Q3 2024 Market Report
Carmel-by-the-Sea & Carmel Point ◆ Greater Carmel ◆ Carmel Valley Pebble Beach ◆ Carmel Highlands, Big Sur & South Coast
Q3 2024 Market Report
Carmel Realty Company’s Q3 2024 Significant Sales
Private Pebble Beach Oasis
Luxury & Tranquility in Pebble Beach
Carmelo 2 NW of 10th Avenue ■ LP: $9,500,000 ■ Rep. Buyer & Seller San Antonio 5
Sonado Road
Black Mountain ■ LP: $7,500,000 ■ Rep. Buyer & Seller Mission 4 SE of 13th Avenue ■ LP: $5,500,000 ■ Represented Seller
1035 Lost Barranca Road ■ LP: $4,250,000 ■ Represented Seller
Q3 2024 Market Overview
As the Monterey Peninsula’s Indian summer brings sunshine and warmer temperatures across the region, the real estate market is also experiencing an enjoyable period. After a spike in activity during the second quarter, the market experienced another well-performing quarter during Q3. Th is means we have seen six consecutive months of good activity and sales volume in our market, following a slower sales cycle over the prior 18 months. In addition, there is also promise for a third consecutive strong quarter ahead as September saw 115 homes go into escrow, the most of any month since May 2022. Inventory also closed the quarter with 379 active listings, over one hundred more than the same time last year, and the most we have seen on the Peninsula since the summer of 2020.
Q3 was just a step behind Q2 in total sales, coming in at 281 compared with 310 sales last quarter. The average sales price came in 2% down from Q2, but up 8.6% from Q3 2023.
A $45M off-market sale occurred during the quarter, setting the new highest priced sale in Monterey County. Carmel Realty Company’s sister brokerage, Monterey Coast Realty, was proud to represent the Buyer for this record sale, located along the 18th fairway of the esteemed Pebble Beach Golf Links. As this sale was not put on the MLS for comparison purposes, it was not included in our market report data. If this sale was included, it would push the average sales price for the quarter over $2.06M and sales volume for the quarter would come within $22M of Q2, while experiencing 28 less sales.
While most areas across the Peninsula are on track to outperform 2023’s slow year, Pebble Beach continues to struggle selling $5M+ listings. Th is could result in the area’s lowest sales volume in over a decade, even with the $45M off-market sale included. The Carmel Valley area saw a record in average sales price ($2.27M) as the Santa Lucia Preserve saw three homes sell for over $7M. Both Carmel-by-the-Sea and Greater Carmel saw a strong number of sales, while the mix of sales prices was lower than average for the regions. Sales volume across the Peninsula was up 9% (and up 18% including the $45M sale) compared with Q3 2023.
With inventory up and demand proven to be strong as we move into Q4 and the holiday season, we are prepared and hopeful for a strong close to 2024. Expert local insight alongside quality service can add significant value when product and pricing continue to change. 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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Q3 2024 Statistics
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 Sales by Segment
Median Sales Price 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
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). Th is 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. Th is 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
Sales by Segment
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
Number of Closed Sales By Quarter
Sales Price in millions Total Sales Volume By Quarter in millions
“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
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. Th is 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. Th irteen 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. Q3 2024 Statistics
Units Sold
20 Sales Volume $56,070,000 Days on Market
64 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.
County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
“Monterey
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
home homes homes homes
Number of Closed Sales By Quarter
Median 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
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