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