Carmel-by-the-Sea & Carmel Point

GREATER CARMEL

Market Update

LikeCarmel-by-the-Sea, the Greater Carmel area showed prices holding strong at $1.8M. This number was consistent with three of the four quarters during 2022. Just 12 sales during the quarter is about half of typical sales numbers, but actually up from just 10 sales in Q4 2022. Eight out of 12 sales in the quarter came in the $1M-2M dollar segment.

$1,867,542 6.1% vs Q4 2022 0.1% vs Q1 2022

Sales Volume

$22.4M 27.3% vs Q4 2022 45.5% vs Q1 2022

54

8.5% vs Q4 2022

170% vs Q1 2022

12

20% vs Q4 2022

45.5% vs Q1 2022

The areas outside of Carmel-by-the Sea & Carmel Point

Market Update

Carmel Valley had a very difficult quarter, especially on the high-end side of the market. Q1 2023 was very similar to Q4 2022 in many ways, with median sales price coming in at $1.3M in both quarters and number of sales tallying 39 this quarter versus 34 last quarter. The difference came in the lack of sales over $3M. There were zero sales over $3M in Q1 2023. During 2022, 15% of sales topped this number. As a result, average sales price dipped to $1.38M for the quarter and total sales volume fell 26% quarter over quarter.

$1,378,151

26.2% vs Q4 2022

24.4% vs Q1 2022

Sales Volume

$53.7M

15.4% vs Q4 2022

37.3% vs Q1 2022

53

29.3% vs Q4 2022

65.6% vs Q1 2022

39

14.7% vs Q4 2022

17% vs Q1 2022

Market Update

Thelack of high-priced sales also affected the Pebble Beach market. With only four homes topping the $5M mark in Q1 2023, average sales price in the area saw its lowest number ($3.59M) over the past five quarters. In comparison, Q1 of 2022 saw eight sales over $10M, with four of those topping $25M, leading to the outlier in average sales price over $8.6M. 25 Sales in Q1 2023 is similar to what we have seen over the last year, but still down about 33% from years prior to 2022. Under $90M in total sales volume for the quarter is trending toward 2018 and 2019 sales dollar volume levels, but we expect this to pick up with the return of high-priced sales later this year.

$3,593,600

29.1% vs Q4 2022 58.3% vs Q1 2022

Sales Volume

$89.8M

19.4% vs Q4 2022

58.3% vs Q1 2022

34

43.3% vs Q4 2022

24.4% vs Q1 2022

25

13.6% vs Q4 2022 no change vs Q1 2022

CARMEL HIGHLANDS

Market Update

InCarmel Highlands and Big Sur, Q1 of 2023 was like that of the previous quarter, showing just 5 sales (versus 4) and sales dollar volume totaling just over $14.6M (versus $14.3M). No homes over $5M sold in the quarter, when last year 32% of the homes sold were in this category. This brought average sales price for Q1 2023 down below $3M for the first time since Q1 2021. Median sales price ($2.97M) actually topped average sales price, again showing the lack of high-priced sales in the area.

$2,920,000

18.6% vs Q4 2022 49.7% vs Q1 2022

Sales Volume

$14.6M vs vs Q1 2022

107 43.4% vs Q4 2022

224.2% vs Q1 2022

5

25% vs Q4 2022

58.3% vs Q1 2022