monterey peninsula market update | q1 2014
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All data within this document is pulled from the Monterey Peninsula MLS. Areas include the Monterey Peninsula.
Monterey Peninsula Market UpdateFirst 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
sothebyshomes.com
Carmel Highlands | web: 0473719
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.
SERVING MONTEREY PENINSULA
FEATURED LISTINGS
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 first quarter of 2014. MLSListings.com reports the following quarter over quarter statistics:
The number of units sold on the Peninsula was down by 17 percent, but the increase in sales price was significant in many of our communities. The average sales price overall for Peninsula communities was up 40 percent.
Of note was an increase in the average sales price of 84 percent in Pebble Beach driven by an increase in luxury home sales. The one sale closed in Big Sur sold for nearly 100 percent more than the average sales price in 2013. Also noteworthy, Carmel Valley saw a 39 percent increase in average sales price.
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.
PACIFIC GROVE | Web ID: 1210033 | $2,750,000Amber Russell 831.402.1982
PACIFIC GROVE | Web ID: 1210040 | $1,250,000Annette Boggs 831.601.5800
MONTEREY/SALINAS HIGHWAY | Web ID: 0473731 | $2,795,000Mike Jashinski 831.236.8913
CARMEL | Web ID: 0473623 | $2,195,000
Sam Piffero 831.236.5389
sothebyshomes.com/monterey
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2010 2011 2012 2013 2014
Average Selling Price
FIVE YEARS OF AVERAGE SELLING PRICES | Q1
MONTEREY PENINSULALocated on the central California coast, the
beautiful Monterey Peninsula offers great living
in some of the most desirable areas, including:
Big Sur, Carmel, Carmel Highlands, Carmel
Valley, Monterey, Pacific Grove, Pebble Beach and
Monterey/Salinas Highway.
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 113 149 192 239 203
AVERAGE SELLING PRICE $975,850 $1,124,493 $933,190 $936,109 $1,315,831
AVERAGE LISTING PRICE $1,101,391 $1,229,921 $1,003,955 $986,638 $1,397,736
DISCOUNT RATIO 89% 91% 93% 95% 94%
MEDIAN $725,000 $795,000 $614,950 $735,000 $895,000
AVERAGE DAYS ON MARKET 150 159 141 110 108
0
50
100
150
200
250
300
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
SERVING MONTEREY PENINSULA
BIG SURSouth of Carmel lies Big Sur, nearly 100 miles of
pristine, rugged coastline, where the Santa Lucia
Mountains rise precipitously from the Pacific
Ocean, creating some of the most spectacular
views and iconic imagery in America. Big Sur is
best known for its natural untouched beauty.
CARMELCarmel 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
dining, shopping and charming inns, Carmel is a
haven for visitors and locals alike.
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 0 2 1 3 1
AVERAGE SELLING PRICE $- $2,115,000 $985,000 $897,500 $1,650,000
AVERAGE LISTING PRICE $- $2,724,500 $1,750,000 $968,333 $1,795,000
DISCOUNT RATIO n/a 78% 56% 93% 92%
MEDIAN $- $2,115,000 $985,000 $842,500 $1,650,000
AVERAGE DAYS ON MARKET - 394 410 800 373
0
0.5
1
1.5
2
2.5
3
3.5
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 26 40 39 46 55
AVERAGE SELLING PRICE $1,277,673 $1,349,997 $1,374,148 $1,575,753 $1,814,479
AVERAGE LISTING PRICE $1,422,565 $1,458,383 $1,485,977 $1,671,433 $1,919,096
DISCOUNT RATIO 90% 93% 92% 94% 95%
MEDIAN $987,500 $1,085,000 $925,000 $1,230,000 $1,485,000
AVERAGE DAYS ON MARKET 132 115 167 133 140
0
10
20
30
40
50
60
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
sothebyshomes.com/monterey
CARMEL HIGHLANDSA few short miles south of Carmel, along the
winding Pacific Coast Highway, are the Carmel
Highlands. Homes in the Highlands sit above the
sea, and from their sheltered perch, many have
enviable views of the dramatic and ever-changing
coastline.
CARMEL VALLEYJust east of Carmel and beyond the “fog line”
is Carmel Valley, a sun-soaked region nestled
between lush green mountains. Ranch-style
homes, vineyards, ranches, horse properties and
country club real estate are enhanced by the
numerous golf courses and wineries.
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 2 2 4 0 0
AVERAGE SELLING PRICE $877,500 $4,850,000 $2,650,000 $- $-
AVERAGE LISTING PRICE $947,000 $5,597,500 $3,053,750 $- $-
DISCOUNT RATIO 93% 87% 87% n/a n/a
MEDIAN $877,500 $4,850,000 $2,700,000 $- $-
AVERAGE DAYS ON MARKET 255 58 287 - -
0
1
2
3
4
5
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 23 22 15 31 25
AVERAGE SELLING PRICE $716,761 $876,809 $699,733 $820,158 $1,141,680
AVERAGE LISTING PRICE $800,504 $927,986 $722,227 $869,958 $1,200,676
DISCOUNT RATIO 90% 94% 97% 94% 95%
MEDIAN $500,000 $752,500 $575,000 $777,500 $1,187,500
AVERAGE DAYS ON MARKET 195 189 103 143 101
0
5
10
15
20
25
30
35
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
SERVING MONTEREY PENINSULA
MONTEREYMonterey 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
Monterey Bay Aquarium stretch along the vibrant
waterfront.
MONTEREY /
SALINAS HIGHWAYSalinas lies directly east of the Monterey Peninsula
and is the county seat and largest city in Monterey
County. Situated in the lush and fertile Salinas
Valley, known as the Salad Bowl of America,Salinas
has a thriving agricultural economy.
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 10 22 34 38 32
AVERAGE SELLING PRICE $653,843 $500,655 $514,121 $511,831 $684,555
AVERAGE LISTING PRICE $689,960 $523,495 $532,146 $519,973 $699,683
DISCOUNT RATIO 95% 96% 97% 98% 98%
MEDIAN $697,500 $417,500 $495,625 $502,500 $654,500
AVERAGE DAYS ON MARKET 143 149 96 87 77
0510152025303540
$- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 23 24 37 49 30
AVERAGE SELLING PRICE $686,266 $824,017 $700,019 $709,255 $711,614
AVERAGE LISTING PRICE $723,161 $910,694 $735,522 $738,257 $730,205
DISCOUNT RATIO 95% 90% 95% 96% 97%
MEDIAN $605,000 $552,000 $530,000 $525,000 $650,000
AVERAGE DAYS ON MARKET 162 221 137 81 77
0
50
100
150
200
250
300
350
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2009 2010 2011 2012 2013
Average Sale Price Total SFH Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
sothebyshomes.com/monterey
PACIFIC GROVEPopularly known as America’s Last Home Town,
Pacific Grove possesses a quaint and quiet charm
all its own. Famous for its numerous Victorian-
style homes, Pacific Grove has a rich architectural
history, apparent in its old-style downtown.
PEBBLE BEACHPebble Beach is a prestigious community world
renowned for its unparalleled golf. Boasting seven
courses within its gates, it is most notable for the
Pebble Beach Golf Links, which is considered by
many to be the best public course in the world.
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 13 25 35 40 30
AVERAGE SELLING PRICE $714,462 $730,960 $572,283 $703,635 $781,260
AVERAGE LISTING PRICE $762,335 $751,708 $600,283 $717,174 $811,625
DISCOUNT RATIO 94% 97% 95% 98% 96%
MEDIAN $635,000 $545,000 $520,000 $636,250 $745,500
AVERAGE DAYS ON MARKET 79 135 126 74 78
0
10
20
30
40
50
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
SINGLE FAMILY HOMES | Q1 2010 2011 2012 2013 2014
UNITS SOLD 16 12 27 32 30
AVERAGE SELLING PRICE $1,700,028 $2,605,417 $1,484,776 $1,274,364 $2,347,779
AVERAGE LISTING PRICE $2,107,638 $2,974,750 $1,618,174 $1,388,320 $2,591,118
DISCOUNT RATIO 81% 88% 92% 92% 91%
MEDIAN $1,045,225 $1,907,500 $1,042,500 $1,035,500 $1,536,500
AVERAGE DAYS ON MARKET 144 174 175 100 141
0
5
10
15
20
25
30
35
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2010 2011 2012 2013 2014
Average Selling Price Units Sold
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
ON THE MARKET
left to right from top to bottom:
IN METROPOLITAN MARKETS
SAN FRANCISCO, CA | Web: 0086643 | $2,995,000
HOUSTON, TX | Web: 1230207 | $3,295,000
NEW YORK, NY | Web: 0137101 | $2,500,000
IN RESORT MARKETS
EAST HAMPTON, NY | Web: 0056005 | $2,750,000
PEBBLE BEACH, CA | Web: 0473601 | $2,690,000
EAST FALMOUTH, MA | Web: 0840564 | $2,595,000
IN FOREIGN MARKETS
THAILAND | Web: V7QZ6W | $3,859,216
GREECE | Web: SMZVGF | Price Upon Request
FRANCE | Web: PJ7HYY | Price Upon Request
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