Q2 | 2020
Monterey Peninsula
Market Update
MONTEREY
Magical French Manor House in Monterra 24316MonterraWoods.com
carmel ocean avenue
831.624.9700
carmel rancho brokerage
831.624.1566
carmel valley brokerage
831.659.2267
pacific grove brokerage
831.372.7700
All data within this document is pulled from the Monterey Peninsula MLS. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity. SIR DRE: 899496.
a message from
Becky Jones
Vice President & Brokerage Manager
Buyers are looking to move out of large cities and into less dense areas, places that they have always wanted to live in for a better quality of life. Locations that were for second homes can now be considered for primary residences as many employers are allowing their workers to work remotely. People can live anywhere they want to, and they want to live on the Monterey Peninsula. We continue to navigate these unprecedented times, the health and safety of our community is our top priority. We quickly adapted to conduct business and support our clients looking to buy or sell homes through virtual showings, but continue to show by appointment taking all the necessary precautions. Matterport tours, virtual tours, property videos, and agent remote walk-throughs continue to be useful during these times. We invite you to review a summary of sales activity in Monterey Peninsula area during the second quarter of 2020, based on closed production from April - June 2020. The MLS reports the following market data for this quarter, which is compared here for the same period of 2019. Closed sales from the second quarter do not tell a complete story regarding the housing recovery in the Monterey Peninsula. Heading into the third quarter, we wanted to bring your attention to additional positive indicators: • 192 Single Family Homes were sold during the second quarter of 2020 • Average sales price increased by 7%, from $1.5M in Q2 2019 to $1.6M in Q2 2020 • The 42 sales in Monterey in Q2 2020 were consistent with Q2 2019, however average sales price increased 50% year over year from $854K in Q2 2019 to $1.3M in Q2 2020 Like always, we are committed to providing the highest quality service and will to continue to support our clients with a suite of virtual marketing tools that are proving effective with buyers today. We hope you find this market report to be a valuable resource and we look forward to working with you to meet your real estate needs. If you have any questions about the Monterey Peninsula market, please do not hesitate to reach out to me or any of our independent sales associates at 831.622.4810.
–Becky Jones
dre
phone
01250885
becky.jones@sothebyshomes.com
831.622.4810
All data within this document is pulled from MLS Listings Inc. and represent the sale of single family homes. SIR DRE: 899496
Featured Properties We invite you to explore our exclusive offerings at S OT HE BYS RE ALTY.CO M
MONTEREY
Stunning Architecture and Breathtaking Views of Point Lobos | Offered at $5,499,000 2645Ribera.com
CARMEL
Offered at $4,200,000 MonteVerde6SE13th.com MONTEREY
Offered at $959,000 833WFranklin.com PACIFIC GROVE
Offered at $1,275,000 PacificGroveBeachHome.com PEBBLE BEACH
Offered at $3,990,000 SothebysHomes.com/0476270 *in order from left to right, top to bottom
sothebysrealty.com
5
/ Featured Properties / Monterey Peninsula Q2 Market Update
Market Snapshot
Monterey Peninsula | Q2 2020
Big Sur Coast Pebble Beach Carmel
$1,800,000
400
$1,600,000
350
$1,400,000
300
$1,200,000
Pacific Grove
250
$1,000,000 200 $800,000
Carmel Valley
Monterey/Salinas Hwy
150
$600,000
100
$400,000
50
$200,000 $-
Monterey
Carmel
Carmel Val ley
Monterey
Total Units Sold 1 38 33 29 42 30 19
Monterey/Salinas Hwy
0
2016 2017 2018 2019 2020
Pacific Grove
Pebble Beach
Average Selling Price vs. Total Units Sold
Big Sur
Average Selling Price
Carmel
Total Units Sold
Carmel Valley Monterey Monterey/Salinas Highway Pacific Grove Pebble Beach
Five Year Comparison
5 Year - ASP by Area
Big Sur, Carmel, Carmel Valley, Monterey, Monterey/Salinas Highway, Pacific Grove, and Pebble Beach
$7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $-
2016
Big Sur Coast Pacific Grove
Big Sur
2017
2018
Carmel
2019
Carmel Val ley
2020
Monterey
Pebble Beach Monterey/Salinas Hwy Average Selling Price Over Five Years by Area
Carmel
Monterey/Salinas Highway
Carmel Valley
Pacific Grove
7
Monterey
Pebble Beach
/ Q2 Highlights / Monterey Peninsula Q2 Market Update
at a glance {Q2 | 2020}
big sur
249
%
Change in Average Selling Price {2020 v 2019}
0% Change in Units Sold {2020 v 2019}
1
Units Sold
6.1m
$
Average Selling Price
|
Average Selling Price Total Units Sold 4.5
$7,000,000
4
$6,000,000
3.5
$5,000,000
3
$4,000,000
2.5
$3,000,000
2 1.5
$2,000,000
1
$1,000,000
0.5
$-
0
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Big Sur South of Carmel lies Big Sur, nearly 100 miles of pristine, rugged coastline, where the Santa Lucia Mountains rise precipitously from the Pacific Ocean, creating some of the most spectacular views and iconic imagery in America. Big Sur is best known for its natural untouched beauty. sothebysrealty.com
{ALP vs ASP}
Q2
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
75%
249%
-78%
249%
0%
-100%
2020
$6,975,000
$6,100,000
-13%
$6,100,000
1
0
2019
$3,995,000
$1,750,000
-56%
$1,750,000
1
451
2018
$1,318,500
$924,750
-30%
$1,049,500
4
263
2017
$3,272,000
$1,317,500
-60%
$1,317,500
2
387
2016
$1,249,667
$1,201,667
-4%
$1,175,000
3
60
9
/ Big Sur / Monterey Peninsula Q2 Market Update
|
Average Selling Price Total Units Sold $2,100,000
80
$2,050,000
70
$2,000,000
60
$1,950,000
50
$1,900,000
40
$1,850,000
30
$1,800,000
20
$1,750,000
10
$1,700,000
0
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Carmel Carmel was founded as an enclave for artists around the turn of the century and remains true to its bohemian roots today. With its idyllic location, its pristine beaches and a village with first-rate dining, shopping and charming inns, Carmel is a haven for visitors and locals alike. sothebysrealty.com
{ALP vs ASP}
Q2
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
3%
1%
30%
-11%
-42%
-22%
2020
$2,288,466
$2,066,285
-10%
$1,562,500
38
54
2019
$2,220,977
$2,054,546
-7%
$1,764,000
66
70
2018
$2,187,806
$1,992,971
-9%
$1,812,728
70
63
2017
$2,081,756
$1,861,785
-11%
$1,474,500
70
84
2016
$2,029,889
$1,829,975
-10%
$1,355,000
63
75
Monterey Peninsula Q2 Market Update / Carmel / 10
at a glance {Q2 | 2020}
carmel
1
%
Change in Average Selling Price {2020 v 2019}
-42
%
Change in Units Sold {2020 v 2019}
38 Units Sold
2.1m
$
Average Selling Price
at a glance {Q2 | 2020}
carmel valley
10
%
Change in Average Selling Price {2020 v 2019}
-45
%
Change in Units Sold {2020 v 2019}
33 Units Sold
1.3m
$
Average Selling Price
|
Average Selling Price Total Units Sold $1,350,000
80 70
$1,300,000
60 $1,250,000
50
$1,200,000
40 30
$1,150,000
20 $1,100,000
10 0
$1,050,000
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Carmel Valley Just east of Carmel and beyond the “fog line� is Carmel Valley, a sun-soaked region nestled between lush green mountains. Ranch-style homes, vineyards, ranches, horse properties and country club real estate are enhanced by the numerous golf courses and wineries. sothebysrealty.com
{ALP vs ASP}
Q2
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
13%
10%
31%
5%
-45%
-38%
2020
$1,414,206
$1,282,045
-9%
$995,000
33
52
2019
$1,253,053
$1,163,565
-7%
$944,500
60
84
2018
$1,361,911
$1,272,811
-7%
$1,072,500
70
77
2017
$1,368,397
$1,205,035
-12%
$1,000,000
68
83
2016
$1,478,228
$1,320,003
-11%
$1,037,500
74
83
13
/ Carmel Valley / Monterey Peninsula Q2 Market Update
|
Average Selling Price Total Units Sold $1,200,000
90 80
$1,000,000
70
$800,000
60 50
$600,000
40
$400,000
30 20
$200,000
10
$-
0
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Monterey Monterey is the geographical and social center of the Peninsula. Its remarkable waterfront lies along Monterey Bay National Marine Sanctuary. Fisherman’s Wharf, Cannery Row and the famous Monterey Bay Aquarium stretch along the vibrant waterfront. sothebysrealty.com
{ALP vs ASP}
Q1
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
-15%
-15%
8%
-1%
-62%
-41%
2020
$878,874
$830,000
-6%
$790,000
29
34
2019
$1,032,851
$979,639
-5%
$800,000
77
58
2018
$853,951
$831,700
-3%
$782,000
75
48
2017
$730,744
$693,354
-5%
$700,000
79
44
2016
$702,933
$681,043
-3%
$662,500
70
37
Monterey Peninsula Q1 Market Update / Monterey / 14
at a glance {Q1 | 2020}
monterey
-15
%
Change in Average Selling Price {2020 v 2019}
-62
%
Change in Units Sold {2020 v 2019}
29 Units Sold
800k
$
Average Selling Price
at a glance {Q2 | 2020}
monterey | salinas highway
50
%
Change in Average Selling Price {2020 v 2019}
0
%
Change in Units Sold {2020 v 2019}
42 Units Sold
1.3m
$
Average Selling Price
|
Average Selling Price Total Units Sold $1,400,000
70
$1,200,000
60
$1,000,000
50
$800,000
40
$600,000
30
$400,000
20
$200,000
10 0
$-
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Monterey | Salinas Highway Salinas lies directly east of the Monterey Peninsula and is the county seat and largest city in Monterey County. Situated in the lush and fertile Salinas Valley, known as the Salad Bowl of America,Salinas has a thriving agricultural economy. sothebysrealty.com
{ALP vs ASP}
Q2
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
56%
50%
110%
19%
0%
13%
2020
$1,388,577
$1,279,417
-8%
$913,500
42
57
2019
$887,424
$854,150
-4%
$764,450
42
50
2018
$966,264
$925,577
-4%
$790,250
58
43
2017
$1,080,542
$1,020,986
-6%
$793,750
58
48
2016
$874,974
$843,002
-4%
$712,000
55
47
17
/ Monterey | Salinas Highway / Monterey Peninsula Q2 Market Update
|
Average Selling Price Total Units Sold $1,400,000
70
$1,200,000
60
$1,000,000
50
$800,000
40
$600,000
30
$400,000
20
$200,000
10 0
$-
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Pacific Grove Popularly known as America’s Last Home Town, Pacific Grove possesses a quaint and quiet charm all its own. Famous for its numerous Victorian-style homes, Pacific Grove has a rich architectural history, apparent in its old-style downtown. sothebysrealty.com
{ALP vs ASP}
Q2
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
-23%
-20%
-71%
-18%
-32%
-78%
2020
$987,658
$969,870
-2%
$845,000
30
15
2019
$1,288,466
$1,207,789
-6%
$1,032,500
44
69
2018
$1,012,349
$981,725
-3%
$878,000
45
43
2017
$1,047,212
$994,992
-5%
$899,000
55
38
2016
$977,985
$932,016
-5%
$844,500
60
47
Monterey Peninsula Q2 Market Update / Pacific Grove / 18
at a glance {Q2 | 2020}
pacific grove
-20
%
Change in Average Selling Price {2020 v 2019}
-32
%
Change in Units Sold {2020 v 2019}
30 Units Sold
1.0m
$
Average Selling Price
at a glance {Q2 | 2020}
pebble beach
15
%
Change in Average Selling Price {2020 v 2019}
-44
%
Change in Units Sold {2020 v 2019}
19 Units Sold
4.0m
$
Average Selling Price
|
Average Selling Price Total Units Sold $4,500,000
50
$4,000,000
45
$3,500,000
40 35
$3,000,000
30
$2,500,000
25
$2,000,000
20
$1,500,000
15
$1,000,000
10
$500,000
5
$-
0
2016
2017
2018
2019
Average Selling Price
2020
Total Units Sold
About
Pebble Beach Pebble Beach is a prestigious community world renowned for its unparalleled golf. Boasting seven courses within its gates, it is most notable for the Pebble Beach Golf Links, which is considered by many to be the best public course in the world. sothebysrealty.com
{ALP vs ASP}
Q2
Average Average Discount Median Total Average Days List Price Selling Price Ratio Selling Price Units Sold on Market
{2020 v 2019}
Change
18%
15%
12%
77%
-44%
68%
2020
$4,686,047
$3,955,060
-16%
$3,100,000
19
109
2019
$3,987,026
$3,429,688
-14%
$1,749,500
34
65
2018
$2,434,672
$2,200,515
-10%
$1,437,000
46
97
2017
$2,078,785
$1,921,148
-8%
$1,670,000
34
80
2016
$1,790,809
$1,602,450
-11%
$1,319,594
32
96
21
/ Pebble Beach / Monterey Peninsula Q2 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
MONTEREY
Sublime Contemporary Estate in Monterra Last asking $4,200,000
CARMEL
Ocean View Carmel-by-the-Sea Cottage Last asking $3,775,000 PACIFIC GROVE
Beach Tract Area of Pacific Grove Last asking $1,075,000 PEBBLE BEACH
One Haute Hacienda Last asking $3,095,000 CARMEL VALLEY
Stunning Carmel Valley Estate Last asking $3,495,000 *in order from left to right, top to bottom
sothebysrealty.com 23
/ Significant Sales / Monterey Peninsula Q2 Market Update
PHOTO BY GIAMMARCO BOSCARO ON UNSPLASH
w i n e i s a n e v e r- e n d i n g j o u r n e y. sothebyswine.com
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