Q3 was a bit of a mixed bag. Sales volume was slightly lower from the previous quarter and inventory levels started rising. During the quarter, our market was plugging along in a relatively healthy fashion until about mid September when the buyers decided, quite abruptly, to sit back and watch. Even with a recent drop in interest rates, buyers remain in a wait and see mode. Not a total surprise during an election year. Following the election, we will be heading into the holiday season and then the winter rains. I predict the next six months will represent an opportunity for buyers to negotiate more aggressively. I also expect a rise in off market listings as many sellers withhold their listings until the spring.
What Warren Buffet said regarding the stock market holds true for real estate: “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.” I believe the best time to buy is around the holidays. You’ve virtually eliminated the competition based on the season alone. Couple that with an election year and possible further interest rate reductions and now is a great time to be a buyer.
Please don’t hesitate to reach out with any questions. Most importantly, I hope you are able to find time to truly enjoy your family and friends as we enter the last few months of the year.
All my best,
Market Update
Market Update
Carmel-by-the-Sea & Carmel Point
Carmel-by-the-Sea & Carmel Point
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While falling short of a great Q2 2024, Carmel-by-theSea had a good Q3 2024 overall. The area saw the same number of sales (32) as last quarter. Average sales price dipped almost $1M from $4.4M to $3.5M, due to 9 sales under $2M in the quarter (just four in Q2) and the lack of a $20M+ sale, which we saw last quarter. Sales volume came in at $113M, which is a healthy level for the area, although down 20% from last quarter. While most areas saw inventory remain the same or slightly increase over the quarter, Carmel-by-the-Sea saw a drop from 37 to 30 active homes on market heading into Q4. Carmel Realty Company was proud to double end the second highest priced closing of the quarter as well as the sellers of two other $5M+ sales.
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Units Sold
32 Sales Volume $113,257,864 Days on Market
43 Average Selling Price $3,539,308 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q3 2023 versus Q3 2023 versus Q3 2023 versus Q3 2023
Q3 2024 Breakdown
Average vs. Median Sales Price
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Median Sales Price in millions
Carmel-by-the-Sea is known for attracting various celebrities and artists. Clint Eastwood served as mayor of the village from 1986-1988. Other notable celebrities, artists and writers who have called Carmel home include Doris Day, John Denver, Ansel Adams and Jack London.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020 Did You Know?
Greater Carmel
The areas outside of Carmel-by-the-Sea & Carmel Point
Greater Carmel saw a very similar quarter to Carmelby-the-Sea. The average sales price ($1.79M) ended at its lowest number over the last five quarters, much in part to 12 of 18 sales coming in between $1M-$2M. While the selection of homes sold was not the highest prices we have seen, 18 sales during the quarter was the most of any quarter in over two years (since Q2 2022). This brought total sales volume over $32M, a healthy level for this area. Average days on the market rose slightly from 41 to 45 days and inventory increased from 15 to 21 active homes from quarter start to quarter end. Greater Carmel has already surpassed 2023’s total sales volume through three quarters of 2024. This is an expected bounce back since the 2023 volume was the lowest seen over the past 10 years.
Average Selling Price
Days on Market
45
18 Sales Volume
Units Sold
$1,789,806 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q3 2023 versus Q3 2023 versus Q3 2023 versus Q3 2023
$32,216,500
Q3 2024 Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Median Sales Price in millions
Did You Know?
Robert Louis Stevenson modeled Treasure Island’s Spyglass Hill after Point Lobos State Reserve near Carmel. “Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Market Update
Carmel Valley
Including the Santa Lucia Preserve
After a strong 53 sales in Q2, Carmel Valley saw a slight decrease to 42 sales during Q3 2024. Average sales price on the other hand spiked to a record high of $2.27M, thanks to three sales topping $7M in the Santa Lucia Preserve during the quarter. Two of these big sales were double ended by Carmel Realty Company agents. Even with these big sales, the median sales price topping $1.62M was the second highest on record, showing appreciation in this area. Inventory stayed consistent throughout the quarter with 77 active listings to begin and end the quarter. Eleven different Carmel Realty Company and Monterey Coast Realty agents represented Carmel Valley Buyers and/or Sellers during Q3.
Units Sold
42 Sales Volume $95,433,805 Days on Market
67 Average Selling Price $2,272,233 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q3 2023 versus Q3 2023 versus Q3 2023 versus Q3 2023
Q3 2024 Breakdown
Average vs. Median Sales Price in millions
Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Did You Know?
Monterey County has 349 vineyards, 82 bonded wineries and 65 tasting rooms. The wide range of climates allow Monterey County to grow over 30 different wine grape varietals.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Pebble Beach
For just the second time over the last four years the average sales price of on-market sales in Pebble Beach dropped under $3M over the course of a quarter. This was due to just one on-market sale over $5M during the quarter. Pebble Beach saw 20 on-market sales during the quarter, equaling the previous quarter. Thirteen of these sales came in under $3M, with high-priced sales continuing to come slowly in this typically high-priced area. An active inventory of 44 listings to end the quarter is the most since the end of Q3 2020. Eight of these listings top $10M in list price. CRC and MCR Agents combined to represent 12 of the 40 sides in Pebble Beach during the quarter. During Q3 2024, Monterey Coast Realty represented the Buyer of the highest priced sale in Monterey County on a $45M off-market sale located on the 18th fairway of Pebble Beach Golf Links. Including this sale, the average sales price in Pebble Beach would jump up to $4.8M for the quarter and bring total sales volume over $100M for the first time since Q4 2022.
Days on Market
64
Sales Volume $56,070,000
Units Sold
20
Average Selling Price $2,803,500 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q3 2023 versus Q3 2023 versus Q3 2023 versus Q3 2023
Q3 2024 Breakdown
Average vs. Median Sales Price
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
Median Sales Price in millions
Did You Know?
17-Mile Drive through Pebble Beach is one of only nine private toll roads in the country, and the only one west of Mississippi.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Carmel Highlands, Big Sur & South Coast
Seven sales in the area were the most since Q3 2022. Carmel Highlands saw two sales over $5M during the quarter, another over $3M, and a fourth, in which Carmel Realty represented the Buyer. For the seven properties that sold, the average days on market was just 26 days, an incredibly low number for this area, showing strong demand. Heading into Q4, 35 active listings in the area are the most since early 2020. Ten properties in the area are currently in escrow, two of which are listed over $20M, showing potential for a huge quarter to end the year.
Average Selling Price $3,341,286 versus Q2 2024
Days on Market
26
Units Sold
7 Sales Volume $23,389,000
versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q3 2023 versus Q3 2023 versus Q3 2023 versus Q3 2023
Q3 2024 Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
Sales by Segment
Number of Closed Sales By Quarter
Sales Price in millions
Did You Know?
Local settings from around the Monterey Peninsula have provided the backdrops for more than 180 films and television shows. You’ll recognize many scenes in HBO’s award winning mini-series Big Little Lies in Big Sur and the Carmel Highlands.
“Monterey
County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Pacific Grove
While most areas across the Peninsula saw a better Q2 2024 than Q3 2024, Pacific Grove’s Q3 far outperformed its previous quarter and every quarter over the last two years. The area saw 44 sales, up 47% from last quarter, while average sales price stayed within 2.3% of last quarter’s yearly high. Over 60% of the quarter’s sales fell in the $1.2M-2M segment, typical with the area. Another four home sales topped $3M during the quarter, the most since Q1 2022. Inventory remained steady in the low thirties throughout the quarter, showing promise for another nice quarter ahead in PG.
Units Sold
44 Sales Volume $73,237,270 Days on Market
42 Average Selling Price $1,664,483 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q2 2024 versus Q3 2023 versus Q3 2023 versus Q3 2023
Q3 2024 Breakdown
Number of Closed Sales By Quarter
Did You Know?
Point Pinos Lighthouse in Pacific Grove is the oldest continually operating lighthouse on the West Coast.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Monterey & Del Rey Oaks
After an incredible Q2 in Monterey that saw 79 sales, Q3 2024 saw a dip back to 57 sales during the quarter. While the number of sales fell, the average sales price found its record high at $1.56M and the median sales price recorded a strong number of $1.18M this quarter. Six sales topped $3M in the quarter including three in Monterra and one in Pasadera. While the 56 homes that remain on the market heading into Q4 is a high number compared with the last four years, it is about half the inventory as 2019 and years prior. Carmel Realty Company brought the buyer to the second highest sale in the area during the quarter. Q3 2024 Statistics
43 Average Selling Price $1,558,601 versus Q2 2024 versus Q2 2024
$88,840,250 Days on Market
57 Sales Volume
Units Sold
Q3 2024 Breakdown
Number of Closed Sales By Quarter
Did You Know?
Nearly a quarter million tons of sardines were processed on Cannery Row in 1945, the year John Steinbeck’s Cannery Row was published. Cannery Row was previously named Ocean View Avenue but was renamed to honor John Steinbeck’s well-known novel.
“Monterey
County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
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