Monterey Peninsula Market Update | Q3 2015

Pacific Grove | Web ID: 1210162

Monterey Peninsula Market Update Third 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 third quarter of 2015. MLSListings.com reports the following Q3 2015 over Q3 2014 statistics: The number of units sold on the Monterey Peninsula was up by 7.6% and average days on the market was down slightly. However there was a decrease of 9% in average sales price in most communities.

Of particular interest in Q3 2015: • Carmel Highlands: Average sales price was up more than 400%, reflected in the three sales that closed in Q3 • Carmel Valley: Average sales price was up 20% • Monterey: Units sold up 32%; average sales price down 26% • Pacific Grove: Units were up 21%

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 2015 enjoyed multiple offers from buyers.

FEATURED LISTINGS

CARMEL | Web ID: 0474290 | $1,649,000 Gin Weathers 831.594.4752, Charlotte Gannaway 831.297.2388

PEBBLE BEACH | Web ID: 0474291 | $1,525,000 Lisa Brom 831.682.0126, Maryanne Radzis 831.233.2834

CARMEL | Web ID: 0474219 | $1,950,000 Sam Piffero 831.236.5389, Kimberly Kornazewich 831.236.6041

MONTEREY | Web ID: 1210239 | $1,899,000 J.R. Rouse 831.277.3464

SERVING MONTEREY PENINSULA

FIVE YEARS OF AVERAGE SELLING PRICES | Q3

$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 | Q3 315

$1,200,000

310

$1,000,000

305

$800,000

300 295

$600,000

MONTEREY PENINSULA

290

$400,000

Located on the central California coast, the

285

$200,000

beautiful Monterey Peninsula offers great living in some of the most desirable areas, including:

280 275

$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 | Q3 UNITS SOLD

2011

2012

2013

2014

2015

289

304

306

290

312

AVERAGE SELLING PRICE

$752,423

$802,099

$950,300

$1,114,582

$1,013,868

AVERAGE LISTING PRICE

$873,791

$917,036

$1,036,349

$1,216,971

$1,117,204

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

86%

87%

92%

92%

91%

$590,000

$620,000

$750,375

$830,000

$820,000

128

114

95

79

74

sothebyshomes.com/monterey

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3

$6,000,000

3.5

$5,000,000

3

BIG SUR

$4,000,000

South of Carmel lies Big Sur, nearly 100 miles of

$2,000,000

pristine, rugged coastline, where the Santa Lucia

$1,000,000

2.5 2

$3,000,000

Mountains rise precipitously from the Pacific

1.5 1 0.5 0

$2011

Ocean, creating some of the most spectacular views and iconic imagery in America. Big Sur is

2012

2013

2014

Average Selling Price

2015

Units Sold

best known for its natural untouched beauty.

SINGLE FAMILY HOMES | Q3

2011

2012

2013

2014

2015

UNITS SOLD

0

0

2

1

3

AVERAGE SELLING PRICE

$-

$-

$3,125,000

$5,250,000

$3,179,167

AVERAGE LISTING PRICE

$-

$-

$3,472,500

$5,800,000

$4,183,333

n/a

n/a

90%

91%

76%

$-

$-

$3,125,000

$5,250,000

$3,137,500

-

-

171

630

449

DISCOUNT RATIO MEDIAN 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 $2011

dining, shopping and charming inns, Carmel is a

UNITS SOLD

2011

2013

Average Selling Price

haven for visitors and locals alike.

SINGLE FAMILY HOMES | Q3

2012

2012

2013

2014

2015

Units Sold

2014

2015

54

61

65

75

67

AVERAGE SELLING PRICE

$1,439,700

$1,218,365

$1,362,188

$1,545,337

$1,524,308

AVERAGE LISTING PRICE

$1,665,823

$1,427,541

$1,492,244

$1,688,269

$1,682,154

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

SERVING MONTEREY PENINSULA

86%

85%

91%

92%

91%

$1,183,400

$960,000

$1,100,000

$1,250,000

$1,200,000

126

208

129

85

91

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3

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

4

$8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $-

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 | Q3

2011

UNITS SOLD

2012

2013

2014

2015

2

3

2

1

3

AVERAGE SELLING PRICE

$1,006,250

$6,932,667

$2,500,000

$900,000

$5,154,167

AVERAGE LISTING PRICE

$1,374,000

$8,633,667

$3,212,000

$1,250,000

$6,700,000

DISCOUNT RATIO MEDIAN

73%

80%

78%

72%

77%

$1,006,250

$9,250,000

$2,500,000

$900,000

$5,812,500

248

69

273

13

191

AVERAGE DAYS ON MARKET

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3

$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 | Q3 UNITS SOLD

2011

2012

2013

2014

2015

31

24

20

24

22

AVERAGE SELLING PRICE

$620,498

$775,292

$1,068,825

$785,329

$941,717

AVERAGE LISTING PRICE

$744,414

$819,571

$1,164,745

$878,663

$989,818

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

83%

95%

92%

89%

95%

$550,000

$731,500

$881,250

$779,000

$786,000

158

80

99

108

54

sothebyshomes.com/monterey

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3

100

$1,000,000

MONTEREY Monterey is the geographical and social center of the Peninsula. Its remarkable waterfront lies along Monterey Bay National Marine Sanctuary.

$800,000

80

$600,000

60

$400,000

40

$200,000

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 | Q3

2011

UNITS SOLD

2012

2013

2014

2015

70

70

84

63

83

AVERAGE SELLING PRICE

$561,928

$500,059

$667,993

$862,797

$638,306

AVERAGE LISTING PRICE

$641,546

$539,207

$705,696

$901,636

$670,076

DISCOUNT RATIO MEDIAN

88%

93%

95%

96%

95%

$435,250

$445,000

$602,500

$635,000

$625,000

90

90

74

69

46

AVERAGE DAYS ON MARKET

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3

70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0

$1,200,000 $2,000,000 $1,000,000 $1,500,000 $800,000

MONTEREY / SALINAS HIGHWAY

$600,000 $1,000,000 $400,000 $500,000 $200,000

Salinas lies directly east of the Monterey Peninsula and is the county seat and largest city in Monterey

$$-

2011 2011

County. Situated in the lush and fertile Salinas

2012 2012

2013 2013

Average Selling Price Average Selling Price

Valley, known as the Salad Bowl of America,Salinas

2014 2014

2015 2015

Units Sold Units Sold

has a thriving agricultural economy.

SINGLE FAMILY HOMES | Q3 UNITS SOLD

2011

2012

2013

2014

2015

63

60

51

54

57

AVERAGE SELLING PRICE

$709,898

$618,933

$715,099

$1,000,628

$1,008,050

AVERAGE LISTING PRICE

$802,673

$701,578

$763,127

$1,043,516

$1,073,837

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

SERVING MONTEREY PENINSULA

88%

88%

94%

96%

94%

$584,000

$499,750

$535,000

$739,450

$799,000

109

94

94

64

77

AVERAGE SALE PRICE | TOTAL SFH SOLD | Q3

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 | Q3

2012

2013

Average Selling Price

2011

UNITS SOLD

2012

2013

2014

2015

Units Sold

2014

2015

41

54

46

38

46

AVERAGE SELLING PRICE

$576,879

$590,811

$723,703

$894,830

$897,082

AVERAGE LISTING PRICE

$674,428

$650,337

$762,626

$938,326

$935,935

DISCOUNT RATIO MEDIAN

86%

91%

95%

95%

96%

$535,000

$507,500

$711,250

$676,250

$731,000

179

64

73

65

51

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 $2011

Pebble Beach Golf Links, which is considered by many to be the best public course in the world.

SINGLE FAMILY HOMES | Q3 UNITS SOLD

2012

2013

Average Selling Price

2011

2012

2013

2014

2015

Units Sold

2014

2015

28

32

36

34

31

AVERAGE SELLING PRICE

$1,207,968

$1,793,185

$2,119,940

$2,148,404

$1,843,392

AVERAGE LISTING PRICE

$1,449,829

$2,051,213

$2,347,294

$2,472,715

$2,054,081

DISCOUNT RATIO MEDIAN AVERAGE DAYS ON MARKET

83%

87%

90%

87%

90%

$947,500

$1,155,650

$1,052,500

$1,610,000

$1,315,000

152

137

94

92

115

sothebyshomes.com/monterey

ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS NEW YORK, NY | Web: 00110341 | $1,700,000 SAN FRANCISCO, CA | Web: 0087579 | $1,525,000 HOUSTON, TX | Web: 1233394 | $1,595,000 RESORT MARKETS PALM BEACH, FL | Web: 0076755 | $1,700,000 CAPE COD, MA | Web: 0403249 | $1,695,000 SANTA BARBARA, CA | Web: 0113946 | $1,800,000 FOREIGN MARKETS COSTA RICA | Web: S349HB | $1,350,000 ITALY | Web: JM3MBW | $1,792,115 GREECE | Web: DNJSXS | $1,792,115 sothebysrealty.com