Q3 2021 Market Repo
“Compared to the third qua er, we have seen a slight decrease in the average sales price, but this ‘cooling’ is only more recent…“
n more ear l o t e id s in k ee p take a about our market on Malone & Dev
Malone Hodges \ 831.601.4740 Malone@MaloneHodges.com
Devon Meeker \ 650.759.4193 Devon@MaloneHodges.com
DRE#01471087
DRE#02074131
Our 2021 Sales to Date CARMEL
$46M+, representing 21 clients MONTEREY
47% of our sales by dollar
10% of our sales by dollar
2730 Santa Lucia
Represented Buyer & Seller
$3,695,000
10 Black Tail Lane
Represented Seller
$1,840,0000
Lincoln 3NE of 10Th Ave
Represented Buyer
$3,500,000
1289 Sylvan Road
Represented Buyer
$1,725,000
NE Corner Monte Verde & 4th
Represented Buyer
$2,725,000*
826 Jessie Street
Represented, Buyer
$970,000
59431 Garrapatos Road
Represented Buyer & Seller
$1,999,000
7022 Valley Knoll Road
Represented Seller
$1,865,000
Guadalupe 2 NW of 7th
Repesented Buyer
$1,560,000
4000 Rio Road #69
Represented Buyer
$900,000
CARMEL VALLEY 10% of our sales by dollar 510 Laureles Grade
Represented Buyer
$2,368,000*
12480 Saddle Way
Represented Seller
$985,000
478 Palisade Drive
Represented Buyer
$935,000
1777 Juarez Street
Represented Buyer
$841,400
17207 Logan Street
Represented Buyer
$800,000
700 Amador Ave
Represented Seller
$539,000
PEBBLE BEACH 27% of our sales by dollar 1535 Palmero Road
Represented Buyer
$11,000,000*
2850 Congress Road
Represented Seller
$1,574,000
SEASIDE & MARINA 7% of our sales by dollar
GREATER MONTEREY PENINSULA 2% of our sales by dollar 432 Corral De Tierra Road Unit #B
Represented Buyer
$965,000 *featured homes
Q3 2021
Q3 2021
The Monterey Peninsula is one of the most beautiful places on ea h.
TABLE OF CONTENTS Carmel-by-the-Sea & Carmel Point . . . . . . . . . . . . . . . . . . . .2
This qua er has been another period of limited inventory combined with steady demand. Compared to the third qua er, we have seen a slight decrease in the average sales price, but this ‘’cooling’ is only more recent as the average sales price saw a 21% increase year over year.
Greater Carmel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
The areas outside of Carmel-by-the Sea & Carmel Point
Carmel Valley. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Days on Market remains sho , and well-priced prope ies continue to solicit multiple offers.
Pebble Beach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
While limited inventory impacts Buyers, it might be surprising to learn that it also affects Sellers. Several clients delayed listing their prope ies as they have been unable to find a suitable replacement prope y, fu her reducing the available inventory.
Carmel Highlands, Big Sur & South Coast . . . . . . . . . . . . . .9 Pacific Grove . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Monterey & Del Rey Oaks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Another interesting observation from this qua er is the uptick in transactions falling through. Exhausted Buyers are entering escrow but once there, realize they have paid more than intended or compromised more than they planned. The seasonal slowdown of the fou h qua er is underway with fewer new listings and sales. In past years, Sellers postponed coming on the market (to focus on the holidays), and Buyers pulled back from their search for the same reason. Today, Sellers are pulling back as in years past, but the Buyer pool remains active with buyers who are frustrated that they have not purchased a home and disappointed in what is available. We expect the market to continue much as it is through the fou h qua er. As we move into 2022, it will be interesting to see if previously reticent Sellers move to list their prope y and capture their gains and if the number of Buyers remains high or even increases as inventory increases.
Our Guiding Principle We believe in our Fiduciary Duty to you— that we hold your interests above all others, including our own.
We wish you all a happy and healthy holiday season! We are always available to talk about real estate and living here on the Monterey Peninsula
on Malone & Dev Q3 2021
Q3 2021
Carmel-by-the-Sea & Carmel Point
Q3 2021 MARKET REPORT
Days on Market
Average vs Median Sales Price
C A R M E L - B Y-T H E - S E A
AVERAGE SELLING PRICE
Market Update
S
ales volume in Carmel-by-the-Sea has come off its record highs and is beginning to normalize after several record quarters. Both the number of units sold and total sales volume in Q3 were down close to 25% versus Q2 of this year. There were still 37 homes sold for $118M in volume which would rank as a very high quarter when compared to pre-COVID periods. Less inventory was clearly a key driver in the year over year reduction in sales. However, demand remains high in this market. Our proprietary data shows that 29% of all home sales this quarter in Carmel-by-theSea have gone for over asking price.
SALES BY SEGMENT <$1M | 0 $1M-2M | 12 $2M-3M | 13 $3M-5M | 7 $5M+ | 5
1 / Q3 2021 6
$3,193,247 2.2% vs Q2 2021 24.3% vs Q3 2020
26% vs Q2 2021 38% vs Q3 2020 DAYS ON MARKET
18 53% vs Q2 2021 56% vs Q3 2020
14% 19%
35%
50
$2,550K
38
$1,700K
25
$850K
13
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
$118M
SALES VOLUME
32%
$3,400K
UNITS SOLD
37
24% vs Q2 2021 50% vs Q3 2020
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Average
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
$200M
80
$150M
60
$100M
40
$50M
20
Average vs Median Sales Price by Quarter $3,400K
$2,550K
$1,700K
$850K
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 2
7
Greater Carmel
Days on Market
Average vs Median Sales Price
G R E AT E R C A R M E L
Market Update
T
he Greater Carmel market has also seen a reduction from the highs of last year and from last quarter. Volume is down 30% from last quarter. However year-to-date results in greater Carmel remain outstanding. The first 9 months of this year has generated more volume than any full year in the history of the area other than exceptional year of 2020. Average sale price is down slightly from Q2 but is flat with Q3 of last year at just over $1.8M. Lowering inventory levels are driving this area falling quickly from 26 homes for sale at the end of Q3 last year, and 18 homes at the end of last quarter, to only 12 homes available for sale at the end of Q3 of this year.
SALES BY SEGMENT <$1M | 6 $1M-2M | 8 $2M-3M | 6 $3M-5M | 2 $5M+ | 0
3 / Q3 2021 8
27%
$1,804,455 11.3%
$2.4M
80
$1.8M
60
$1.2M
40
$600K
20
vs Q2 2021 vs Q2 2021 vs Q3 2020 vs Q3 2020
11.3% .2%.2%
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
SALES VOLUME
$39.7M 30%
Average
vs Q2 2021
30% vs Q2 2021 42% vs Q3 2020 42% vs Q3 2020
DAYS ON MARKET
9% 27%
36%
AVERAGE SELLING PRICE
Q3 2021 MARKET REPORT
The areas outside of Carmel-by-the Sea & Carmel Point
UNITS SOLD
44
42% vs Q2 2021 42% vs Q2vs2021 20% Q3 2020 20% vs Q3 2020
22 21%
vs Q2 2021
21% vs Q2vs2021 42% Q3 2020 42% vs Q3 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
$70M
40
$2.4M
$53M
30
$1.8M
$35M
20
$18M
10
$1.2M
$600K
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 4
9
2021 Q3Q32021 MARKETREPORT REPORT MARKET
CarmelValley Valley Carmel
Days Market Days on on Market
Average vs Median Sales Price Average vs Median Sales Price
C A R M E L VA L L E Y
AVERAGE SELLING PRICE
Market Update
C
armel Valley sales activity has remained extremely strong for the 5th straight quarter. The market has seen an increase in average sale price for 4 straight quarters. The average sale price for Q3 of this year exceeded $2M for the first time in the history of the market. The actual average price of $2,033,375 is up almost 10% over the previous quarter and up 25% from an already very strong Q3 of last year. At the end of this quarter there where only 35 homes for sale in Carmel Valley, which is down nearly 60% from the 82 homes that were for sale at this same time last year.
9% SALES BY SEGMENT <$1M | 16 $1M-2M | 27 $2M-3M | 13 $3M-5M | 6 $5M+ | 5
10
5 / Q3 2021
19% 40%
$2,033,375 9.4%vs Q2vs Q2 9.4% 20212021 25.6%vs Q3vs Q3 2020 25.6% 2020 SALES VOLUME
$136.2M
16%vs Q2vs Q2 16% 20212021 12%vs Q3vs Q3 2020 12% 2020
7%
DAYS ON MARKET
32
45%vs Q2vs Q2 45% 20212021 46%vs Q3vs Q3 2020 46% 2020 24% UNITS SOLD
67
23%vs Q2vs Q2 23% 20212021 30%vs Q3vs Q3 2020 30% 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
$2.1M $2.1M
60 60
$1.6M $1.6M
45 45
$1.1M $1.1M
30 30
$525K $525K
15 15
2020Q4Q4 2020Q1Q1 2021Q2Q2 2021Q3Q3 2021 Q3Q3 2020 2020 2021 2021 2021
Average Average
2020 2020 2021 2021 2021 Q3Q3 2020 Q4Q4 2020 Q1Q1 2021 Q2Q2 2021 Q3Q3 2021
Median Median
Closed Sales Volume by Quarter Closed Sales Volume by Quarter
Closed Sales by Quarter Closed Sales by Quarter
Average vs Median Sales Price by Quarter Average vs Median Sales Price by Quarter
$180M $180M
100100
$2.1M $2.1M
$135M $135M
75 75
$1.6M $1.6M
$90M $90M
50 50
$45M $45M
25 25
$1.1M $1.1M
$525K $525K
Q1 Q1
Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4
2020 2020
2021 2021
Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4
2020 2020
2021 2021
Q2 Q2
2020 Average 2020 Average 2021 Average 2021 Average
Q3 Q3
Q4 Q4
2020 Median 2020 Median 2021 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer Dolores South of Seventh ■ P.O. Drawer C C Carmel-by-the-Sea, California 93921 Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 6
11 11
Q3 2021 MARKET REPORT
Pebble Beach
Days on Market
Average vs Median Sales Price
P E B B L E B E AC H
Market Update
P
ebble Beach sales volume and the number of units sold have both decreased by approximately 40% over the previous quarter. Sales volume was down 42% and units sold was down 55% when compared to the record 3rd quarter of last year. However, it is important to note that decrease in sales volume and units is in comparison to market high numbers in Q3 of last year and Q2 of this year. Actual year-todate volume in this market is very healthy. Total sales volume over the first 9 months of this year is $511M, which is more volume that any full year in the history of Pebble Beach. While inventory levels are low, demand remains high in this market. This is having a positive impact on the average sales price of $4.4M.
SALES BY SEGMENT <$1M | 3 $1M-2M | 6 $2M-3M | 6 $3M-5M | 5 $5M+ | 7
22% 11%
7 / Q3 2021 12
26%
AVERAGE SELLING PRICE
$4,430,582 5.2% vs Q2 2021 28% vs Q3 2020 SALES VOLUME
80
$3.8M
60
$2.5M
40
$1.3M
20
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
$119.6M 42% vs Q2 2021 42% vs Q3 2020
DAYS ON MARKET
30 40% vs Q2 2021 71% vs Q3 2020
22% 19%
$5M
UNITS SOLD
27
39% vs Q2 2021 55% vs Q3 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Average
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
$220M
60
$5M
$165M
45
$3.8M
$110M
30
$55M
15
$2.5M
$1.3M
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 8
13
Carmel Highlands, Big Sur & South Coast
Q3 2021 MARKET REPORT
Average vs Median Sales Price
CARMEL HIGHLANDS
Market Update
C
armel Highlands and Big Sur Coast had another strong quarter in Q3 with 13 sales totaling $53M in volume. The average sales price was just over $4M which was nearly flat with last quarter and up almost 40% from Q3 of last year. We know that this average sales price was impacted by a few high price transactions including Carmel Realty’s sale in September for $23M. While inventory is down slightly in this market there are still 23 homes currently for sale which represents 7 months of available inventory, a strong comparison to most markets on the Peninsula tracking at only 1-2 months of available inventory.
AVERAGE SELLING PRICE
$4,076,023 3.9%
<$1M | 3 $1M-2M | 3 $2M-3M | 2 $3M-5M | 2 $5M+ | 3
9 / Q3 2021 14
15%
$3.8M
105
$2.5M
70
$1.3M
35
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
$53M 17%
SALES VOLUME
Average
vs Q2 2021
17%35% vs Q2 2021 vs Q3 2020 35% vs Q3 2020
23% 23%
140
3.9% 39.4% 39.4%
23% 15%
$5M
vs Q2 2021 vs Q2 2021 vs Q3 2020 vs Q3 2020
DAYS ON MARKET SALES BY SEGMENT
Days on Market
102
23% vs Q2 2021 23% 21%vs Q2vs Q320212020 21% vs Q3 2020
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
30
$90M
$7M
$5.3M
$68M 20
$3.5M
$45M 10
$1.8M
$23M
UNITS SOLD
13 13% vs Q2 2021
13%54% vs Q2vs2021 Q3 2020 54% vs Q3 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 10
15
Q3 2021 MARKET REPORT
Pacific Grove
Days on Market
Average vs Median Sales Price
50
$1.6M
40
$1.2M
30 PAC I F I C G R OV E
AVERAGE SELLING PRICE
Market Update
P
acific Grove had another extraordinary quarter. There were a total of 64 homes sold in the quarter which is the second highest number of sales in any recent quarter. Total sales volume for Q2 in Pacific Grove was $96M which is the highest sales volume in market history just slightly beating out Q3 of last year and 11% higher than Q2 of this year. The average sale price is just over $1.5M which is the second time this year that it exceeded that level. Demand remains high in this market and there were 18 homes for sale at the end of the quarter which is less than 1 month of available inventory.
7.2% vs Q2 2021 24.2% vs Q3 2020 SALES VOLUME
16 18
11 / Q3 2021
DAYS ON MARKET
25% 58%
22 14% vs Q2 2021 67% vs Q3 2020
13%
SALES BY SEGMENT
20 $400K
UNITS SOLD
62
3% vs Q2 2021 18%vs Q3vs Q3 2020 18% 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
10
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
$86.8M 11% vs Q2 2021 2% vs Q3 2020
5%
<$1M | 16 $1M-2M | 37 $2M-3M | 8 $3M-5M | 3 $5M+ | 0
$1,502,342
$800K
Average
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
$100M
80
$1.6M
$75M
60
$1.2M
$50M
40
$25M
20
$800K
$400K
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 12
17 19
Q3 2021 MARKET REPORT
Monterey & Del Rey Oaks
Days on Market
Average vs Median Sales Price
MO N T E R E Y & D E L R E Y OA K S
Market Update
T
he Monterey and Del Rey Oaks market saw one of the strongest quarters of any area on The Peninsula. Units sold and dollar volume have remained strong for 5 straight quarters. While most markets have seen a slowdown from Q2 of last year, Monterey has continued with a steady stream of sales. Sales volume for the quarter reached $123M, this is very close to the volume levels in Q3 of last year. Average sales price has held up strongly at $1.16M. At the end of this quarter there were 52 homes for sale which is more than the 46 available last quarter and just under the 55 in this same quarter last year. While inventory is tight in Monterey it is holding up better than most other markets on the Peninsula.
5% 5%
SALES BY SEGMENT <$1M | 57 $1M-2M | 39 $2M-3M | 5 $3M-5M | 5 $5M+ | 0
18 16
13 / Q3 2021
AVERAGE SELLING PRICE
$1,166,067 4% vs Q2 2021 3% vs Q3 2020 SALES VOLUME
40
$975K
30
$650K
20
$325K
10
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
$123.6M 3% vs Q2 2021 2% vs Q3 2020
DAYS ON MARKET
22 5% vs Q2 2021 62% vs Q3 2020
37% 54%
$1.3M
UNITS SOLD
106
1% vs Q2 2021 1% vs Q3 2020 Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Average
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Median
Closed Sales Volume by Quarter
Closed Sales by Quarter
Average vs Median Sales Price by Quarter
110
$130M
$1.3M
88
$98M
$975K
66 $650K
$65M 44
$325K
$33M
22
Q1
Q1
Q2
2020
Q3
Q4
2021
Q1
Q2
2020
Q3
Q4
2021
Q2
2020 Average 2021 Average
Q3
Q4
2020 Median 2021 Median
Dolores South of Seventh ■ P.O. Drawer C Carmel-by-the-Sea, California 93921 831.622.1000 ■ CarmelRealtyCompany.com
Q3 2021 / 14
19 17
Malone Hodges \ 831.601.4740 Malone@MaloneHodges.com
Devon Meeker \ 650.759.4193 Devon@MaloneHodges.com
DRE#01471087
DRE#02074131