Pebble Beach | Web ID: 0474037
Monterey Peninsula Market Update Second Quarter 2015 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 for the Monterey Peninsula real estate market during the second quarter of 2015. MLSListings.com reports the following Q2 2015 over Q2 2014 statistics: The number of units sold on the Monterey Peninsula was down by a little more than 7% due to a shortage of inventory. An increase in average sales price was realized in most communities. The overall average sales price for Peninsula communities was up more than 6% while average days on the market was down 9%. Of particular interest in Q2 2015: • • • •
Carmel Highlands: Average sales price was up 54% Carmel Valley: Average sales price was up 44% Pacific Grove: Units were up 6% Pebble Beach: Average days on market was down 27%
These positive trends bode well for home sellers on the Monterey Peninsula. If you are thinking of selling your home, this is a strong market to take advantage of as many sellers during Q2 2015 enjoyed multiple offers from buyers.
FEATURED LISTINGS
CARMEL HIGHLANDS | Web ID: 0474145 | $6,495,000 Mike Canning, Jessica Canning, Nic Canning 831.596.1171
BIG SUR | Web ID: 0474156 | $7,950,000 David Bindel 831.238.6152
CARMEL VALLEY | Web ID: 0501404 | $8,999,000 Laura Ciucci, Duane Adam 831.236.8571
MONTEREY/SALINAS HIGHWAY | Web ID: 0473900 | $4,450,000 Mike Jashinski 831.236.8913
SERVING MONTEREY PENINSULA
FIVE YEARS OF AVERAGE SELLING PRICES | Q2
$1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $2011
2012
2013
2014
2015
Average Selling Price
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2 $1,200,000
350
$1,000,000
300 250
$800,000
200
$600,000
MONTEREY PENINSULA
150
$400,000
Located on the central California coast, the beautiful Monterey Peninsula offers great living
100
$200,000
50
$-
in some of the most desirable areas, including:
0 2011
Big Sur, Carmel, Carmel Highlands, Carmel
2012
2013
Average Selling Price
Valley, Monterey, Pacific Grove, Pebble Beach and
2014
2015
Units Sold
Monterey/Salinas Highway.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2011
2012
2013
2014
2015
264
319
332
312
288
AVERAGE SELLING PRICE
$784,723
$757,130
$886,159
$976,777
$1,039,837
AVERAGE LISTING PRICE
$942,778
$854,665
$975,680
$1,090,601
$1,130,224
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
83%
89%
91%
90%
92%
$625,000
$633,000
$666,335
$775,000
$850,000
162
119
93
89
81
sothebyshomes.com/monterey
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
3.5
$2,000,000
3 $1,500,000
BIG SUR
2.5 2
$1,000,000
South of Carmel lies Big Sur, nearly 100 miles of pristine, rugged coastline, where the Santa Lucia Mountains rise precipitously from the Pacific
1.5 1
$500,000
0.5 0
$2011
Ocean, creating some of the most spectacular views and iconic imagery in America. Big Sur is
2012
2013
Average Selling Price
2014
2015
Units Sold
best known for its natural untouched beauty.
SINGLE FAMILY HOMES | Q2
2011
2012
2013
2014
2015
UNITS SOLD
0
1
3
0
1
AVERAGE SELLING PRICE
$-
$1,650,000
$901,333
$-
$625,000
AVERAGE LISTING PRICE
$-
$2,495,000
$1,260,333
$-
$825,000
DISCOUNT RATIO MEDIAN
n/a
66%
72%
n/a
76%
$-
$1,650,000
$900,000
$-
$625,000
-
311
242
-
103
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
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
60 40 20 0
2011
2012
2013
Average Selling Price
haven for visitors and locals alike.
UNITS SOLD
80
2011
dining, shopping and charming inns, Carmel is a
SINGLE FAMILY HOMES | Q2
100
$1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $-
2012
2013
2014
2015
Units Sold
2014
2015
56
76
81
74
69
AVERAGE SELLING PRICE
$1,364,311
$1,199,046
$1,487,771
$1,495,218
$1,514,479
AVERAGE LISTING PRICE
$1,606,438
$1,386,489
$1,640,825
$1,602,919
$1,651,948
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
SERVING MONTEREY PENINSULA
85%
86%
91%
93%
92%
$992,500
$975,000
$1,200,000
$1,247,500
$1,100,000
165
143
113
103
101
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
CARMEL HIGHLANDS A few short miles south of Carmel, along the winding Pacific Coast Highway, are the Carmel Highlands. Homes in the Highlands sit above the
5
$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $-
4 3 2 1 0 2011
sea, and from their sheltered perch, many have enviable views of the dramatic and ever-changing
2012
2013
Average Selling Price
2014
2015
Units Sold
coastline.
SINGLE FAMILY HOMES | Q2
2011
UNITS SOLD
2012
2013
2014
2015
2
0
4
3
3
AVERAGE SELLING PRICE
$1,358,000
$-
$2,135,000
$2,477,034
$3,808,333
AVERAGE LISTING PRICE
$2,122,450
$-
$2,447,875
$3,781,333
$4,390,000
DISCOUNT RATIO MEDIAN
64%
n/a
87%
66%
87%
$1,358,000
$-
$1,987,500
$2,743,602
$2,925,000
278
-
197
412
360
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
$1,200,000
35
$1,000,000
30
CARMEL VALLEY
$800,000
Just east of Carmel and beyond the “fog line”
$400,000
is Carmel Valley, a sun-soaked region nestled
$200,000
25 20
$600,000
between lush green mountains. Ranch-style
15 10 5 0
$2011
homes, vineyards, ranches, horse properties and country club real estate are enhanced by the
2012
2013
Average Selling Price
2014
2015
Units Sold
numerous golf courses and wineries.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2011
2012
2013
2014
2015
19
28
24
29
26
AVERAGE SELLING PRICE
$714,192
$844,209
$749,833
$789,968
$1,133,277
AVERAGE LISTING PRICE
$814,097
$919,266
$797,896
$877,759
$1,202,519
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
88%
92%
94%
90%
94%
$625,000
$640,000
$692,500
$725,000
$856,000
79
132
127
86
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.
100
$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $-
80 60 40 20 0 2011
Fisherman’s Wharf, Cannery Row and the famous Monterey Bay Aquarium stretch along the vibrant
2012
2013
Average Selling Price
2014
2015
Units Sold
waterfront.
SINGLE FAMILY HOMES | Q2
2011
UNITS SOLD
2012
2013
2014
2015
81
79
82
72
64
AVERAGE SELLING PRICE
$596,565
$552,366
$609,120
$694,196
$645,777
AVERAGE LISTING PRICE
$712,760
$595,800
$653,328
$732,965
$665,601
DISCOUNT RATIO MEDIAN
84%
93%
93%
95%
97%
$460,000
$404,000
$553,500
$595,000
$612,500
174
87
60
63
55
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
$1,200,000
70
$1,000,000
60 50
$800,000
MONTEREY / SALINAS HIGHWAY
40
$600,000
30
$400,000
Salinas lies directly east of the Monterey Peninsula and is the county seat and largest city in Monterey
20
$200,000
10 0
$2011
County. Situated in the lush and fertile Salinas
2012
2013
Average Selling Price
Valley, known as the Salad Bowl of America,Salinas
2014
2015
Units Sold
has a thriving agricultural economy.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2011
2012
2013
2014
2015
48
49
65
48
35
AVERAGE SELLING PRICE
$782,178
$700,222
$697,244
$888,402
$1,016,291
AVERAGE LISTING PRICE
$967,055
$793,740
$745,179
$954,893
$1,076,597
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
SERVING MONTEREY PENINSULA
81%
88%
94%
93%
94%
$589,000
$510,000
$585,000
$722,500
$800,000
192
128
78
77
103
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 Victorian-
30
$400,000
20
$200,000
10 0
$2011
style homes, Pacific Grove has a rich architectural history, apparent in its old-style downtown.
SINGLE FAMILY HOMES | Q2
2012
2013
Average Selling Price
2011
UNITS SOLD
2012
2013
2014
2015
Units Sold
2014
2015
39
56
51
53
56
AVERAGE SELLING PRICE
$630,011
$623,618
$715,318
$916,712
$845,375
AVERAGE LISTING PRICE
$737,699
$724,901
$740,533
$1,002,896
$868,875
DISCOUNT RATIO MEDIAN
85%
86%
97%
91%
97%
$550,000
$549,500
$645,000
$699,000
$762,500
114
116
65
70
44
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
40 35 30 25 20 15 10 5 0
$2,500,000 $2,000,000
PEBBLE BEACH
$1,500,000
Pebble Beach is a prestigious community world renowned for its unparalleled golf. Boasting seven courses within its gates, it is most notable for the
$1,000,000 $500,000 $2011
Pebble Beach Golf Links, which is considered by many to be the best public course in the world.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2012
2013
Average Selling Price
2011
2012
2013
2014
2015
Units Sold
2014
2015
19
30
22
33
34
AVERAGE SELLING PRICE
$1,472,816
$1,551,260
$2,203,242
$2,128,058
$2,226,872
AVERAGE LISTING PRICE
$1,806,847
$1,744,800
$2,524,864
$2,583,073
$2,503,279
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
82%
89%
87%
82%
89%
$945,000
$1,059,000
$1,117,000
$1,425,000
$1,348,750
189
121
177
134
98
sothebyshomes.com/monterey
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0019842 | $5,500,000 SAN FRANCISCO, CA | Web: 0087388 | $4,995,000 HOUSTON, TX | Web: 1240556 | $5,250,000 RESORT MARKETS PEBBLE BEACH, CA | Web: 0474143 | $5,750,000 BRIDGEHAMPTON, NY | Web: 0037843 | $5,250,000 SANTA BARBARA, CA | Web: 0632345 | $5,000,000 FOREIGN MARKETS FRANCE | Web: LTFSNM | $5,778,077 ISRAEL | Web: 9ZWTEE | $5,726,482 PUERTO RICO | Web: ENWEJT | $4,200,000 sothebysrealty.com