kelly Savukinas and I recently joined the Canning Properties Group and represent the beautiful town of Pacific Grove. As we enter into 2022, we are once again seeing strong sales in Pacific Grove, from the quaint cottages to the expansive homes along the rocky shoreline. Common trends we are seeing on listings are low days on market, multiple offers and offers above list price. In fact, 12 of the 31 sales in 1Q22 that have closed had an accepted offer within 10 days. Pricing continues to climb in Pacific Grove, with median list price is up 15% from 1Q21 and median sales price is up 31% from 1Q21. Buyers are increasingly having to offer well above list price to get the deal, an average of 1.8% this quarter. Washington Park led the pack with 14 sales this quarter, followed by the Beach Tract/Asilomar with 17. As usual, the highest sale in 1Q is in the coveted Beach Tract, selling at $4.8M. Overall, Pacific Grove has strengthened significantly over the past 2 years with more growth in the horizon in 2022. As people are getting priced out of Carmel and Pebble Beach, buyers are spending their time here either working from home and/or escaping the congestion and pace of the Bay Area. They still get to experience the charm and beauty of a quaint, coastal town while benefiting from living in an ocean cottage for a fraction of the price. This demand will likely continue to grow through 2022 & 2023 as they tell their friends about it and make the move. Overall, this is a great time for sellers, with the demand remaining strong and buyers optimistic. Please contact me if you would like a market analysis for your home or if you are looking to move to Pacific Grove. Our team would love to walk you through our process!
Kelly Savukinas Pacific Grove Specialist
1Q2022 Update Pacific Grove
1Q2022 Sales by Price Range $8M+ $6M - $8M $4M - $6M $3M - $4M $2.5M - $3M $2M - $2.5M $1.5M - $2M $1M - $1.5M <$1M
31
Total Sales
$51M
Total Dollar Volume
Get Smart
1Q2022 Snapshot
31
Units Sold in 1Q2022
43
Average Days on Market
0 0 1 0 3 4 9 11 3
80% increase from 4Q21
67% increase from 1Q21
63% increase from 4Q21
41% increase from 1Q21
64% increase from 4Q21
70% increase from 1Q21
1Q2022 Top Pacific Grove Sales 869 Del Monte Blouvard 540 Evergreen Road 960 Bayview Avenue 1021 Olmsted Avenue 611 Spazier Avenue 50 Esplanade Street 1130 Beacon Avenue 302 Park Street 511 8th Street
$4,786,000 $2,900,000 $2,600,000 $2,500,000 $2,060,000 $2,057,000 $2,050,000 $2,000,000 $1,915,000
360 Melrose Street 904 Laurie Circle 370 Sinex Avenue 410 Pine Avenue 602 Congress Avenue 65 17 Mile Drive 305 Stuart Avenue 413 Lobos Avenue 261 Laurel Avenue
$1,890,000 $1,875,000 $1,851,557 $1,830,000 $1,700,000 $1,650,000 $1,550,000 $1,500,000 $1,405,000
# of Sales
Quarterly Sales
Downtown PG
Candy Cane Lane Beach/Asilomar
Washington Park/Pine
Country Club/Forest Hill/Delmonte Park
+1.8%
Average % off list price 1Q2022 Sales
Median Home Sales Price ($M)
ost m e h t f o One s t e k r a m e v competiti right now. a in our are Average Home Sales Price ($M)
Quarter
Median
YoY % Change
Quarter
Average
YoY % Change
1Q2022
$1.60
31%
1Q2022
$1.70
22%
4Q2021
$1.11
21%
4Q2021
$1.50
32%
3Q2021
$1.27
53%
3Q2021
$1.59
67%
2Q2021
$0.99
23%
2Q2021
$1.31
56%
1Q2021
$1.22
51%
1Q2021
$1.40
43%
Canning Properties Group Work with a Team. Work with the Best. CanningProperties.com 831.238.9718
#
1
TEAM NATIONALLY Among Sotheby's International Realty Teams 2020 & 2021
Mike Canning | Nancy Canning | Jessica Canning | Nic Canning | Ellen Armstrong Brian Keck | Dave Reese | Kelly Savukinas | Caroline Garcia | Paige Colijn Team@CanningProperties.com | CanningProperties.com 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. 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. SIR DRE License Number: 899496, Mike Canning DRE#01004964, Jessica Canning DRE#01920034, Nic Canning DRE#01959355, Ellen Krausse DRE#02046046, Brian Keck DRE#02070480and Dave Reese DRE# 02121762, Kelly Savukinas DRE# 02053030, Paige Coljin DRE#02168140.
Featured Property: 3210 Whitman Lane, Pebble Beach Just Sold
Sotheby’s International Realty® is a registered trademark. All rights reserved. Sotheby’s International Realty, Inc. does not make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this web site. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractors and are not employees of Sotheby’s International Realty, Inc. All marks and copyrights are the property of their respective owners and used with permission. Equal Housing Opportunity.