Q2 2024 Market Report
Carmel-by-the-Sea & Carmel Point ■ Greater Carmel ■ Carmel Valley Pebble Beach ■ Carmel Highlands, Big Sur & South Coast
Jacks Peak Estate with Panoramic Views
552 Monhollan Road ■ 4 beds, 5+ baths
Q2 2024 Market Report
1920s Pebble Beach Estate with Views
Preserve
Corral Run
Q2 2024 Market Overview
We have great news to report in the real estate market on the Monterey Peninsula. In the second quarter of the year, we saw the number of sales increase, sales volume increase, average sale prices increase, inventory increase and days on market decrease. Clearly, in this quarter the rain clouds lifted from above the Monterey Peninsula and so did the slow start to the year. Looking back at Q1, January and February gave some of the quietest months we have seen in years. March started a measurable recovery in both new listings and sales. Th is surge continued throughout the second quarter across the entire Peninsula resulting in three of the busiest months in real estate over the last two years. The sun is now shining, town is busy, and summer is in full swing.
Carmel-by-the-Sea and Pebble Beach each had bounce-back quarters in terms of sales, price, and volume after an extremely slow fi rst quarter. In fact, every area in this report saw an increase in units sold versus Q1 2024. One of the big struggles in the market over previous quarters was the lack of high-priced sales. We saw 15 sales over $5M in Q2, which was more than four of the last five trailing quarters. Seeing the affluent buyers become confident re-entering the market was a positive sign that our market will continue to perform well.
Q2 2024 was the best quarter we have seen in two years. In this quarter there were 310 new sales, up 51% over Q1 of this year. Impressively, sale prices remained strong at an average of $1.95M across the Peninsula, up 15.5% quarter-over-quarter and 10.7% year-over-year. The $604M spent on Peninsula Real Estate this quarter was the highest volume since Q2 2022.
The inventory of homes for sale has increased significantly as well, with 323 active listings to begin Q3. Th is was the most inventory to end a quarter since Q3 of 2020.
With more inventory, sales increasing, and pricing remaining high, we are poised for a very dynamic and healthy summer market. Expert local insight alongside quality service can add significant value when product and pricing is changing rapidly like it is right now. Please reach out to one of our full-time professional agents should you or any of your friends or family be considering a real estate transaction here on the Monterey Peninsula. We hope you enjoy the following detailed analytic view of our market.
Market Update
Market Update
Carmel-by-the-Sea & Carmel Point
Carmel-by-the-Sea & Carmel Point
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Carmel-by-the-Sea had a nice bounce-back second quarter after an extremely slow Q1. The number of sales in the area rose to 32 after just 13 in Q1, which was a two-decade low. 32 sales this quarter also topped 3 of the 4 quarter’s sales marks in 2023. Average sale price ($4.45M) held strong, just 4.5% below the record high set last quarter. Available inventory doubled over the course of the quarter, starting with just 17 onmarket listings and ending with 35 actives. Of the five sales that took place over $5M in the area during Q2, Carmel Realty Company and Monterey Coast Realty represented a side in three of these sales.
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39
Units Sold
32 Sales Volume $142,488,600 Days on Market
Average Selling Price $4,452,769 Q2 2024 Statistics versus Q1 2024 versus Q1 2024 versus Q1 2024 versus Q1 2024 versus Q2 2023 versus Q2 2023
Q2 2024 Breakdown
Average vs. Median Sales Price
Number of Closed Sales By Quarter
Median Sales Price in millions Total Sales Volume By Quarter in millions
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020 Did You Know?
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.
Greater Carmel
e areas outside of Carmel-by-the-Sea & Carmel Point
Greater Carmel’s 15 sales in Q2 2024 were the highest of any total over the past seven quarters. The average sale price ($2.52M) hit the second highest total on record and the most since Q2 2022, when two $10M sales occurred in the area. Th is led to total sales volume hitting its highest mark over the same two-year period. Carmel Realty Company represented both the seller and buyer on the second largest sale of the quarter.
Average Selling Price $2,517,133
41
15 Sales Volume
versus Q1 2024 versus Q1 2024 versus Q1 2024 versus Q1 2024 versus Q2 2023 versus Q2 2023 versus Q2 2023 versus Q2 2023
$37,757,000 Days on Market
Q2 2024 Breakdown
Average vs. Median Sales Price in millions
Sales by Segment
Number of Closed Sales By Quarter
Median Sales Price in millions Total Sales Volume By Quarter in
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
Carmel Valley
Including the Santa Lucia Preserve
Like Greater Carmel, Carmel Valley’s 53 sales during the quarter matched or bested every quarter’s sales tally since Q2 2022. Even with the elevated number of sales, average sale price ($1.94M) came within about 5% of last quarter’s record high and was up 9% year-over-year. Total sales volume in the area topped $100M for the first time in two years. After a higher than usual 75 average days on market during Q1, Q2 2024’s total dropped back to 45 days on market, a typical period for this area. Carmel Valley ended the quarter with an incredible 71 active listings, the most inventory the area has seen since October 2020. CRC & MCR combined to represent four of the six sides on the three highest priced sales in the area during the quarter.
45 Average Selling Price $1,945,514
53 Sales Volume $103,112,248 Days on Market
Q2 2024 Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
Number of Closed Sales By Quarter
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020 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.
Pebble Beach
Pebble Beach saw 20 sales during Q2, which more than doubled the record-low nine sales during the previous quarter. These 20 sales were also the most over the past five quarters. The average sale price jumped back to a more typical Pebble Beach number of $3.87M. Th is was the highest mark since Q4 2022. The first $10M+ sale of 2024 in Pebble Beach occurred in June, with CRC representing the seller. Six sales over $5M closed during Q2 after just four of these high-priced sales occurred over the previous six months. Th is hints to the potential of high-priced buyers becoming more comfortable in returning to the Pebble Beach market. Of these six $5M+ sales, CRC & MCR represented at least one side in five of the transactions.
46 Average Selling Price $3,868,820
$77,376,400 Days on Market
Units Sold 20 Sales Volume
Q2 2024 Breakdown
Average vs. Median Sales Price
Sales by Segment
Number of Closed Sales By Quarter
Median Sales Price in millions Total Sales Volume By Quarter 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 and Big Sur saw five sales for the quarter and $16.2M in sales volume, which were both the most in a quarter since Q3 of last year. There is a large amount of available inventory in this region with 24 homes on the market heading into Q3. Six additional homes are currently contingent or pending sale, setting up what could be a very nice Q3 in this area. Carmel Realty Company and Monterey Coast Realty each had agents double-end sales in Carmel Highlands and Big Sur during Q3.
102 Average Selling Price $3,236,500
5 Sales Volume
versus Q1 2024 versus Q1 2024 versus Q1 2024 versus Q1 2024 versus Q2 2023 versus Q2 2023 versus Q2 2023 versus Q2 2023
$16,182,500 Days on Market
Q2 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
Authentic Market Leaders & True Industry Experts
As the market leading luxury brokerage, for over 100 years we have consistently delivered outstanding quality and service to our clients. Our handpicked team of agents share our commitment to quality, integrity, and the community. Unmatched experience, local knowledge, and collaboration has allowed our team to achieve the highest average agent production in the market year after year.
When you work with Carmel Realty Company, you can take comfort in knowing you are working with an authentic expert in Monterey Peninsula real estate.