San Antonio 2 SE of 12th ■ LP: $6,500,000 ■ Rep. Buyer & Seller
2024 Market Overview
It was a great holiday season on the Monterey Peninsula with locals, second homeowners, and visitors enjoying the beautiful landscapes, inspiring outdoor activities, and bustling restaurants and shops our area has to offer. Beginning in the summer and extending into Thanksgiving, Christmas and New Years, town was busy, vibrant and festive, an indicator that the Monterey Peninsula community is very healthy alongside a healthy real estate market.
The Monterey Peninsula real estate market experienced a strong and resilient performance in 2024, demonstrating overall health despite a notable slowdown at key price points of the business. Th roughout the year, and certainly closer to the Q4 presidential election, the market experienced a slowing of both inventory and demand. Our company heard from several prospective buyers that they had decided to wait until after the election before making a real estate decision. Th is clearly had an impact on the number of sales to end the year, but even with this influence, the overall market saw an 8.4% increase in home sales year over year and a small increase in average sales price, leading to a 9.7% rise in total sales dollar volume in 2024 over 2023.
The overall performance of pricing was strong in eight of the nine markets we track. While five areas saw prices go up, only Pebble Beach saw a greater than 2% decline in average sales price, with that decrease coming in at -11.6% year over year. Th is was much in part to a smaller than average percentage of high-priced sales in the area. While our sister-brokerage Monterey Coast Realty set another record by selling the highest priced home in Pebble Beach history this year, a $45M estate on the 18th fairway of Pebble Beach Golf Links, 2024 was still slower than usual at the very high-end ($10M+) of the market. We expect this market to perform much stronger in 2025 as early-stage interest seems to be picking up after the presidential election.
Both Q4 and Q3 saw exactly 283 home sales. Over the course of 2024 there were 1,081 homes sold across the nine markets we track. One of the reasons for the 8.4% increase in sales was expanded inventory, rising to the most homes we have seen on the market since mid-2020. Inventory levels increased from 232 at the end of 2023 (peaking at 411 actives during August) to 279 at the end of 2024. That is an increase of 20.3% in homes available for sale. Th is influx of inventory combined with continued strong demand positions us to have a very strong market in 2025.
Each of the nine markets we serve experience a constant balancing act between supply, demand and pricing. Th is makes it essential to have experienced, local, expert representation when buying or selling a home. Our seasoned, informed and connected agents can make a significant difference in the value of your purchase or sale and can also contribute greatly to you fi nding the right home that will allow you to truly enjoy the lifestyle this community has to offer. Please reach out to one of our full-time professional agents should you and 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.
We wish you and your family a happy and healthy New Year.
Market Update
Market Update
Carmel-by-the-Sea & Carmel Point
Carmel-by-the-Sea & Carmel Point
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The fourth quarter in Carmel-by-the-Sea saw a low number of home sales with a high average sales price. Just 19 sales occurred during the quarter, down from 32 last quarter, and down from 28 in Q4 of 2023. Average sales price ($5.32M) and median sales price ($3.99M) both set all-time highs in the area during the quarter. These prices were boosted by two $18M sales along the coast. Carmel Realty Company was proud to represent the seller on one of these high-priced sales. Even with the low number of home sales, the total sales volume topped $100M for the quarter. Sales volume for the year was down 6.4% from 2023, but up 1.4% from 2022. While most areas saw a large pullback in the number of listings remaining at the end of the year, Carmel-bythe-Sea fi nished the quarter with 31 actives, the same number as three months earlier.
Average Days on Market
43
96 Sales Volume
Units Sold
Average Selling Price $4,347,314 versus 2023 versus 2023 versus 2023 versus 2023 14.0% 6.4% 13.1%
$417,342,174
17.2%
2024 Quarterly Market 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
“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
After a dip in the average sales price during Q3, the Greater Carmel region saw the average price come back to $2.22M for Q4. Th is was similar to the area’s fullyear average sales price of $2.15M during 2024. Th irteen sales during the quarter were similar in number to what the market has seen in previous fourth quarters. The average days on market during Q4 came down to just 31 days after sitting in the forties for each of the previous three quarters, showing high demand in this area. The total sales volume of $128.8M for the year came in 33.2% above 2023’s total. Carmel Realty Company and Monterey Coast Realty collaborated to double end the third highest priced sale in the area during Q4.
Average Selling Price
8.7%
Average Days on Market
40
16.7%
60 Sales Volume
$2,145,697 versus 2023 versus 2023 versus 2023 versus 2023
$128,741,800
33.2%
Units Sold
22.4%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in
2024 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
Carmel Valley wrapped up 2024 on a high note, with 47 sales during the quarter, beating Q3’s tally of 44 sales. The average sales price ($2.09M) came in right at the yearly average ($2.08M) in the area. The median sales price came in below average at $1.34M, due in part to 28% of sales during the quarter coming in under $1M. Carmel Valley was the only area in this report in which the 2024 total sales volume ($374.8M) rose above both 2023 and 2022’s number. The number of active listings dropped from 82 down to 54 to end the year. Carmel Realty and Monterey Coast had nine different agents represent sellers and buyers in Carmel Valley during Q4.
Average Days on Market
62
180 Sales Volume
Units Sold
Average Selling Price $2,082,088 versus 2023 versus 2023 versus 2023 versus 2023
$374,775,803
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Number of Closed Sales By Quarter
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
Pebble Beach ended a tough year on a positive note, as the area saw 31 sales close escrow during Q4 2024, the most since Q4 of 2021! Total sales volume topped $100M during Q4, for the first time in a quarter since Q4 of 2022. The average sales price in the area during Q4 was $3.29M, and the average sales price for the full year came in at $3.19M, the lowest yearly average since 2019. Th is was in large part due to just thirteen sales over $5M occurring in Pebble Beach during 2024. These high-priced sales made up 16% of all sales in the area. Last year, $5M+ sales made up 20% of total sales and 2022 saw 36% of sales in the area over $5M. The average days on market jumped up to 79 days during Q4, thanks to eight homes that were sitting for over 100 days selling during the quarter. Carmel Realty Company represented the seller on the highest priced sale (and only sale over $10M) of the quarter and represented the buyer on the second highest priced sale during the quarter.
Average Days on Market
61
22.0% 5.8%
Average Selling Price $3,192,520 versus 2023 versus 2023 versus 2023 versus 2023 11.6%
Sales Volume $255,401,590
Units Sold
80
6.7%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price
Sales Volume By Quarter in
2024 Sales by Segment
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 the Mississippi.
“Monterey County Fun Facts”, Monterey County Convention & Visitors Bureau, 2020
Carmel Highlands, Big Sur & South Coast
Eleven sales in the area during Q4 were the most since Q1 of 2022. The Carmel Highlands area saw six sales during the quarter, ranging between $2.39M and $7.37M. Carmel Realty Company was proud to represent the buyer for one of these Carmel Highlands homes. Two other big sales of $7.62M and $18.0M occurred further down the Big Sur coast on Highway 1. The fourth quarter’s total sales volume number of $54.8M accounted for over half the year’s total of $98.9M. 28 active listings remain heading into 2025; a healthy number moving into the new year.
2024 Statistics
Average Selling Price
Average Days on Market 78
Sales Volume
$98,936,876
29.6%
$3,957,475 versus 2023 versus 2023 versus 2023 versus 2023 1.5% 1.3%
Units Sold 25
31.6%
2024 Quarterly Market Breakdown
Average vs. Median Sales Price in millions
Total Sales Volume By Quarter in millions
2024 Sales by Segment
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
#1 Locally Owned Brokerage on The Monterey Peninsula
As the current market share leaders in Carmel-by-the-Sea and Pebble Beach and leading luxury brokerage for over 110 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 and dominate 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.
