Carmel Valley | Web ID: 0501368
Monterey Peninsula Market Update Second Quarter 2014 MONTEREY PENINSULA BROKERAGES Carmel Rancho Brokerage | t. 831.624.1566 Carmel Valley Brokerage | t. 831.659.2267 Carmel-By-The-Sea Brokerage | t. 831.624.1566 Pacific Grove Brokerage | t. 831.372.7700 Monterra Ranch Brokerage | t.831.625.2075
sothebyshomes.com All data within this document is pulled from the Monterey Peninsula MLS. Areas include the Monterey Peninsula.
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. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. 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.
A MESSAGE FROM OUR MANAGER: Janet Reilly I am pleased to provide a summary of sales activity in the Monterey Peninsula real estate market during the second quarter of 2014. MLSListings.com reports the following Q2 2014 over Q2 2013 statistics: The number of units sold on the Monterey Peninsula was down by 6 percent, but an increase in sales price was realized in most of our communities. The average sales price overall for Peninsula communities was up 13 percent. Overall trends of note in most of our communities: • Units sold was down slightly which was attributable to what many real estate professionals feel is a shortage of inventory • Average sales price was up as was median sales price • Discount rate (list to sale price ratio) has increased slightly • Days on market was lower These positive trends bode well for home sellers in our market. If you are thinking of selling your home this is an incredible market to take advantage of as many of our sellers during this time period enjoyed multiple offers from buyers, which for many, escalated the sales price well above the original asking price.
FEATURED LISTINGS
PEBBLE BEACH | Web ID: 0473747 | $5,790,000 Noel Beutel, Steve Beutel 831.915.0632
CARMEL HIGHLANDS | Web ID: 1210065 | $2,675,000 Joe Smith 831.238.1984
CARMEL | Web ID: 0473734 | $2,495,000
CARMEL VALLEY | Web ID: 0501373 | $1,350,000 Whiz Lindsey, Shelley Risko 831.277.1868
Gin Weathers, Charlotte Gannaway 831.594.4752
SERVING MONTEREY PENINSULA
FIVE YEARS OF AVERAGE SELLING PRICES | Q2
$1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $2010
2011
2012
2013
2014
Average Selling Price
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
MONTEREY PENINSULA Located on the central California coast, the beautiful Monterey Peninsula offers great living
$1,400,000
350
$1,200,000
300
$1,000,000
250
$800,000
200
$600,000
150
$400,000
100
$200,000
50 0
$2010
in some of the most desirable areas, including: Big Sur, Carmel, Carmel Highlands, Carmel
2011
2012
Average Selling Price
Valley, Monterey, Pacific Grove, Pebble Beach and
2013
2014
Units Sold
Monterey/Salinas Highway.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2010
2011
2012
2013
2014
244
230
283
295
277
AVERAGE SELLING PRICE
$1,147,026
$965,655
$934,406
$1,060,157
$1,196,375
AVERAGE LISTING PRICE
$1,284,046
$1,038,436
$995,839
$1,109,821
$1,262,717
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
89%
93%
94%
96%
95%
$725,000
$681,000
$690,000
$713,000
$850,000
130
157
126
97
88
sothebyshomes.com/monterey
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
BIG SUR
$1,400,000
3.5
$1,200,000
3
$1,000,000
2.5
$800,000
2
South of Carmel lies Big Sur, nearly 100 miles of
$600,000
1.5
pristine, rugged coastline, where the Santa Lucia
$400,000
1
Mountains rise precipitously from the Pacific
$200,000
0.5 0
$-
Ocean, creating some of the most spectacular
2010
views and iconic imagery in America. Big Sur is
2012
Average Selling Price
best known for its natural untouched beauty.
SINGLE FAMILY HOMES | Q2
2011
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
1
2
3
3
1
AVERAGE SELLING PRICE
$415,000
$285,000
$1,158,500
$901,333
$1,200,000
AVERAGE LISTING PRICE
$415,000
$284,950
$1,348,333
$1,063,300
$1,200,000
DISCOUNT RATIO MEDIAN
100%
100%
86%
85%
100%
$415,000
$285,000
$1,325,500
$900,000
$1,200,000
420
128
152
242
27
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
80 70 60 50 40 30 20 10 0
$2,000,000
CARMEL
$1,500,000
Carmel was founded as an enclave for artists
$1,000,000
around the turn of the century and remains true to its bohemian roots today. With its idyllic location,
$500,000 $-
its pristine beaches and a village with first-rate
2010
dining, shopping and charming inns, Carmel is a
UNITS SOLD
2012
Average Selling Price
haven for visitors and locals alike.
SINGLE FAMILY HOMES | Q2
2011
2010
2011
2012
2013
2014
Units Sold
2013
2014
40
50
70
74
72
AVERAGE SELLING PRICE
$1,474,244
$1,477,128
$1,256,135
$1,568,770
$1,515,988
AVERAGE LISTING PRICE
$1,612,808
$1,596,058
$1,365,786
$1,653,808
$1,592,374
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
SERVING MONTEREY PENINSULA
91%
93%
92%
95%
95%
$1,256,250
$1,160,000
$1,050,500
$1,242,500
$1,247,500
147
160
149
118
99
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
4
$3,000,000 $2,500,000
CARMEL HIGHLANDS
3
$2,000,000
A few short miles south of Carmel, along the
$1,500,000
winding Pacific Coast Highway, are the Carmel
$1,000,000
Highlands. Homes in the Highlands sit above the
2 1
$500,000
0
$-
sea, and from their sheltered perch, many have
2010
enviable views of the dramatic and ever-changing
2011
2012
Average Selling Price
coastline.
SINGLE FAMILY HOMES | Q2
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
3
3
2
0
0
AVERAGE SELLING PRICE
$2,280,000
$1,441,667
$2,672,500
$-
$-
AVERAGE LISTING PRICE
$2,731,667
$1,616,000
$2,885,000
$-
$-
DISCOUNT RATIO MEDIAN
83%
89%
93%
n/a
n/a
$1,600,000
$1,475,000
$2,672,500
$-
$-
92
326
285
-
-
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
CARMEL VALLEY
$1,200,000
50
$1,000,000
40
$800,000
Just east of Carmel and beyond the “fog line”
$600,000
is Carmel Valley, a sun-soaked region nestled
$400,000
between lush green mountains. Ranch-style
$200,000
homes, vineyards, ranches, horse properties and
10 0 2010
2011
2012
Average Selling Price
numerous golf courses and wineries.
UNITS SOLD
20
$-
country club real estate are enhanced by the
SINGLE FAMILY HOMES | Q2
30
2010
2011
2012
2013
2014
Units Sold
2013
2014
35
27
39
39
46
AVERAGE SELLING PRICE
$1,098,354
$1,110,574
$836,535
$930,795
$1,101,719
AVERAGE LISTING PRICE
$1,262,031
$1,199,413
$865,007
$978,074
$1,162,587
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
87%
93%
97%
95%
95%
$690,000
$770,000
$690,000
$775,000
$850,000
170
127
126
128
89
sothebyshomes.com/monterey
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
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
60
$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $-
50 40 30 20 10 0 2010
Monterey Bay Aquarium stretch along the vibrant
2012
Average Selling Price
waterfront.
SINGLE FAMILY HOMES | Q2
2011
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
39
47
45
55
43
AVERAGE SELLING PRICE
$646,603
$572,815
$561,261
$607,080
$691,786
AVERAGE LISTING PRICE
$681,622
$604,296
$576,655
$613,738
$703,764
DISCOUNT RATIO MEDIAN
95%
95%
97%
99%
98%
$563,000
$510,000
$510,000
$585,000
$625,000
83
153
82
48
62
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
70
$1,000,000
60
$800,000
MONTEREY / SALINAS HIGHWAY Salinas lies directly east of the Monterey Peninsula and is the county seat and largest city in Monterey
50
$600,000
40
$400,000
30 20
$200,000
10 0
$2010
County. Situated in the lush and fertile Salinas Valley, known as the Salad Bowl of America,Salinas
2011
2012
Average Selling Price
2013
2014
Units Sold
has a thriving agricultural economy.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2010
2011
2012
2013
2014
53
48
47
60
39
AVERAGE SELLING PRICE
$726,833
$782,178
$718,211
$727,998
$940,482
AVERAGE LISTING PRICE
$747,281
$833,233
$764,328
$753,916
$987,592
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
SERVING MONTEREY PENINSULA
97%
94%
94%
97%
95%
$600,000
$589,000
$528,000
$600,000
$750,000
127
192
133
82
78
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
PACIFIC GROVE
$1,000,000
60
$800,000
50 40
$600,000
Popularly known as America’s Last Home Town, Pacific Grove possesses a quaint and quiet charm all its own. Famous for its numerous Victorianstyle homes, Pacific Grove has a rich architectural
30
$400,000
20
$200,000
10 0
$2010
history, apparent in its old-style downtown.
2011
2012
Average Selling Price
SINGLE FAMILY HOMES | Q2
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
49
36
49
46
45
AVERAGE SELLING PRICE
$737,898
$649,179
$653,298
$738,624
$801,339
AVERAGE LISTING PRICE
$797,606
$695,451
$673,710
$750,198
$828,589
DISCOUNT RATIO MEDIAN
93%
93%
97%
98%
97%
$605,000
$554,500
$600,000
$665,000
$725,000
114
110
118
65
69
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
$3,500,000
35
$3,000,000
30
PEBBLE BEACH
$2,500,000
25
$2,000,000
20
Pebble Beach is a prestigious community world
$1,500,000
15
renowned for its unparalleled golf. Boasting seven
$1,000,000
10
courses within its gates, it is most notable for the Pebble Beach Golf Links, which is considered by
5
$500,000
0
$2010
many to be the best public course in the world.
2011
2012
Average Selling Price
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2010
2011
2012
2013
2014
Units Sold
2013
2014
24
17
28
18
31
AVERAGE SELLING PRICE
$3,137,938
$1,501,559
$1,572,779
$2,589,243
$2,189,674
AVERAGE LISTING PRICE
$3,780,913
$1,635,418
$1,706,518
$2,787,833
$2,399,300
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
83%
92%
92%
93%
91%
$1,377,500
$945,000
$1,059,000
$1,650,000
$1,425,000
153
181
127
208
139
sothebyshomes.com/monterey
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS HOUSTON, TX | Web: 1240193 | $3,349,000 NEW YORK, NY | Web: 0137209 | $3,300,000 LOS ANGELES, CA | Web: 0355159 | $3,695,000 RESORT MARKETS EAST HAMPTON, NY | Web: 0046319 | $3,185,000 OSTERVILLE, MA | Web: 0402843 | $2,395,000 SANTA FE, NM | Web: 0574992 | $3,995,000 FOREIGN MARKETS TURKS & CAICOS | Web: RH2HZL | $3,850,000 SPAIN | Web: VWMSEG | $3,651,914 CANADA | Web: KJPXGZ | $2,947,737 sothebysrealty.com