Monterey/Salinas Highway | Web ID: 0473939
Monterey Peninsula Market Update Third 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 for the Monterey Peninsula real estate market during the third quarter of 2014. MLSListings.com reports the following Q3 2014 over Q3 2013 statistics: The number of units sold on the Monterey Peninsula was virtually the same as this time last year, however an increase in sales price was realized in most communities. The average overall sales price for Peninsula communities was up 14 percent while average days on market was down 13 percent. Of particular interest: • • • •
Carmel: Units sold was up 18 percent and average sales price was up 12 percent Carmel Valley: Units sold was up 25 percent, average sales price was down 30 percent and days on market was up 39 percent Monterey Salinas Highway: Average sales price was up 41 percent while days on market was down 28 percent Pacific Grove: Averages sales price was up 32 percent
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 Q3 2014 enjoyed multiple offers from buyers, which for many, escalated the sales price well above the original asking price.
FEATURED LISTINGS
PACIFIC GROVE | Web ID: 1210117 | $1,275,000 J.R. Rouse, Jan Pratt 831.277.3464
PEBBLE BEACH | Web ID: 0473944 | $1,289,000 Sam Piffero 831.236.5389
CARMEL HIGHLANDS | Web ID: 0473894 | $2,600,000 Noel Beutel, Steve Beutel 831.915.0632
BIG SUR | Web ID: 0473938 | $1,995,000 John Saar 831.915.0991
SERVING MONTEREY PENINSULA
FIVE YEARS OF AVERAGE SELLING PRICES | Q3
$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 | Q3
$1,400,000
300
$1,200,000
250
$1,000,000
200
$800,000
MONTEREY PENINSULA
$600,000
Located on the central California coast, the
$200,000
150 100
$400,000
beautiful Monterey Peninsula offers great living in some of the most desirable areas, including:
50
$-
0 2010
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 | Q3 UNITS SOLD
2010
2011
2012
2013
2014
203
250
198
260
261
AVERAGE SELLING PRICE
$956,168
$895,535
$1,009,748
$1,091,290
$1,249,600
AVERAGE LISTING PRICE
$1,050,908
$962,653
$1,087,028
$1,151,156
$1,319,008
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
91%
93%
93%
95%
95%
$727,000
$638,500
$693,500
$762,500
$885,000
132
132
118
89
77
sothebyshomes.com/monterey
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
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
$5,000,000
2.5
$4,000,000
2
$3,000,000
1.5
$2,000,000
1
$1,000,000
0.5 0
$2010
Ocean, creating some of the most spectacular views and iconic imagery in America. Big Sur is
2011
2012
Average Selling Price
2013
2014
Units Sold
best known for its natural untouched beauty.
SINGLE FAMILY HOMES | Q3
2010
UNITS SOLD
2011
2012
2013
2014
2
1
1
2
1
AVERAGE SELLING PRICE
$4,425,000
$500,000
$480,200
$1,494,500
$599,000
AVERAGE LISTING PRICE
$5,872,500
$550,000
$495,000
$1,745,000
$599,000
DISCOUNT RATIO MEDIAN
75%
91%
97%
86%
100%
$4,425,000
$500,000
$480,200
$1,494,500
$599,000
174
1,360
1,463
155
33
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
80 70 60 50 40 30 20 10 0
$2,000,000 $1,500,000
CARMEL
$1,000,000
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
$500,000 $2010
dining, shopping and charming inns, Carmel is a
UNITS SOLD
2010
2012
Average Selling Price
haven for visitors and locals alike.
SINGLE FAMILY HOMES | Q3
2011
2011
2012
2013
2014
Units Sold
2013
2014
42
48
44
55
67
AVERAGE SELLING PRICE
$1,052,929
$1,557,579
$1,299,318
$1,465,813
$1,658,191
AVERAGE LISTING PRICE
$1,132,241
$1,664,036
$1,382,170
$1,563,997
$1,764,173
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
SERVING MONTEREY PENINSULA
93%
94%
94%
94%
94%
$805,000
$1,212,500
$1,107,500
$1,135,000
$1,325,000
122
126
142
141
89
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
$12,000,000
5
$10,000,000
4
CARMEL HIGHLANDS
$8,000,000
A few short miles south of Carmel, along the
$4,000,000
winding Pacific Coast Highway, are the Carmel
$2,000,000
3
$6,000,000
Highlands. Homes in the Highlands sit above the
2 1 0
$2010
sea, and from their sheltered perch, many have enviable views of the dramatic and ever-changing
2011
2012
Average Selling Price
2013
2014
Units Sold
coastline.
SINGLE FAMILY HOMES | Q3
2010
UNITS SOLD
2011
2012
2013
2014
3
4
1
0
1
AVERAGE SELLING PRICE
$1,780,875
$1,428,125
$10,500,000
$-
$900,000
AVERAGE LISTING PRICE
$1,965,000
$1,608,250
$13,500,000
$-
$1,250,000
DISCOUNT RATIO MEDIAN
91%
89%
78%
n/a
72%
$1,442,625
$1,281,250
$10,500,000
$-
$900,000
142
416
181
-
13
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
40 35 30 25 20 15 10 5 0
$1,400,000 $1,200,000 $1,000,000
CARMEL VALLEY
$800,000 $600,000
Just east of Carmel and beyond the “fog line”
$400,000
is Carmel Valley, a sun-soaked region nestled
$200,000
between lush green mountains. Ranch-style
$2010
homes, vineyards, ranches, horse properties and country club real estate are enhanced by the
2011
2012
Average Selling Price
2013
2014
Units Sold
numerous golf courses and wineries.
SINGLE FAMILY HOMES | Q3 UNITS SOLD
2010
2011
2012
2013
2014
33
38
34
28
35
AVERAGE SELLING PRICE
$1,071,535
$751,038
$937,356
$1,239,429
$873,512
AVERAGE LISTING PRICE
$1,195,279
$812,658
$988,582
$1,319,067
$916,740
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
90%
92%
95%
94%
95%
$725,000
$637,500
$812,500
$947,500
$875,000
208
141
116
71
99
sothebyshomes.com/monterey
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
MONTEREY Monterey is the geographical and social center of the Peninsula. Its remarkable waterfront lies along Monterey Bay National Marine Sanctuary.
70
$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $-
60 50 40 30 20 10 0 2010
Fisherman’s Wharf, Cannery Row and the famous Monterey Bay Aquarium stretch along the vibrant
2011
2012
Average Selling Price
2013
2014
Units Sold
waterfront.
SINGLE FAMILY HOMES | Q3
2010
UNITS SOLD
2011
2012
2013
2014
32
36
30
59
38
AVERAGE SELLING PRICE
$618,126
$512,371
$551,270
$633,184
$669,507
AVERAGE LISTING PRICE
$650,519
$536,236
$577,538
$641,628
$680,859
DISCOUNT RATIO MEDIAN
95%
96%
95%
99%
98%
$612,000
$457,500
$531,750
$600,000
$634,000
111
80
86
51
61
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
$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
$2010
County. Situated in the lush and fertile Salinas
2011
2012
Average Selling Price
Valley, known as the Salad Bowl of America,Salinas
2013
2014
Units Sold
has a thriving agricultural economy.
SINGLE FAMILY HOMES | Q3 UNITS SOLD
2010
2011
2012
2013
2014
43
59
34
48
52
AVERAGE SELLING PRICE
$832,432
$740,196
$721,238
$724,449
$1,023,729
AVERAGE LISTING PRICE
$910,901
$790,670
$752,829
$744,169
$1,061,288
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
SERVING MONTEREY PENINSULA
91%
94%
96%
97%
96%
$570,000
$590,000
$617,500
$538,000
$752,450
141
109
123
91
65
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
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-
$1,000,000
50
$800,000
40
$600,000
30
$400,000
20
$200,000
10 0
$2010
style homes, Pacific Grove has a rich architectural history, apparent in its old-style downtown.
SINGLE FAMILY HOMES | Q3
2011
2012
Average Selling Price
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
29
39
37
38
33
AVERAGE SELLING PRICE
$675,293
$584,437
$608,119
$716,851
$947,092
AVERAGE LISTING PRICE
$717,469
$616,773
$657,027
$740,705
$977,889
DISCOUNT RATIO MEDIAN
94%
95%
93%
97%
97%
$635,000
$560,000
$520,000
$693,750
$725,000
71
156
64
74
58
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3
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 $2010
Pebble Beach Golf Links, which is considered by many to be the best public course in the world.
SINGLE FAMILY HOMES | Q3 UNITS SOLD
2011
2012
Average Selling Price
2010
2011
2012
2013
2014
Units Sold
2013
2014
19
25
17
30
34
AVERAGE SELLING PRICE
$1,324,616
$1,178,324
$2,138,184
$2,201,695
$2,148,404
AVERAGE LISTING PRICE
$1,468,632
$1,316,689
$2,328,059
$2,371,127
$2,317,544
DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET
90%
89%
92%
93%
93%
$1,015,000
$870,000
$1,170,300
$1,160,000
$1,610,000
122
131
140
97
92
sothebyshomes.com/monterey
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0137363 | $1,395,000 SAN FRANCISCO, CA | Web: 0086970 | $1,150,000 HOUSTON, TX | Web: 1231623 | $1,135,000 RESORT MARKETS MALIBU, CA | Web: 0172715 | $1,395,000 PALM BEACH, FL | Web: 0076041 | $1,300,000 SANTA BARBARA, CA | Web: 0592855 | $1,495,000 FOREIGN MARKETS ITALY | Web: X9KSXW | $1,421,189 FRANCE | Web: VNKDFW | $1,614,987 BRITISH VIRGIN ISLANDS | Web: GET2NC | $1,250,000 sothebysrealty.com