2016 Monterey Peninsula real estate prices were up across all markets and continue to rise. Carmel Valley saw the biggest yearly gains in Average Median Sales Price.
Carmel saw a gain in the average median price grow 3.7% in 2016 from 2015. This was the smallest increase in Monterey Peninsula cities but Carmel still experienced the largest sales dollar volume of $549,996,511.
Carmel Valley had the biggest gains in average median sales price, up 25.6% last year to $1,083,193. June 2016 saw the most homes monthly homes sell in Carmel Valley since before December 2002. The strong sales even continued with 2.5 months of smoke from the Soberanes Fire.
Pacific Grove had modest annual average median sales price gains of 4.6% and remains one of the strongest markets on the Peninsula. Total homes sold was down from 2015 as there is limited inventory for buyers.
The Pebble Beach real estate market saw gains across all major indicators in 2016. Average median sales price rose 7.4% to $1,710.500, the number of home sales increased, inventory shrank, and the days on market declined. Total home sales dollar volume was up 21.1% in 2016.
Monterey / Del Rey Oaks
Seaside / Sand City
Inventory Remains Tight
Tight inventory is a consistent theme in all Monterey Peninsula real estate markets that continues to drive prices with limited supply.
Forecast for 2017
Moving into 2017, expect sales volumes to remain steady and consistent with the past several years. Even
with economic policy uncertainty, I forecast the median price will move up 3-6% across markets of the
Monterey Peninsula real estate. To find out what I think about each specific market, contact me for my forecast.
In addition to this report you can find monthly market reports on all of the individual Monterey Peninsula real estate markets at Market Info.
For a personal introduction to the different neighborhoods of the Monterey Peninsula and a business analysis of real estate, contact Mark Peterson at 831.238.1380 or Email.